International trade

Last updated

International trade is the exchange of capital, goods, and services across international borders or territories [1] because there is a need or want of goods or services. [2] (see: World economy)

Contents

In most countries, such trade represents a significant share of gross domestic product (GDP). While international trade has existed throughout history (for example Uttarapatha, Silk Road, Amber Road, salt roads), its economic, social, and political importance has been on the rise in recent centuries.

Carrying out trade at an international level is a complex process when compared to domestic trade. When trade takes place between two or more states, factors like currency, government policies, economy, judicial system, laws, and markets influence trade.

To ease and justify the process of trade between countries of different economic standing in the modern era, some international economic organizations were formed, such as the World Trade Organization. These organizations work towards the facilitation and growth of international trade. Statistical services of intergovernmental and supranational organizations and governmental statistical agencies publish official statistics on international trade.

Characteristics of global trade

A product that is transferred or sold from a party in one country to a party in another country is an export from the originating country, and an import to the country receiving that product. Imports and exports are accounted for in a country's current account in the balance of payments. [3]

Trading globally may give consumers and countries the opportunity to be exposed to new markets and products. Almost every kind of product can be found in the international market, for example: food, clothes, spare parts, oil, jewellery, wine, stocks, currencies, and water. Services are also traded, such as in tourism, banking, consulting, and transportation.

The ancient Silk Road trade routes across Eurasia SeidenstrasseGMT.JPG
The ancient Silk Road trade routes across Eurasia

Advanced technology (including transportation), globalization, industrialization, outsourcing and multinational corporations have major impacts on the international trade systems

Differences from domestic trade

Ports play an important role in facilitating international trade. The Port of New York and New Jersey grew from the original harbor at the convergence of the Hudson River and the East River at the Upper New York Bay. Flight to Newark Liberty International Airport (EWR) with view to Newark Bay - panoramio.jpg
Ports play an important role in facilitating international trade. The Port of New York and New Jersey grew from the original harbor at the convergence of the Hudson River and the East River at the Upper New York Bay.

International trade is, in principle, not different from domestic trade as the motivation and the behavior of parties involved in a trade do not change fundamentally regardless of whether trade is across a border or not.

However, in practical terms, carrying out trade at an international level is typically a more complex process than domestic trade. The main difference is that international trade is typically more costly than domestic trade. This is due to the fact that cross-border trade typically incurs additional costs such as explicit tariffs as well as explicit or implicit non-tariff barriers such as time costs (due to border delays), language and cultural differences, product safety, the legal system, and so on.

Another difference between domestic and international trade is that factors of production such as capital and labor are often more mobile within a country than across countries. Thus, international trade is mostly restricted to trade in goods and services, and only to a lesser extent to trade in capital, labour, or other factors of production. Trade in goods and services can serve as a substitute for trade in factors of production. Instead of importing a factor of production, a country can import goods that make intensive use of that factor of production and thus embody it. An example of this is the import of labor-intensive goods by the United States from China. Instead of importing Chinese labor, the United States imports goods that were produced with Chinese labor. One report in 2010, suggested that international trade was increased when a country hosted a network of immigrants, but the trade effect was weakened when the immigrants became assimilated into their new country. [4]

History

The history of international trade chronicles notable events that have affected trading among various economies.

Theories and models

There are several models that seek to explain the factors behind international trade, the welfare consequences of trade and the pattern of trade.

Most traded export products

Most traded export products.png

Largest countries or regions by total international trade

Volume of world merchandise exports Volume of world merchandise exports.png
Volume of world merchandise exports

The following table is a list of the 25 largest trading states according to the World Trade Organization in 2021 and 2022. [5] [6]

