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Chap1 Intro_color - A ppleyar d Field Cobb Chapt er 1 W or...

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Appleyard, Field & Cobb Chapter 1
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World trade World output: $50 trillion at current prices (2007) Merchandise exports were $10.2 trillion (2005) while in 1985, it was $2 trillion Table 1
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Table 1: Growth in volume of world goods, production and trade, 1963-2005 (average annual percentage change in volume)
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World trade pattern Throughout the past four decades, international trade volume has, on average, outgrown production, illustrating how countries are becoming more interdependent.
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The geographical composition of world trade Destination of merchandise exports in 2005
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Regional Trends 55.8 % of merchandise exports of countries in North America went to other North American countries Asian trade is also an important trade region Emerging countries – BRIC (Brazil, Russia, India and China)
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What is traded? The commodity composition of trade Manufactures account for 72 percent of trade Among primary goods: fuel accounts for 13.8 percent Among manufactured goods: machinery and transport equipment account for 37.9 percent Services ?
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World Trade in Services More than US$ 2 trillion in 2005 (one-sixth of the total trade in goods and services) Services are 77% of GDP in France; 69 % in Germany, 77 % in the U.S., 73% in the United Kingdom and 68% in Japan Includes: wholesale and retail trade, restaurants and hotels, personal services, community services, social services and government services.
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International Standard Industrial Classification (ISIC) Wholesale and retail trade, restaurants and hotels, transport, storage, communications, financial services, insurance, real estate, business services, personal services, community services, social services, and government services.
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Leading exporters and importers of commercial services, 2005
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Service Outsourcing Foreign Affairs, 2006 Alan Blinder Manufacturing trade vs. service sector trade Figure 2-8
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Country level Germany is the largest country exporter (displaced the United States in 2003)
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