Chapter 13: International Trade Patterns Learning objectives in this chapter: Describing the evolving patterns of international commerce Documenting emerging markets for global exports Examining global trade flows in six major commodity groups
Backdrop Capitalism is in constant political and economic flux (****key interpenetration of these two themes*****) This chapter complements Chapter 12, with a largely empirical description of international trade International trade has gradually expanded in the post WW-II time period, and its growth has generally outpaced GDP expansion (Figure
13.3) Global economic growth has been uneven, and has reflected global recessions and expansions see Figure 13.1, Figure 13.2, Tables 13.1, 13.2 World Economic Growth (% Change in GDP) Share of world output
Table 13.1: Shifting Proportions of World Output 0.3 North America 0.25 Other Western
Hemisphere 0.2 Middle East 0.15 Asia and Oceania
0.1 Western Europe 0.05 E. Europe and Russia 0
1980 1990 2000 Africa World Bank GDP % Change
Figure clearly shows rising rates of exports compared to overall production levels, especially in manufacturing ? What about services? All the evidence we have points to the same trend
Emerging Markets Table 13.2 & Figure 13.3 make the point that globally the developing countries in Asia are the key points of expansion for export markets Post 2000? Text discussion of differences in trade policy
Impact of shift from natural resources to manufactured goods in this bar chart World Patterns of Trade: The United States Note Change in Scale! The Shifting Geography of U.S. Merchandise Trade
Scale must be off high by 1,000 Figure 13.7 U.S. Canada Trade, Figure 13.5 updates this to 2000 Table 13.4 indicates how concentrated U.S. trade is with a few nations U.S. Services Trade Unlike merchandise, the U.S. has a big trade surplus in services Exports include quasi-services such as software
Intellectual property & multimedia Telecommunications Travel business & tourist Financial ??? Offshoring of services??? U.S. Trade in Key Commodities The rise of Airbus, Bombardier (sp?)
Rise of imports from Japan, Korea, Mexico, And Canada U.S. Trade in Key Commodities The shift from a net exporter to a net importer
Canadian Exports: The U.S. Dependence Mismatch in size between U.S. and Canadian economies Canadian Exports: From A Staplesbased economy to diversified products Most trade today is without
tariffs: but lumber exports to U.S. are an exception The EU The largest trading block of countries in
the world see Figure 13.10 Exports are relatively large, given the population of Europe There are several explanations for this: The relative wealth of European countries The small sizes of the countries and their relatively strong reliance on neighbors for markets (like states in the U.S. in many ways) Highly developed transportation system
Germany: Europes Largest Exporter Solid trade surplus Great Britain: More strongly tied to Europe than Germany, but this figures excludes service exports France: Strong European Ties
A more diversified mix of exports and imports than Germany or the U.K. Italy: Much more Strongly Integrated with Europe than Germany, UK, and France Is a gravity model type relationship evidence in %s of exports/imports for Germany, Italy and France? Western Europes Trade Balance
Latin America A divergent set of economies some very stable, others unstable some very poor and others with middle incomes Diverse resource endowments Diverse historical backgrounds Diverse political structures The shift in development strategies from import-substitution to export-led
industrialization Mexicos Exports & Imports Relatively large staples exports Huge U.S. Dependence Ignores services
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