RankStateInternational trade of
goods (billions of USD)
in 2022
International trade of
services (billions of USD)
in 2021
Total international trade
of goods and services
(billions of USD)
World 50,52611,53362,059
Flag of Europe.svg  European Union 5,8582,3138,171
1Flag of the People's Republic of China.svg  China 6,3108297,138
2Flag of the United States.svg  United States 5,4411,3456,786
3Flag of Germany.svg  Germany 3,2277513,978
4Flag of the Netherlands.svg  Netherlands 1,8644822,346
5Flag of Japan.svg  Japan 1,6443692,013
6Flag of the United Kingdom.svg  United Kingdom 1,3536542,007
7Flag of France.svg  France 1,4365611,996
8Flag of South Korea.svg  South Korea 1,4152481,663
9Flag of India.svg  India 1,1774351,612
10Flag of Italy.svg  Italy 1,3462121,559
11Flag of Belgium (civil).svg  Belgium 1,2532691,522
12Flag of Singapore.svg  Singapore 9914531,444
13Flag of Hong Kong.svg  Hong Kong 1,2771381,416
14Flag of Canada (Pantone).svg  Canada 1,1792061,385
15Flag of Mexico.svg  Mexico 1,205651,270
16Flag of the United Arab Emirates.svg  United Arab Emirates 1,0231761,199
17Flag of Spain.svg  Spain 9121911,103
18Flag of Ireland.svg  Ireland 3606791,039
19Flag of Switzerland (Pantone).svg   Switzerland 7582751,033
20Flag of the Republic of China.svg  Taiwan 914911,005
21Flag of Russia.svg  Russia 772130903
22Flag of Poland.svg  Poland 742130872
23Flag of Australia (converted).svg  Australia 72182804
24Flag of Vietnam.svg  Vietnam 73123753
25Flag of Brazil.svg  Brazil 62681708

Top traded commodities by value (exports)

RankCommodityValue in US$ (millions)Date of
information
1Mineral fuels, oils, distillation products,$3,988,3892022
2Electrical, electronic equipment$3,493,5532022
3Machinery, nuclear reactors, boilers, etc.$2,573,5722022
4Vehicles (excluding railway)$1,621,6582022
5Pharmaceutical products$875,3452022
6Pearls, precious stones, metals, coins, etc.$866,8392022
7Plastics and articles thereof$815,5542022
8Optical, photo, technical, medical, etc. apparatus$669,1282022
9Iron and steel$564,5472022
10Organic chemicals$537,8542022

Source: International Trade Centre [7]

Observances

In the US, the various U.S. Presidents have held observances to promote big and small companies to be more involved with the export and import of goods and services. President George W. Bush observed World Trade Week on May 18, 2001, and May 17, 2002. [8] [9] On May 13, 2016, President Barack Obama proclaimed May 15 through May 21, 2016, World Trade Week, 2016. [10] On May 19, 2017, President Donald Trump proclaimed May 21 through May 27, 2017, World Trade Week, 2017. [11] [12] World Trade Week is the third week of May. Every year the President declares that week to be World Trade Week. [13] [14]

International trade versus local production

Local food

In the case of not the food production trade-offs in forms of local food and distant food production are controversial with limited studies comparing environmental impact and scientists cautioning that regionally specific environmental impacts should be considered. [15] Effects of local food on greenhouse gas emissions may vary per origin and target region of the production. According to the 2022 IPCC report on climate change, that in international trade net Carbon emissions has reduced between 2006 and 2016. [16] [17] A 2020 study indicated that local food crop production alone cannot meet the demand for most food crops with "current production and consumption patterns" and the locations of food production at the time of the study for 72–89% of the global population and 100–km radiuses as of early 2020. [18] [19] [20] Studies found that food miles are a relatively minor factor of carbon emissions, albeit increased food localization may also enable additional, more significant, environmental benefits such as recycling of energy, water, and nutrients. [21] For specific foods regional differences in harvest seasons may make it more environmentally friendly to import from distant regions than more local production and storage or local production in greenhouses. [22]

Qualitative differences and economic aspects

Qualitative differences between substitutive products of different production regions may exist due to different legal requirements and quality standards or different levels of controllability by local production- and governance-systems which may have aspects of security beyond resource security, environmental protection, product quality and product design and health. The process of transforming supply as well as labor rights may differ as well.

Local production has been reported to increase local employment in many cases. A 2018 study claimed that international trade can increase local employment. [23] A 2016 study found that local employment and total labor income in both manufacturing and nonmanufacturing were negatively affected by rising exposure to imports. [24]

Local production in high-income countries, rather than distant regions may require higher wages for workers. Higher wages incentivize automation [25] which could allow for automated workers' time to be reallocated by society and its economic mechanisms or be converted into leisure-like time.

