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World trade facts see wto for updates & details

World trade facts see www.wto.org for updates & details. by Richard Baldwin, Graduate Institute of International Studies, Geneva. Who are the big traders?. The 16 nations with more than 1% of world exports together acc’t for 2/3 rd of world trade The top 8 acc’t for ½ of world trade

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World trade facts see wto for updates & details

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  1. World trade factsseewww.wto.org for updates & details by Richard Baldwin, Graduate Institute of International Studies, Geneva

  2. Who are the big traders? • The 16 nations with more than 1% of world exports together acc’t for 2/3rd of world trade • The top 8 acc’t for ½ of world trade • World trade in 2004 was $7.3 trillion.

  3. Who are the big traders?

  4. The Quad • Traditionally the “Quad” (= EU, US, Japan and Canada) dominated the GATT proceedings, especially the trade Rounds. • They account for much of world trade, but recently China has become very important.

  5. World trade network by regions WTO definitions of regions:

  6. Trade by regions 2% 3% 4% 5% 20% 23% 42%

  7. World trade network by regions Europe-Europe Asia-Asia N.Amer.-N.Amer.

  8. World trade by commodity: Highly aggregated

  9. World trade by commodity More disaggregated Mining Ag

  10. Who trades what with whom?

  11. Who trades what with whom?

  12. Who trades what with whom? Focus on manufactures trade Europe & North America

  13. Who trades what with whom?

  14. Who trades what with whom?

  15. Who trades what with whom?

  16. Who trades what with whom?

  17. Stylized facts of world trade • EU, US, Canada & Japan (“the Quad”) dominate the world trade flows. • Manufactured goods dominate world trade flows. • More so for rich nations, less so for poor nations • Exceptions like OPEC nations • The Quad import and export similar products from each other, “intra-industry trade” • This form of trade accounts for about 2/3rds of world trade. • North-South trade marked by mis-matched imports & exports, i.e. “inter-industry trade” • South-South trade is very small.

  18. Stylized facts of world trade • North-South trade seems to be “Heckscher-Ohlin trade”, i.e. trade is dissimilar goods between dissimilar nations. • North-North trade seems to be “intra-industry trade”, i.e. two-way trade in similar goods among similar nations.

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