ch02overview.ppt

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1、Chapter2WorldTrade:AnOverviewPreviewThelargesttradingpartnersoftheU.S.Gravitymodel:influenceofaneconomy’ssizeontradedistanceandotherfactorsthatinfluencetradeBordersandtradeagreementsGlobalization:thenandnowChangingcompositionoftradeServiceoutsourcing2Copyright©2009Pear

2、sonAddison-Wesley.Allrightsreserved.WhoTradeswithWhom?The5largesttradingpartnerswiththeU.S.in2005wereCanada,China,MexicoJapanandGermany.ThetotalvalueimportsfromandexportstoCanadain2005wasabout$500billiondollars.Thelargest10tradingpartnerswiththeU.S.accountedfor56%ofth

3、evalueofU.S.tradein2005.3Copyright©2009PearsonAddison-Wesley.Allrightsreserved.Fig.2-1:TotalU.S.TradewithMajorPartners,2006Source:U.S.DepartmentofCommerce4Copyright©2009PearsonAddison-Wesley.Allrightsreserved.SizeMatters:TheGravityModel3ofthetop10tradingpartnerswiththeU

4、.S.in2005werealsothe3largestEuropeaneconomies:Germany,UK,andFrance.Thesecountrieshavethelargestgrossdomesticproduct(GDP)inEurope.GDPmeasuresthevalueofgoodsandservicesproducedinaneconomy.WhydoestheU.S.trademostwiththeseEuropeancountriesandnototherEuropeancountries?5Cop

5、yright©2009PearsonAddison-Wesley.Allrightsreserved.SizeMatters:TheGravityModel(cont.)Infact,thesizeofaneconomyisdirectlyrelatedtothevolumeofimportsandexports.Largereconomiesproducemoregoodsandservices,sotheyhavemoretosellintheexportmarket.Largereconomiesgeneratemoreinc

6、omefromthegoodsandservicessold,sopeopleareabletobuymoreimports.6Copyright©2009PearsonAddison-Wesley.Allrightsreserved.Fig.2-2:TheSizeofEuropeanEconomies,andtheValueofTheirTradewiththeUnitedStatesSource:U.S.DepartmentofCommerce,EuropeanCommission7Copyright©2009PearsonA

7、ddison-Wesley.Allrightsreserved.TheGravityModelOtherthingsbesidessizematterfortrade:Distancebetweenmarketsinfluencestransportationcostsandthereforethecostofimportsandexports.Distancemayalsoinfluencepersonalcontactandcommunication,whichmayinfluencetrade.Culturalaffinity:

8、iftwocountrieshaveculturalties,itislikelythattheyalsohavestrongeconomicties.Geography:oceanharborsandalackofmo