Specialization, production efficiency and regional differences

Local production may require knowledge transfer, technology transfer and may not be able to compete in efficiency initially with specialized, established industries and businesses, or in consumer demand without policy measures such as eco-tariffs. Regional differences may cause specific regions to be more suitable for a specific production, thereby increasing the advantages of specific trade over specific local production. Forms of local products that are highly localized may not be able to meet the efficiency of more large-scale, highly consolidated production in terms of efficiency, including environmental impact.[ citation needed ]

Resource security

A video explaining findings of the study "Water, energy and land insecurity in global supply chains"

A systematic, and possibly first large-scale, cross-sectoral analysis of water, energy and land in security in 189 countries that links total and sectorial consumption to sources showed that countries and sectors are highly exposed to over-exploited, insecure, and degraded such resources with economic globalization having decreased security of global supply chains. The 2020 study finds that most countries exhibit greater exposure to resource risks via international trade – mainly from remote production sources – and that diversifying trading partners is unlikely to help countries and sectors to reduce these or to improve their resource self-sufficiency. [26] [27] [28] [29]

Illicit trade

Illegal gold trade

A number of people in Africa, including children, were using informal or "artisanal" methods to produce gold. While millions were making a livelihood through the small-scale mining, governments of Ghana, Tanzania and Zambia complaint about the increase in illegal production and gold smuggling. Sometimes the procedure involved criminal operations and even human and environmental cost. Investigative reports based on Africa's export data revealed that gold in large quantities is smuggled out of the country through the United Arab Emirates, without any taxes being paid to the producing states. Analysis also reflected discrepancies in the amount exported from Africa and the total gold imported into the UAE. [30]

In July 2020, a report by Swissaid highlighted that the Dubai-based precious metal refining firms, including Kaloti Jewellery International Group and Trust One Financial Services (T1FS), received most of their gold from poor African states like Sudan. The gold mines in Sudan were seldom under the militias involved in war crimes and human rights abuses. The Swissaid report also highlighted that the illicit gold coming into Dubai from Africa is imported in large quantities by the world's largest refinery in Switzerland, Valcambi. [31] [32]

Another report in March 2022 revealed the contradiction between the lucrative gold trade of West African countries and the illicit dealings. Like Sudan, Democratic Republic of Congo (DRC), Ghana and other states, differences were recorded in the gold production in Mali and its trade with Dubai, UAE. The third largest gold exporter in Africa, Mali imposed taxes only on first 50kg gold exports per month, which allowed several small-scale miners to enjoy tax exemptions and smuggle gold worth millions. In 2014, Mali's gold production was of 45.8 tonnes, while the UAE's gold import were at 59.9 tonnes. [33] [34]

See also

Lists

Related Research Articles

<span class="mw-page-title-main">Economy of Angola</span>

The economy of Angola remains heavily influenced by the effects of four decades of conflict in the last part of the 20th century, the war for independence from Portugal (1961–75) and the subsequent civil war (1975–2002). Poverty since 2002 is reduced over 50% and a third of the population relies on subsistence agriculture. Since 2002, when the 27-year civil war ended, government policy prioritized the repair and improvement of infrastructure and strengthening of political and social institutions. During the first decade of the 21st century, Angola's economy was one of the fastest-growing in the world, with reported annual average GDP growth of 11.1 percent from 2001 to 2010. High international oil prices and rising oil production contributed to strong economic growth, although with high inequality, at that time. 2022 Trade surplus was &30B/2012 $48B

<span class="mw-page-title-main">Economy of Burkina Faso</span>

The economy of Burkina Faso is based primarily on subsistence farming and livestock raising. Burkina Faso has an average income purchasing-power-parity per capita of $1,900 and nominal per capita of $790 in 2014. More than 80% of the population relies on subsistence agriculture, with only a small fraction directly involved in industry and services. Highly variable rainfall, poor soils, lack of adequate communications and other infrastructure, a low literacy rate, and a stagnant economy are all longstanding problems of this landlocked country. The export economy also remained subject to fluctuations in world prices.

