US Deindustrialization and Pacific Imports

One of the more phenomenal events in the world economy since 1965 is the emergence of Japan and the Asian Pacific rim newly industrialized countries (NICs) as extremely important trading nations. In 1987 the aggregate value of exports from Japan and the four Asian Pacific NICs, namely, Taiwan, South Korea, Hong Kong and Singapore, was $409.8 billion (US) accounting for 17.4 per cent of total world exports, significantly higher than the $14.0 billion and 7.0 per cent figures in 1967. It is interesting to evaluate the export performance of these nations relative to their population size. When measured in terms of exports per capita, the world had an export intensity ratio of $480 in 1987, while the per capita export figures of Japan, Taiwan, South Korea, Hong Kong and Singapore were $1900, $2780, $1090, $8500 and $11030, respectively. The increase in imports from these nations is also dramatic, even though less than that of exports. Their combined imports of $308.1 billion in 1987 represents 12.8 per cent of the total world imports, much higher than the 8 per cent share of total world imports of $209.3 billion in 1967. The prominent position of these nations in international trade can be seen clearly in terms of the ranking of their exports and imports. In 1987 Japan was the world’s third largest exporter, while Taiwan, Hong Kong, South Korea and Singapore were ranked tenth, eleventh, twelfth and seventeenth, respectively. The ranking of the world’s major import countries in 1987 indicates that Japan was the fifth largest importer, while Hong Kong, South Korea, Taiwan and Singapore were ranked twelfth, fourteenth, sixteenth and eighteenth, respectively.