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    Chapter 13: International Trade Patterns: - Learning Objectives in This Chapter

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    Shafrid Ahmed
    This document discusses international trade patterns, with three key points: 1) It examines the evolving patterns of global trade flows over time, noting that international trade has expanded post-World War II, generally outpacing GDP growth. Emerging markets like Asian countries have become major export hubs. 2) It analyzes trade patterns between several economic regions like the US, EU, and Latin America. The US and EU have large trade surpluses/deficits with certain key partners. For example, Canada and Mexico are hugely dependent on the US market. 3) It examines trade flows for six commodity groups and highlights shifts over time, such as the US transitioning from a net exporter to importer

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    Chapter 13: International Trade Patterns: - Learning Objectives in This Chapter

    Uploaded by

    Shafrid Ahmed
    22 views22 pages
    This document discusses international trade patterns, with three key points: 1) It examines the evolving patterns of global trade flows over time, noting that international trade has expanded post-World War II, generally outpacing GDP growth. Emerging markets like Asian countries have become major export hubs. 2) It analyzes trade patterns between several economic regions like the US, EU, and Latin America. The US and EU have large trade surpluses/deficits with certain key partners. For example, Canada and Mexico are hugely dependent on the US market. 3) It examines trade flows for six commodity groups and highlights shifts over time, such as the US transitioning from a net exporter to importer

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    This document discusses international trade patterns, with three key points: 1) It examines the evolving patterns of global trade flows over time, noting that international trade has expanded post-World War II, generally outpacing GDP growth. Emerging markets like Asian countries have become major export hubs. 2) It analyzes trade patterns between several economic regions like the US, EU, and Latin America. The US and EU have large trade surpluses/deficits with certain key partners. For example, Canada and Mexico are hugely dependent on the US market. 3) It examines trade flows for six commodity groups and highlights shifts over time, such as the US transitioning from a net exporter to importer

    Copyright:

    © All Rights Reserved
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    22 views22 pages

    Chapter 13: International Trade Patterns: - Learning Objectives in This Chapter

    Uploaded by

    Shafrid Ahmed
    This document discusses international trade patterns, with three key points: 1) It examines the evolving patterns of global trade flows over time, noting that international trade has expanded post-World War II, generally outpacing GDP growth. Emerging markets like Asian countries have become major export hubs. 2) It analyzes trade patterns between several economic regions like the US, EU, and Latin America. The US and EU have large trade surpluses/deficits with certain key partners. For example, Canada and Mexico are hugely dependent on the US market. 3) It examines trade flows for six commodity groups and highlights shifts over time, such as the US transitioning from a net exporter to importer

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    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)
    Table 13.1: Shifting Proportions of
    World Output
    North America
    0.3
    Share of world output

    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
    Africa
    1980 1990 2000
    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 Impact of shift from natural resources to


    differences in trade policy 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

    Rise of imports from


    The rise of Airbus, Japan, Korea, Mexico,
    Bombardier (sp?) 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 Staples-
    based 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: Europe’s 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 Europe’s 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
    Mexico’s Exports & Imports

    Relatively large
    staples exports

    Ignores services
    Huge U.S. Dependence exports / imports

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