Changes in the World Trade in 1950-2004
Bank i Kredyt, No. 4, pp. 67-83, 2007
17 Pages Posted: 7 Sep 2007
We analyze the increase in the world trade of goods in the period 1950 - 2004. We present changes in geographic structure of the continents being the biggest exporters and importers. Our analysis shows that at the beginning of the 1950. the world trade was dominated by Europe and North America. In 2004 Europe still stays a leader, but North America lost its position in favour of Asia, whose expansion of trade is a proof of the high level of its modernization. The other continents (Africa, South America) do not take part in the international labour division and world trade very intensively. However, international trade liberalization under the auspices of WTO/GATT causes their more intensive involvement in the world trade.
Keywords: international trade, net export, net import, trade balance
JEL Classification: F12
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