Ways that Countries Interact — КиберПедия 

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Ways that Countries Interact

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• Ways that countries interact economically

– Trade (per CIA, 2013 est.)

• World exports: $18.71 trillion

(compare world GDP of $87 trillion)

• World trade has grown faster than world GDP most years

– But not during 2008-9, due to world recession

• See tables below for

– Who trades most?

– Who trades with whom?

– Share of trade in GDP

– US:

• What do we export/import?

• To/from whom?

Who Trades the Most? ($ b. & % share, 2013)

Exporters Importers
  Value Share   Value Share
EU-28*   15.3 US   15.4
China   14.7 EU-28*   14.8
US   10.5 China   12.9
Japan   4.8 Japan   5.5
Korea, S.   3.7 Hng Kng   4.1
World   100.0 World   100.0

Source: WTO, International Trade Statistics, 2014, Table I.8

Who Trades the Most?

• Developed countries are the biggest traders

• China is catching up, in trade volume

– It was the #3 exporter six years ago when I taught the course; now it’s #2 and closing in on EU.

– Others are gaining as well: Four years ago Canada was #5 exporter. Three years ago that was S Korea

• See Economist from about a year ago: “Trading Up: Picking the world champion of trade”

– China claimed to have surpassed US. True only for goods, not goods + services

• But with time China will pass US in both

– China’s trade per GDP is much larger than the US, but below world average

– Much of the value in China’s exports is imported inputs, thus low “value added.”

• “Emerging Markets” in general are catching up to, or surpassing, the developed countries

– In GDP, trade, and more

– See Economics Focus from The Economist, “Why the Tail Wags the Dog”

What Does the World Trade? ($ b. 2013 & annual % growth rates, merchandise exports)

  Value 00-05 05-13          
All Products 17,590              
Agriculture 1,745     –12        
Fuel&Mining 3,997     –36       –3
Manuf. 11,848     –20        

Source: WTO, International Trade Statistics, 2014, Table II.1

What Does the World Trade?

• Biggest traded category: manufactures

• Fastest growing, then shrinking, then growing: “fuels & mining”

Why?

• Because this is the value of trade, and prices of oil and other raw materials were rising, and then falling.

But within Manufactures, Iron & Steel is even more volatile:

What Does the World Trade?($ b. 2013 & annual % growth rates, merchandise exports)

  Value 00-05 05-13          
All Products 17,590              
Agriculture 1,745     –12        
Fuel&Mining 3,997     –36       –3
Manuf. 11,848     –20        
Iron & Steel       –45     –8 –6

Source: WTO, International Trade Statistics, 2014, Table II.1

 

Reason: Very sensitive to investment, thus to expansion and contraction.

What Does the World Trade?($ b. 2013 & annual % growth rates, merchandise exports)

  Value 00-05 05-13          
All Products 17,590              
Agriculture 1,745     –12        
Fuel&Mining 3,997     –36       –3
Manuf. 11,848     –20        
Iron & Steel       –45     –8 –6
Automotive 1,348     –31        

Source: WTO, International Trade Statistics, 2014, Table II.1

What Does the US Trade?($ b. 2011)

  Exports Imports
Total 1,497.4 2,235.8
Agriculture 140.0  
Petroleum   462.3
Industrial supplies 496.4 319.8
Capital goods, exc. auto 493.2 513.4
Automotive 133.1 255.2
Other non-ag 234.6  
Other non-petrol   685.1

Source: Economic Report of the President, Feb 2013, Table B-104.

 

What Does the US Trade?

US imports are much larger than US exports (We’ll see what that means later in the course.)

US is a big…

-Exporter of agricultural products

-Importer of oil

-Exporter and importer of capital goods (i.e., machines for making things)

Importance of Trade for Countries? (GDP in US$ b., Exports % of GDP, Selected countries, 2012)

  GDP Exports/GDP
United States   9%
Japan   14%
Germany   42%
Canada   25%
India   19%
Mexico   28%
Netherlands   80%
Singapore   139%
Philippines   17%
Nepal   5%

Source: CIA World Fact Book

 

Importance of Trade for Countries?

• Even though we trade more than most, US trade is a smaller part of US GDP than for many other countries

• Others that are low: Japan, Nepal (even lower than US)

• Note Singapore: Exports can be more than GDP.

– Reason: Exports are made using imported inputs, so value of exports includes imports.

 


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