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Fundamentals of International Trade in Economics: Basic Facts & Trends

Learn about international trade in commodities and services, growth rates, and data sources in international economics. Explore the Fourastié Hypothesis, reasons for increased trade in services, and more. Study the higher income elasticity of demand for personal services and the impact of technical changes in business-related products.

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Fundamentals of International Trade in Economics: Basic Facts & Trends

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  1. Principles of International Economics Prof. Dr. Hans H. Bass, Bremen University of Applied Sciences, International Degree Programme in Economics Summer Term 2010

  2. Principles of International Economics Topic 2: International Trade – Basic Facts

  3. Agenda International Economics • International Trade in Commodities • International Trade in Services

  4. Merchandise Trade 1970-2008 International Trade Data Source: WTO

  5. Characteristics International Economics • growth rate merchandise trade > growth rate world production(annual average percentage change) .

  6. Source: WTO, ITS 2009

  7. Characteristics International trade in commodities • different periods, but always: growth rate merchandise trade > growth rate GDP • different spatial growth patterns: “Triade”, EA-NICs, RoW

  8. Data sources International trade in commodities UN Comtrade http://comtrade.un.org/db/dqQuickQuery.aspx

  9. CAGR International trade in commodities CAGR (t0, t1) = ((Yt0/Yt1) (1/(t1-t0)) – 1)*100, where t0 indicates the starting period, and t1 indicates the end period, while Y indicates the Variable

  10. Agenda International Economics • International Trade in Commodities • International Trade in Services

  11. Trends International trade in services

  12. Background: Fourastié Hypothesis International trade in services

  13. Reasons for an increase in trade in services International trade in services • higher income elasticity of demand for personal services vis-à-vis commodities • technical changes in business-related products: “compacks”

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