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Topic 3 – Trade and the Global Economy

Topic 3 – Trade and the Global Economy. A – International Trade B – Trade Facilitation C – Global Trade Patterns. A – International Trade. Trade and the Global Economy. Interdependencies In a global economy, no nation is self-sufficient. All involved at different levels in trade:

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Topic 3 – Trade and the Global Economy

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  1. Topic 3 – Trade and the Global Economy A – International Trade B – Trade Facilitation C – Global Trade Patterns

  2. A – International Trade

  3. Trade and the Global Economy • Interdependencies • In a global economy, no nation is self-sufficient. • All involved at different levels in trade: • Sell what they produce. • Acquire what they lack. • Produce more efficiently in some economic sectors. • Historical growth: • Occurred at an ever increasing scale over the last 500 years. • Significant technical improvements. • Possible to trade between parts of the world that previously had limited to international transportation systems. • Division and the fragmentation of production expanded trade. • Decoupling between economic and trade growth.

  4. Trade and the Global Economy

  5. Economic Rationale of Trade

  6. Favorable and Contentious Factors in International Trade

  7. Trends Shaping International Trade

  8. World Merchandise Trade, 1960-2011

  9. Global Trade and Container Throughput (1970=100) 520.4 Millions TEU $15.2 Trillion $63.4 Trillion 6.84 Billions

  10. Monthly Trade between China and the United States, Billions of USD (1985-2011)

  11. B – Trade Facilitation

  12. The “Four Ts” in International Trade Transaction costs International Trade Tariff and non-tariff costs Transport costs Time costs

  13. The Functions of Trade Facilitation

  14. Trade Facilitation

  15. Levels of Economic Integration Political Union Common government Common currency, harmonized tax rates, common monetary and fiscal policy: EU (partial) Economic Union Level of integration Common Market Factors of production move freely between members Customs Union Common external tariffs Free Trade Free trade between members: NAFTA, Mercosur, ASEAN (partial) Complexity

  16. Economic Integration Levels, 2011

  17. China’s Special Economic Zones

  18. Yuan Exchange Rate (per USD), 1981-2012 (Monthly)

  19. Phases of the Export-Oriented Paradigm

  20. C – Global Trade Patterns

  21. International Trade, Transportation Chains and Flows International Trade Destination Origin A B Custom Procedures Transport Chain Decomposition Maritime Rail Road A B Customs Composition Transshipment Physical Flows Distribution Center Port A B Rail Yard Transshipment Hub

  22. Changes in the Global Trade Patterns Immobile Factors of Production Bulk point-to-point Country A Country B Mobility of Factors of Production Container shipping Global Production Networks Commodity chain GlobalMarket CommodityMarket

  23. Changes in the Value World’s Merchandise Trade, Production and GDP, 1950-2010 (in %)

  24. Monthly Value of Exports or Imports, Selected Traders, 2006-2011 (Jan 2006=100)

  25. Share of World Goods Exports, Leading Exporters, 1950-2010

  26. Share of Product Groups in World Merchandise Trade, 1900-2008

  27. Freight Transport Costs as Share of Commodity Market Value

  28. Share of Merchandise Exports by Region, 1948-2010

  29. World’s 12 Largest Exporters and Importers, 2010

  30. American Foreign Trade by Maritime Containers, 2010 (in TEUs)

  31. Global Trade, 2009

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