International trade

• How has international trade changed overall?

  • increased dramatically since 1980​s > value increase 8x between 1980 and 2008
• How is the pattern of global trade changing?

  • developed countries biggest global traders
  • emerging economies catching up
  • China largest exporter of goods with rapid growth in manu
  • slow growth in LICs > African countries 1995 > 2% of world trade and in 2010 only 3%
  • increase fair trade > supports ppl in LICs who make products and export to HICs > since 1970s > 1000 fair trade producer groups
• What is international trade?

  Import and export of goods and services between countries
• Recent trends in inter trade:

  • in the forth quarter of 2021 goods trade reached $5.8 trillion
  • trade in services = $1.6 trillion
  • 30% higher exports in LICs than in HICs