DIRECTION OF ADVANCED COUNTRIES’ TRADE
--Dr. Debesh Bhowmik
In recent years, the direction of world trade did
not change fundamentally too much.As per available data from IMF, it is
understood that world trade in both exports and imports concentrated in
advanced economies. More or less half of the world trade went to the advanced
countries. World export trade to advanced economies in 2011 was 11232.51
billion dollar which stepped down to 11042.31 billion dollar in 2012 and import
also stepped down from 10337.78 billion dollar to 10171.08 billion dollar but surplus
trade balance dwindled. Both exports and imports of the world to the various
regions like Emerging and Developing countries, Developing Asia ,Europe, Middle
East and North Africa, Sub-Saharan Africa and Western Hemishere have increased
but the deficit trade balance increased in all regions from 2011 to 2012except
in Western Hemishere. On the other hand, the advanced countries’ deficit trade
balance to all regions have fallen from 2011 to 2012 except in Emerging and
Developing countries where it was reverse and the exports and imports of Advanced economies
to Europe ,Western Hemishere and also in advanced economies rose but those decreased to Emerging and
Developing countries, Developing Asia and Sub-Saharan Africa from 2011 to 2012.So,
the changes are the deficit trade balances although decreasing is the
phenomenon of direction of trade.These changes affected negatively on
developing countries and Asia’s trade and it happened due to financial crisis
in USA and debt crisis in EU.Advanced countries’ export have fallen marginally
from 1702.72 billion dollar in 2011to 1702.21 billion
dollar in 2012 to developing countries and emerging countries and imports
increased from 2248.32 billion dollar to 2260.25 billion dollar and both
exports and imports have fallen to developing Asia during the period,ie,
exports from 709.52 billion dollar to 690.26 billion dollar but imports from
759.42 billion dollar to 723.74 billion dollar .The same trends were observed
to SubSaharan Africa whose exports from Advanced economies dwindled from 155.89
billion dollar to 146.98 billion dollar and imports from 237.28 billion dollar
to 219.26 billion dollar.This is clearly visible in the following table.
|
|
Advanced
Economies(USBillion Dollar)
|
|||||
|
|
Export
|
Import
|
Export
|
Import
|
Export
|
import
|
|
|
2010
|
2011
|
2012
|
|||
|
World
|
9209.99
|
9892.73
|
10677.73
|
11567.40
|
10432.03
|
11363.42
|
|
Advanced
Economies
|
3021.80
|
3882.93
|
3564.89
|
4669.66
|
3597.08
|
4681.53
|
|
Emerging
and developing countries
|
1464.45
|
1975.90
|
1702.72
|
2748.32
|
1702.21
|
2260.25
|
|
Developing
Asia
|
566.83
|
605.56
|
709.52
|
759.42
|
690.26
|
723.74
|
|
Europe
|
325.82
|
522.63
|
356.18
|
694.00
|
383.61
|
745.87
|
|
SubSaharan
Africa
|
124.93
|
179.23
|
155.89
|
237.28
|
146.98
|
219.26
|
|
Western
Hemishere
|
539.08
|
599.42
|
639.83
|
730.1
|
673.35
|
732.37
|
|
|
World(US
Billion Dollar)
|
|||||
|
Advanced
Economies
|
9572.25
|
8890.68
|
11232.51
|
10337.78
|
11042.31
|
10171.08
|
|
Emerging
and developing countries
|
5139.48
|
6249.22
|
6281.44
|
7726.59
|
6514.94
|
7381.03
|
|
Developing
Asia
|
2369.36
|
2971.17
|
2879.34
|
3505.9
|
2982.76
|
3609.26
|
|
Europe
|
970.99
|
1034.19
|
1239.76
|
1319.72
|
1244.7
|
1334.19
|
|
Middle
East and North Africa
|
677.26
|
971.46
|
785.24
|
1296.36
|
855.58
|
1394.12
|
|
SubSaharan
Africa
|
261.53
|
322.72
|
329.62
|
429.65
|
334.88
|
442.28
|
|
Western
Hemishere
|
863.87
|
960.83
|
1051.55
|
1188.9
|
1102.26
|
1214.74
|
Source-DOT-IMF
