lecture notes_Ch-1.2 - EC239: International Trade Ch. 2...

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EC239: International Trade Ch. 2 World Trade: An overview
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Agenda Largest trading partners of the United States Largest trading partners of Canada Gravity model Factors that influence trade Has the World become smaller? Changing composition of trade Service outsourcing
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Overview of world trade http://www.youtube.com/watch?v=xRJZWfqWcs0 World export: 0.4 trillion dollars in 1970, 10% of world GDP; 10.8 trillion dollars in 2004, 25% of world GDP 50% of the world trade are between developed countries, 35% between developed and developing countries, and 15% among developing countries.
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Intra- and inter-regional merchandise trade, 2003             (Billion dollars and percentage)                               Destination C./E.  Europe/ North Latin Western Baltic  Middle Origin America America Europe States/CIS Africa East Asia World                     Value North America 404  153  180  12  21  219  997  Latin America 218  59  51  29  378  Western Europe 298  57  2130  214  80  83  248  3145  C./E. Europe/Baltic States/CIS 19  228  98  30  401  Africa 33  84  18  31  173  Middle East 46  48  10  22  145  299  Asia 428  41  319  32  31  56  949  1901  World 1446  324  3041  360  161  198  1651  7294 
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Share of inter-regional trade flows in each region's total merchandise exports               Destination C./E.  Europe/ North Latin Western Baltic  Middle Origin America America Europe States/CIS Africa East Asia World   North America 40.5  15.4  18.1  0.8  1.2  2.1  22.0  100.0  Latin America 57.8  15.6  13.6  1.2  1.4  1.2  7.6  100.0  Western Europe 9.5  1.8  67.7  6.8  2.5  2.6  7.9  100.0  C./E. Europe/Baltic States/CIS 4.6  1.7  56.8  24.5  1.1  2.3  7.6  100.0  Africa 18.9  2.5  48.4  0.6  10.2  1.5  17.7  100.0  Middle East 15.5  0.9  16.0  0.8  3.5  7.3  48.6  100.0  Asia 22.5  2.2  16.8  1.7  1.7  3.0  49.9  100.0  World 19.8  4.4  41.7  4.9  2.2  2.7  22.6  100.0                   
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Industrialized countries account for the bulk of world exports and imports. Asian countries have grown in importance as producers of exports. Countries tend to trade extensively with
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lecture notes_Ch-1.2 - EC239: International Trade Ch. 2...

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