The article presents the new phenomena in international trade price shifts that have been apparent since mid-1990s. The shifts consist of the decline in overall price levels, and a change of the previous long-term price relationships both in terms of goods, and geographical regions.

The author presents his own attempt at interpreting the causes of the new phenomena. The decline in international trade prices is related to fundamental structural changes in the global economy (including the growing role of financial markets). Shifts in price relationships, on the other hand, have been caused by periodical factors (rising oil prices, changing FX rates in some developing countries).