The differential production theory approach is applied to world trade matrices of 1971 and 1975, which yields a price elasticity estimate of the demand for foreign food of about -0.7. The elasticity estimates for raw material and manufactures are both between -0.3 and -0.4. © 1978.
Clements, K. W., & Theil, H. (1978). A simple method of estimating price elasticities in international trade. Economics Letters, 1(2), 133–137. https://doi.org/10.1016/0165-1765(78)90049-6