Latin America, continued • Relatively weak internal trade relationships compared to Europe or North America • Relatively strong trade relationships with Europe • A growing trade relationship with Asia • High debt levels, high debt service, and strong pressure from IMF leading to currency devaluation, austerity, and angry reactions to the global north
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Latin America, continued Relatively weak internal trade relationships compared to Europe or North America Relatively strong trade relationships with Europe.
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Latin America, continued
• Relatively weak internal trade relationships compared to Europe or North America
• Relatively strong trade relationships with Europe
• A growing trade relationship with Asia• High debt levels, high debt service, and
strong pressure from IMF leading to currency devaluation, austerity, and angry reactions to the global north
Japanese Trade Surplus – has led to huge financial holdings abroad including real estate, T-bills, Cash, powerful banks, and is fueled by restrictions on sales in the Japanese market (such as rice)
Japanese Auto Sales: Exports in 1991 were about double their level in 1998
Does not convey the foreign production power of Japanese automakers
Fig 13.14 Japanese Auto Exports – Note the big decline from previous figure
Chinese TradeMost of thisIs “re-exports”
Huge growth in export trade; strong inward foreign investment (ownership restrictions); special economic zones; highly unbalanced development; impact of WTO membership; impact of realignment of the Yuan
Hong Kong Employment Trends
Hong Kong Employment Trends
0
200
400
600
800
1000
1200
1975
1979
1983
1987
1991
1995
Job
s in
Th
ou
san
ds
Mining & quarrying
Manufacturing
Electricity & Gas
Construction Sites
Wholesale & retail
Transport, Storage,Communications
F.I.R.E. & BusinessServices
Community & SocialServices
Public Sector
Hong Kong Re-Exports and Export/Import Jobs
Hong Kong Re-Exports & Export/Import Jobs
0
200
400
600
800
1000
1200
1400
1977
1980
1983
1986
1989
1992
1995
1998
Re-Exports $1990
Export/importjobs (thousands)
Fast Growth Sectors in China and South Korea
Must be $ billionsStrong growthIn infrastructure
Decline?
Movement of labor intensivework out of Korea as wagesrise to near European levels
Imports & Exports in Taiwan and South Korea
U.S. accountsfor about ¼ ofTaiwan and S. Korea trade.
Strong ties toJapan
Diverse exportsIn high-techIndustry, and Much FDI by S. Korean and Taiwanesecorporations
Australian Exports and Imports
Raw material exporter; small country w/o scale economies in productionOf many manufactured goods, leading to imports (Japan, U.S. EU)
EU?
India – Exports & Imports
Does not capture the boom in services work being done in India – call centers, software, and a host of advanced service activities. Very strong higher education system – producing cadres of engineers & scientists
VeryDifferentMix of Imports And ExportsComparedTo otherCountries In the text
Other Countries
• South Africa – exports largely of rawmaterials, imports of more highly manufactured products
• Russia – downfall of Soviet system & collapse of bases for economic growth. Corruption, inefficient industrial organization
• The Middle East – Oil dominated exports, but textiles are important (Egypt) and specialized industries in Israel (diamond cutting and polishing
Trade Flows in Microelectronics
Numbers inthe textdo notcorrespondto the values inthis figure
Dominated by MexicoAnd East Asia
Trade Flows in Automobiles
Again, numbersin figure differfrom those in the text
Clearly hugeExports from The developingWorld to allDevelopedEconomies, dueTo labor IntensitySee Figure 13.31
Global Trade in Grains and Feed
Reducedtrade in grainsand feeds asmany nationshave developedcapacity inthese sectors
Exports partlygoverned byglobal climateand opportunitiesto exploit scaleeconomies in areas with highyields
Trade in Non-oil Commodities
II
Includes:metals,ores,crude rubber,wood and pulp,hides,cotton fiber & other textilefibers, crude animaland vegetablematerials
As in the colonial past,developingcountries arethe primarysources of these commodities,but resource-richdeveloped economies such asthe U.S. and Canada also havesignificant exports