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Export Performance and Economic Growth

In: Hyper-growth in Asian Economies

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  • Edward K. Y. Chen

    (University of Hong Kong)

Abstract

All five economies have experienced spectacular development of foreign trade in the course of their rapid growth. Nevertheless, there are some differences in the pattern of foreign trade development. In Japan, rapid expansion of foreign trade began in the early twentieth century. Owing to the lack of natural resources, Japan’s industrialisation process relies heavily on imports which have to be financed by expanded exports. Ever since the early stage of modern economic growth, it seems that Japan has never doubted its export capabilities and in consequence it has always adopted an outward-looking policy in its process of growth in the modern era. Both Korea and Taiwan, on the other hand, had reservations about their export capabilities at the beginning of their industrialisation. As a result, it was not until the late fifties in the case of Taiwan and the early sixties in the case of Korea that they turned their attention from import substitution to export orientation. The cases of Hong Kong and Singapore are rather special. Before industrialisation took place, they were entrepôt trade economies taking advantage of their geographical location and fine harbours. It was largely historical factors (Communist takeover in China, Korean War, etc.) that caused Hong Kong to switch from entrepôt trade to manufacturing industries.1 Owing to the small home market, Hong Kong’s manufactured products are mostly for exporting. In Singapore, on the other hand, both industrialisation and outward-looking policies are to a large extent the result of deliberate government action. Moreover, while the importance of entrepôt trade declines very rapidly after the beginning of industrialisation in Hong Kong, it has retained considerable importance in the Singapore economy.

Suggested Citation

  • Edward K. Y. Chen, 1979. "Export Performance and Economic Growth," Palgrave Macmillan Books, in: Hyper-growth in Asian Economies, chapter 6, pages 109-126, Palgrave Macmillan.
  • Handle: RePEc:pal:palchp:978-1-349-04251-7_6
    DOI: 10.1007/978-1-349-04251-7_6
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    Citations

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    Cited by:

    1. Silvia Nenci, 2009. "Tariff liberatization and the growth of word trade: A comparative historiocal analysis to evaluate the multilateral trading system," Departmental Working Papers of Economics - University 'Roma Tre' 0110, Department of Economics - University Roma Tre.
    2. Parikh, Ashok & Stirbu, Corneliu, 2004. "Relationship between Trade Liberalisation, Economic Growth and Trade Balance: An Econometric Investigation," HWWA Discussion Papers 282, Hamburg Institute of International Economics (HWWA).
    3. Malik, Nadeem, 2007. "Pakistan Agricultural Export Performance in the Light of Trade Liberalization and Economic Reforms," Working Papers 45854, University of Balochistan, Commerce Department.
    4. Parikh, Ashok & Stirbu, Corneliu, 2004. "Relationship Between Trade Liberalisation, Economic Growth and Trade Balance: An Econometric Investigation," Discussion Paper Series 26267, Hamburg Institute of International Economics.
    5. Lawrence Edwards & Robert Lawrence, 2008. "South African trade policy matters Trade performance and trade policy," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 16(4), pages 585-608, October.
    6. Muhammad Zakaria, 2014. "Effects of Trade Liberalization on Exports, Imports and Trade Balance in Pakistan: A Time Series Analysis," Prague Economic Papers, Prague University of Economics and Business, vol. 2014(1), pages 121-139.
    7. Kounetas, Kostas & Napolitano, Oreste, 2015. "Too much EMU? An investigation of technology gaps," MPRA Paper 67600, University Library of Munich, Germany.
    8. Lawrence Edwards & Robert Lawrence, 2006. "South African Trade Policy Matters: Trade Performance & Trade Policy," Growth Lab Working Papers 14m, Harvard's Growth Lab.
    9. Sinha, Avik, 2015. "Conceptualizing Service Export Price Optimization," MPRA Paper 102264, University Library of Munich, Germany, revised 2015.
    10. Lanre Kassim, 2013. "The Impact of Trade Liberalisation on Export Growth and Import Growth in Sub-Saharan Africa," Studies in Economics 1310, School of Economics, University of Kent.
    11. Ekaterina Y. ARAPOVA, 2017. "Ex-Post Analysis Of The Influence Of Tariff Liberalisation On Asean Exports," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 17(2), pages 135-154.
    12. Busse, Matthias & Huth, Matthias & Koopmann, Georg, 2000. "Preferential trade agreements: The case of EU-Mexico," HWWA Discussion Papers 103, Hamburg Institute of International Economics (HWWA).

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