<span class="mw-page-title-main">Economy of Canada</span>

The economy of Canada is a highly developed mixed economy, with the world's tenth-largest economy as of 2023, and a nominal GDP of approximately US$2.117 trillion. Canada is one of the world's largest trading nations, with a highly globalized economy. In 2021, Canadian trade in goods and services reached $2.016 trillion. Canada's exports totalled over $637 billion, while its imported goods were worth over $631 billion, of which approximately $391 billion originated from the United States. In 2018, Canada had a trade deficit in goods of $22 billion and a trade deficit in services of $25 billion. The Toronto Stock Exchange is the tenth-largest stock exchange in the world by market capitalization, listing over 1,500 companies with a combined market capitalization of over US$3 trillion.

<span class="mw-page-title-main">Economy of the Dominican Republic</span>

The economy of the Dominican Republic is the seventh largest in Latin America, and is the largest in the Caribbean and Central American region. The Dominican Republic is an upper-middle income developing country with important sectors including mining, tourism, manufacturing, energy, real estate, infrastructure, telecommunications and agriculture. The Dominican Republic is on track to achieve its goal of becoming a high-income country by 2030, and is expected to grow 79% in this decade. The country is the site of the single largest gold mine in Latin America, the Pueblo Viejo mine.Although the service sector is currently the leading employer of Dominicans, agriculture remains an important sector in terms of the domestic market and is in second place in terms of export earnings. Tourism accounts for more than $7.4 billion in annual earnings in 2019. Free-trade zone earnings and tourism are the fastest-growing export sectors. A leading growth engine in the Free-trade zone sector is the production of medical equipment for export having a value-added per employee of $20,000 USD, total revenue of $1.5 billion USD, and a growth rate of 7.7% in 2019. The medical instrument export sector represents one of the highest-value added sectors of the country's economy, a true growth engine for the country's emerging market. Remittances are an important sector of the economy, contributing $8.2 billion in 2020. Most of these funds are used to cover household expenses, such as housing, food, clothing, health care and education. Secondarily, remittances have financed businesses and productive activities. Thirdly, this combined effect has induced investment by the private sector and helps fund the public sector through its value-added tax. The combined import market including the free-trade-zones amounts to a market of $20 billion a year in 2019. The combined export sector had revenues totaling $11 billion in 2019. The consumer market is equivalent to $61 billion in 2019. An important indicator is the average commercial loan interest rate, which directs short-term investment and stimulates long-term investment in the economy. It is currently 8.30%, as of June 2021.

<span class="mw-page-title-main">Economy of Ethiopia</span>

The economy of Ethiopia is a mixed and transition economy with a large public sector. The government of Ethiopia is in the process of privatizing many of the state-owned businesses and moving toward a market economy. The banking, telecommunication and transportation sectors of the economy are dominated by government-owned companies.

<span class="mw-page-title-main">Economy of Jamaica</span>

The economy of Jamaica is heavily reliant on services, accounting for 71% of the country's GDP. Jamaica has natural resources and a climate conducive to agriculture and tourism. The discovery of bauxite in the 1940s and the subsequent establishment of the bauxite-alumina industry shifted Jamaica's economy from sugar, and bananas.

<span class="mw-page-title-main">Economy of Malawi</span>

The economy of Malawi is $7.522 billion by gross domestic product as of 2019, and is predominantly agricultural, with about 80% of the population living in rural areas. The landlocked country in south central Africa ranks among the world's least developed countries. In 2017, agriculture accounted for about one-third of GDP and about 80% of export revenue. The economy depends on substantial inflows of economic assistance from the IMF, the World Bank, and individual donor nations. The government faces strong challenges: to spur exports, to improve educational and health facilities, to face up to environmental problems of deforestation and erosion, and to deal with the problem of HIV/AIDS in Africa. Malawi is a least developed country according to United Nations.

<span class="mw-page-title-main">Economy of Nigeria</span>

The economy of Nigeria is a middle-income, mixed economy and emerging market with expanding manufacturing, financial, service, communications, technology, and entertainment sectors. It is ranked as the 39th-largest economy in the world in terms of nominal GDP, the largest in Africa and the 27th-largest in terms of purchasing power parity.

