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The Changing Landscape Of International Trade

Author

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  • Agnes Ghibuțiu

    (Institute for World Economy, Bucharest)

Abstract

The paper addresses the structural changes shaping international trade. Drawing on insights from theoretical and empirical contributions and relying on available statistics, it explores some of the implications of this ongoing structural transformation. It identifies the dynamic expansion of TNCs’ global production networks and the associated rapid integration of developing countries into the world economy as the common denominator of the forces underlying the steady pace of these changes. According to the findings of the paper, the increased vertical specialisation and integration, and the emergence of ”global manufacturing” through TNCs’ networks have triggered significant shifts in the patterns of international trade. These new dynamics have changed the scope and geographical spread of international trade, altering the sources of trade growth and the ranking of countries in global trade. These have also caused dramatic changes in the types and categories of traded goods and services, affecting not only the composition, but the very nature of global trade flows. The implications are manyfold and far-reaching, and raise major challenges in policy terms for all countries.

Suggested Citation

  • Agnes Ghibuțiu, 2013. "The Changing Landscape Of International Trade," Romanian Economic Business Review, Romanian-American University, vol. 8(2), pages 104-116, June.
  • Handle: RePEc:rau:journl:v:8:y:2013:i:2:p:104-116
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    File URL: http://www.rebe.rau.ro/RePEc/rau/journl/SU13/REBE-SU13-A9.pdf
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    References listed on IDEAS

    as
    1. World Bank, 2011. "Global Development Horizons 2011 : Multipolarity - The New Global Economy," World Bank Publications - Books, The World Bank Group, number 2313.
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    3. Gene M. Grossman & Esteban Rossi‐Hansberg, 2012. "Task Trade Between Similar Countries," Econometrica, Econometric Society, vol. 80(2), pages 593-629, March.
    4. Richard Baldwin, 2011. "Trade And Industrialisation After Globalisation's 2nd Unbundling: How Building And Joining A Supply Chain Are Different And Why It Matters," NBER Working Papers 17716, National Bureau of Economic Research, Inc.
    5. Gene M. Grossman & Esteban Rossi-Hansberg, 2008. "Trading Tasks: A Simple Theory of Offshoring," American Economic Review, American Economic Association, vol. 98(5), pages 1978-1997, December.
    Full references (including those not matched with items on IDEAS)

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