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Operationalizing the Product Space: A Road Map to Export Diversification

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  • Piergiuseppe Fortunato
  • Carlos Razo
  • Kasper Vrolijk

Abstract

Much of industrial development is a gradual and path-dependent process. Countries move from the products that they already produce to others that are similar, in terms of capital requirements, knowledge and skills. Not all the feasible new products however contribute in the same way to aggregate value added and growth. A key challenge along the diversification process is the identification of those sectors and goods that are feasible and at the same time have a higher potential to sustain economic development. This paper proposes a methodology that operationalizes the notion of product space, developed by Hausmann and Klinger (2007), Hausmann et al. (2007), and Hidalgo et al. (2007), in order to assist countries to identify those new products that could augment aggregate value using the existing productive capabilities embedded in the current production structure.

Suggested Citation

  • Piergiuseppe Fortunato & Carlos Razo & Kasper Vrolijk, 2015. "Operationalizing the Product Space: A Road Map to Export Diversification," UNCTAD Discussion Papers 219, United Nations Conference on Trade and Development.
    • Handle: RePEc:unc:dispap:219
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    File URL: https://unctad.org/system/files/official-document/osgdp20151_en.pdf
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    Cited by:

    1. Güzin Bayar, 2022. "Turkey's sectoral exports: A competitiveness approach," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(2), pages 2268-2289, April.
    2. S. V. Zhukov & I. A. Kopytin & A. O. Maslennikov & M. V. Sinitsyn, 2023. "Oil Exporting Countries: Analysis of Economic Growth Opportunities Through Export Diversification in a Low-Carbon World," Studies on Russian Economic Development, Springer, vol. 34(5), pages 573-582, October.
    3. Ulrich Hoffmann, 2015. "Can green growth really work and what are the true (socio-)economics of Climate Change?," UNCTAD Discussion Papers 222, United Nations Conference on Trade and Development.
    4. El-Haddad, Amirah, 2018. "Exporting for growth: identifying leading sectors for Egypt and Tunisia using the Product Space Methodology," IDOS Discussion Papers 25/2018, German Institute of Development and Sustainability (IDOS).
    5. Altenburg, Tilman & Kleinz, Maria & Lütkenhorst, Wilfried, 2016. "Directing structural change: from tools to policy," IDOS Discussion Papers 24/2016, German Institute of Development and Sustainability (IDOS).
    6. El-Haddad Amirah, 2020. "Picking Winners: Identifying Leading Sectors for Egypt and Tunisia Using the Product Space Methodology," Review of Middle East Economics and Finance, De Gruyter, vol. 16(1), pages 1-80, April.
    7. Carlos M. Correa, 2015. "Intellectual property: How much room is left for industrial policy?," UNCTAD Discussion Papers 223, United Nations Conference on Trade and Development.
    8. Wouter G. Bam & Karolien Bruyne & Mare Laing, 2021. "The IO–PS in the context of GVC-related policymaking: The case of the South African automotive industry," Journal of International Business Policy, Palgrave Macmillan, vol. 4(3), pages 410-432, September.

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