<span class="mw-page-title-main">Economy of Rwanda</span>

The economy of Rwanda has undergone rapid industrialisation due to a successful governmental policy. It has a mixed economy. Since the early-2000s, Rwanda has witnessed an economic boom, which improved the living standards of many Rwandans. The Government's progressive visions have been the catalyst for the fast transforming economy. The President of Rwanda, Paul Kagame, has noted his ambition to make Rwanda the "Singapore of Africa".

<span class="mw-page-title-main">Economy of Uzbekistan</span>

The economy of Uzbekistan was formerly associated with a Soviet-style command economy, with a slow transformation to a market economy. However, in recent years and since the election of President Shavkat Mirziyoyev, Uzbekistan has seen rapid economic and social reform, aimed at boosting growth and transforming Uzbekistan into a true, modern market economy. International Financial Institutions, including EBRD, Asian Development Bank and the World Bank are actively engaging in supporting Uzbekistan's successful reform process and have rapidly increased their presence in the country.

A tariff is a tax imposed by the government of a country or by a supranational union on imports or exports of goods. Besides being a source of revenue for the government, import duties can also be a form of regulation of foreign trade and policy that taxes foreign products to encourage or safeguard domestic industry. Protective tariffs are among the most widely used instruments of protectionism, along with import quotas and export quotas and other non-tariff barriers to trade.

<span class="mw-page-title-main">Economy of Mozambique</span>

The economy of Mozambique is $14.396 billion by gross domestic product as of 2018, and has developed since the end of the Mozambican Civil War (1977–1992). In 1987, the government embarked on a series of macroeconomic reforms, which were designed to stabilize the economy. These steps, combined with donor assistance and with political stability since the multi-party elections in 1994, have led to dramatic improvements in the country's growth rate. Inflation was brought to single digits during the late 1990s, although it returned to double digits in 2000–02. Fiscal reforms, including the introduction of a value-added tax and reform of the customs service, have improved the government's revenue collection abilities.

<span class="mw-page-title-main">Import substitution industrialization</span> Trade and economic policy

Import substitution industrialization (ISI) is a trade and economic policy that advocates replacing foreign imports with domestic production. It is based on the premise that a country should attempt to reduce its foreign dependency through the local production of industrialized products. The term primarily refers to 20th-century development economics policies, but it has been advocated since the 18th century by economists such as Friedrich List and Alexander Hamilton.

A subsidy or government incentive is a type of government expenditure for individuals and households, as well as businesses with the aim of stabilizing the economy. It ensures that individuals and households are viable by having access to essential goods and services while giving businesses the opportunity to stay afloat and/or competitive. Subsidies not only promote long term economic stability but also help governments to respond to economic shocks during a recession or in response to unforeseen shocks, such as the COVID-19 pandemic.

<span class="mw-page-title-main">Export</span> Goods produced in one country that are sold to another country

An export in international trade is a good produced in one country that is sold into another country or a service provided in one country for a national or resident of another country. The seller of such goods or the service provider is an exporter; the foreign buyers is an importer. Services that figure in international trade include financial, accounting and other professional services, tourism, education as well as intellectual property rights.

<span class="mw-page-title-main">Cash crop</span> Agricultural crop grown to sell for profit

A cash crop, also called profit crop, is an agricultural crop which is grown to sell for profit. It is typically purchased by parties separate from a farm. The term is used to differentiate marketed crops from staple crop in subsistence agriculture, which are those fed to the producer's own livestock or grown as food for the producer's family.

<span class="mw-page-title-main">Non-tariff barriers to trade</span> Type of trade barriers

Non-tariff barriers to trade are trade barriers that restrict imports or exports of goods or services through mechanisms other than the simple imposition of tariffs. Such barriers are subject to controversy and debate, as they may comply with international rules on trade yet serve protectionist purposes.

International business refers to the trade of Goods and service goods, services, technology, capital and/or knowledge across national borders and at a global or transnational scale.

<span class="mw-page-title-main">Economy of the Western Cape</span>

The economy of the Western Cape in South Africa is dominated by the city of Cape Town, which accounted for 72% of the Western Cape's economic activity in 2016. The single largest contributor to the region's economy is the financial and business services sector, followed by manufacturing. Close to 30% of the gross regional product comes from foreign trade with agricultural products and wine dominating exports. High-tech industries, international call centres, fashion design, advertising and TV production are niche industries rapidly gaining in importance.

<span class="mw-page-title-main">Economic history of Ghana</span> Aspect of history


Economic history of Ghana details the economic situation of Ghana since pre-colonial times to date.

References

  1. "Trade – Define Trade at Dictionary.com". Dictionary.com. Archived from the original on 2010-07-27. Retrieved 2007-11-07.
  2. "International Trade and Finance by ICC Academy". Archived from the original on 2022-03-12. Retrieved 2020-04-05.
  3. "Balance Of Payments (BOP)". Investopedia. 2003-11-25. Archived from the original on 2017-05-12. Retrieved 2017-05-07.
  4. Kusum Mundra (October 18, 2010). "Immigrant Networks and U.S. Bilateral Trade: The Role of Immigrant Income". Department of Economics, Rutgers University. SSRN   1693334.
  5. "WTO Stats". World Trade Organization. Archived from the original on 9 November 2022. Retrieved 15 April 2023.
  6. "WTO Stats". World Trade Organization. Archived from the original on 15 April 2023. Retrieved 15 April 2023.
  7. "List of exporters for the selected product in 2022". ITC. Retrieved 2022-08-22.
  8. Office of the Press Secretary (May 22, 2001). "World Trade Week, 2001". Federal Register . Washington, D.C.: Federal Government of the United States. Archived from the original on November 24, 2016. Retrieved March 13, 2017. Alt URL Archived 2017-10-20 at the Wayback Machine
  9. Office of the Press Secretary (May 22, 2002). "World Trade Week, 2002". Federal Register . Washington, D.C.: Federal Government of the United States. Archived from the original on March 13, 2017. Retrieved March 12, 2017. Alt URL Archived 2017-10-20 at the Wayback Machine
  10. "Presidential Proclamation -- World Trade Week, 2016". whitehouse.gov . Washington, D.C. May 13, 2016. Archived from the original on April 11, 2017. Retrieved April 11, 2017 via National Archives.
  11. Office of the Press Secretary (May 19, 2017). "President Donald J. Trump Proclaims May 21 through May 27, 2017, as World Trade Week". whitehouse.gov . Washington, D.C.: White House. Archived from the original on May 20, 2017. Retrieved May 20, 2017.
  12. "President Donald J. Trump Proclaims May 21 through May 27, 2017, as World Trade Week". World News Network . United States: World News Inc. May 20, 2017. Archived from the original on October 20, 2017. Retrieved May 20, 2017.
  13. "Import Export Data". Import Export data. Archived from the original on 2017-10-28. Retrieved 2017-10-06.
  14. "World Trade Week New York". World Trade Week New York. Archived from the original on 2005-02-19. Retrieved 2017-10-06.
  15. Rothwell, Alison; Ridoutt, Brad; Page, Girija; Bellotti, William (15 February 2016). "Environmental performance of local food: trade-offs and implications for climate resilience in a developed city". Journal of Cleaner Production. 114: 420–430. doi:10.1016/j.jclepro.2015.04.096. ISSN   0959-6526. Archived from the original on 13 March 2023. Retrieved 4 December 2020.
  16. "Climate Change 2022: Mitigation of Climate Change". www.ipcc.ch. Archived from the original on 2022-08-02. Retrieved 2022-04-05.
  17. "CO2 EMISSIONS EMBODIED IN INTERNATIONAL TRADE AND DOMESTIC FINAL DEMAND" (PDF). Archived (PDF) from the original on 2022-02-25. Retrieved 2022-04-05.
  18. Dunphy, Siobhán (28 April 2020). "Majority of the world's population depends on imported food". European Scientist. Archived from the original on 4 May 2020. Retrieved 17 May 2020.
  19. "Relying on 'local food' is a distant dream for most of the world". phys.org. Archived from the original on 29 April 2020. Retrieved 17 May 2020.
  20. Kinnunen, Pekka; Guillaume, Joseph H. A.; Taka, Maija; D’Odorico, Paolo; Siebert, Stefan; Puma, Michael J.; Jalava, Mika; Kummu, Matti (April 2020). "Local food crop production can fulfil demand for less than one-third of the population". Nature Food. 1 (4): 229–237. doi: 10.1038/s43016-020-0060-7 .
  21. Yang, Yi; Campbell, J. Elliott (1 March 2017). "Improving attributional life cycle assessment for decision support: The case of local food in sustainable design". Journal of Cleaner Production. 145: 361–366. doi:10.1016/j.jclepro.2017.01.020. ISSN   0959-6526. Archived from the original on 8 November 2021. Retrieved 4 December 2020.
  22. Edwards-Jones, Gareth (2010). "Does eating local food reduce the environmental impact of food production and enhance consumer health?". Proceedings of the Nutrition Society. 69 (4): 582–591. doi: 10.1017/S0029665110002004 . ISSN   1475-2719. PMID   20696093.
  23. Wang, Zhi; Wei, Shang-Jin; Yu, Xinding; Zhu, Kunfu (13 August 2018). "Re-examining the Effects of Trading with China on Local Labor Markets: A Supply Chain Perspective". National Bureau of Economic Research. doi: 10.3386/w24886 . S2CID   158243880. Archived from the original on 22 December 2020. Retrieved 4 December 2020.{{cite journal}}: Cite journal requires |journal= (help)
  24. Malgouyres, Clément (2017). "The Impact of Chinese Import Competition on the Local Structure of Employment and Wages: Evidence from France". Journal of Regional Science. 57 (3): 411–441. doi:10.1111/jors.12303. ISSN   1467-9787. S2CID   56047849. Archived from the original on 21 January 2022. Retrieved 4 December 2020.
  25. "How Artificial Intelligence Could Widen the Gap Between Rich and Poor Nations". IMF Blog. Archived from the original on 3 December 2020. Retrieved 4 December 2020. Higher wages Advanced economies have higher wages because total factor productivity is higher. These higher wages induce firms in advanced economies to use robots more intensively, to begin with, especially when robots easily substitute for workers. Then, when robot productivity rises, the advanced economy will benefit more in the long run. This divergence grows larger, the more robots substitute for workers.
  26. "Global trade linked to resource insecurity". Cosmos Magazine. 26 October 2020. Archived from the original on 3 December 2020. Retrieved 3 December 2020.
  27. Dunphy, Siobhán (20 November 2020). "Is globalisation compatible with sustainable and resilient supply chains?". European Scientist. Archived from the original on 2 December 2020. Retrieved 3 December 2020.
  28. "Globalized economy making water, energy and land insecurity worse: study". phys.org. Archived from the original on 4 December 2020. Retrieved 3 December 2020.
  29. Taherzadeh, Oliver; Bithell, Mike; Richards, Keith (28 October 2020). "Water, energy and land insecurity in global supply chains". Global Environmental Change. 67: 102158. doi:10.1016/j.gloenvcha.2020.102158. ISSN   0959-3780. S2CID   228952251 . Retrieved 3 December 2020.
  30. "Gold worth billions smuggled out of Africa". Reuters. Archived from the original on 2 January 2020. Retrieved 24 April 2019.
  31. "Dubai's dubious gold is prized in Switzerland". Le Temps. 16 July 2020. Archived from the original on 17 July 2020. Retrieved 16 July 2020.
  32. "GOLDEN DETOUR: The hidden face of the gold trade between the United Arab Emirates and Switzerland" (PDF). Swissaid. Archived (PDF) from the original on 18 July 2020. Retrieved 16 July 2020.
  33. "Mali: West Africa's hub for illegal gold trade with Dubai". Enact Africa. 11 March 2022. Archived from the original on 2 January 2020. Retrieved 11 March 2022.
  34. "Mali to Dubai: artery for West Africa's booming illegal gold trade". ISS Africa. 3 August 2022. Archived from the original on 2 January 2020. Retrieved 3 August 2022.

Further reading

Sources

Data

Statistics from intergovernmental sources

Data on the value of exports and imports and their quantities often broken down by detailed lists of products are available in statistical collections on international trade published by the statistical services of intergovernmental and supranational organisations and national statistical institutes. The definitions and methodological concepts applied for the various statistical collections on international trade often differ in terms of definition (e.g. special trade vs. general trade) and coverage (reporting thresholds, inclusion of trade in services, estimates for smuggled goods and cross-border provision of illegal services). Metadata providing information on definitions and methods are often published along with the data.