Measuring Trade Balances

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PART 2.1 : TRADE - 1998Table 2.1.1: Main imports in 1998.(in thousandof US Dollar)Equipment Oil Textile Cloth Computer Iron&steel Fertiliser TOTALIMPORTSJanuary170,012 64,146 51,127 29,570 15,230 35,747 27,659 810,441Year to date 170,012 64,146 51,127 29,570 15,230 35,747 27,659 810,441February121,675 86,177 49,940 34,931 8,748 37,690 23,782 831,526Year to date 291,687 150,322 101,066 64,501 23,978 73,437 51,442 1,641,967March156,015 81,185 72,891 57,664 11,563 42,567 36,899 950,907Year to date 447,702 231,507 173,957 122,165 35,542 116,004 88,341 2,592,874April185,344 65,808 69,479 64,307 153,185 62,089 32,764 1,092,817Year to date 633,046 297,316 243,436 186,472 188,727 178,092 121,105 3,685,691May157,252 79,543 70,035 76,054 40,473 56,103 68,313 1,033,028Year to date 790,297 376,859 313,471 262,527 229,200 234,195 189,418 4,718,719June184,580 73,316 57,174 66,876 33,162 53,795 61,557 1,222,644Year to date 974,877 450,147 370,645 329,403 262,363 287,991 250,975 5,941,363July139,991 68,793 51,729 40,266 40,345 45,301 33,200 926,887Year to date 1,114,868 518,967 422,374 369,669 302,707 333,292 284,175 6,868,250August162,513 60,625 50,810 36,299 39,170 39,564 21,750 828,306Year to date 1,277,381 579,592 473,184 405,968 341,877 372,856 305,925 7,696,556September183,160 67,354 54,945 44,061 40,023 30,232 18,898 902,312Year to date 1,460,541 646,946 528,129 450,029 381,900 403,088 324,823 8,598,868October184,556 67,473 50,134 44,789 53,637 33,099 36,039 895,016Year to date 1,645,097 714,419 578,263 494,817 435,537 436,188 360,862 9,493,884November178,518 48,874 58,996 52,511 45,702 39,241 47,579 888,961Year to date 1,823,616 763,292 637,259 547,329 481,238 475,428 408,441 10,382,845December228,630 64,110 72,468 45,196 45,528 48,193 66,238 1,111,330WHOLEYEAR2,052,246 827,402 709,727 592,524 526,766 523,621 474,680 11,494,176Socio-economic statistical bulletin - UNDP Chart 2.1.1Socio-economic statistical bulletin - UNDPChart 2.1.2Socio-economic statistical bulletin - UNDPShare of main imports in total imports1998Equipment18%Oil 7%Textile6%Cloth5%Iron & steel5%Fertiliser4%Other50%Computer 5%Main Imports in 1998-255075100125150175200225250Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov DecUSD millionEquipment Oil Textile Cloth Computer Iron & steel Fertiliser Chart 2.1.3Socio-economic statistical bulletin - UNDPChart 2.1.4Socio-economic statistical bulletin - UNDPTop ten import partners in 19983814085115966747781,3691,4231,4702,292- 500 1,000 1,500 2,000 2,500FranceGermanyChinaHong Kong (China)ThailandSwedenTaiwan (China)South KoreaJapanSingaporeUSD millionShare of top ten import partners in total imports1998France3%Germany4%China4%Hong Kong (China)5%Thailand6%Sweden7%Taiwan (China)12%South Korea12%Japan13%Singapore20%Other14% Table 2.1.2: Main exports in 1998.(in thousand ofUS Dollar)Garments Crude Oil Rice Footwear Seafood TOTALEXPORTSJanuary99,935 105,705 54,556 87,366 40,126 657,676Year to date 99,935 105,705 54,556 87,366 40,126 657,676February50,812 119,530 146,143 77,970 39,132 659,424Year to date 150,747 225,235 200,698 165,336 79,258 1,317,100March99,121 117,573 213,173 82,342 64,365 869,456Year to date 249,867 342,809 413,871 247,678 143,623 2,186,556April85,087 71,812 179,511 76,828 67,146 881,391Year to date 334,954 414,621 593,382 324,506 210,769 3,067,948May110,662 104,947 48,687 86,636 69,135 677,419Year to date 445,617 519,568 642,070 411,142 279,904 3,745,367June126,111 92,699 33,810 95,276 68,204 873,910Year to date 571,727 612,267 675,880 506,418 348,109 4,619,277July168,134 93,570 37,598 91,408 77,377 741,036Year to date 739,861 705,837 713,478 597,826 425,485 5,360,313August118,191 93,418 65,945 72,387 86,759 743,420Year to date 858,052 799,255 779,423 670,213 512,244 6,103,733September141,072 98,508 63,191 51,744 88,549 739,320Year to date 999,124 897,763 842,613 721,957 600,793 6,843,053October124,751 93,671 61,514 72,415 80,149 764,961Year to date 1,123,876 991,434 904,127 Measuring Trade Balances Measuring Trade Balances By: OpenStaxCollege A few decades ago, it was common to track the solid or physical items that were transported by planes, trains, and trucks between countries as a way of measuring the balance of trade This measurement is called the merchandise trade balance In most high-income economies, including the United States, goods make up less than half of a country’s total production, while services compose more than half The last two decades have seen a surge in international trade in services, powered by technological advances in telecommunications and computers that have made it possible to export or import customer services, finance, law, advertising, management consulting, software, construction engineering, and product design Most global trade still takes the form of goods rather than services, and the merchandise trade balance is still announced by the government and reported prominently in the newspapers Old habits are hard to break Economists, however, typically rely on broader measures such as the balance of trade or the current account balance which includes other international flows of income and foreign aid Components of the U.S Current Account Balance [link] breaks down the four main components of the U.S current account balance for 2013 The first line shows the merchandise trade balance; that is, exports and imports of goods Because imports exceed exports, the trade balance in the final column is negative, showing a merchandise trade deficit How this trade information is collected is explained in the following Clear It Up feature Components of the U.S Current Account Balance for 2013 (in billions) Exports (money flowing out of the United States) Imports (money flowing into the United States) Balance Goods $391.0 $570.1 –$179.1 Services $168.0 $112.6 $55.4 Income payments $191.3 $137.4 $53.9 1/7 Measuring Trade Balances Exports (money flowing out of the United States) Imports (money flowing into the United States) Balance Unilateral transfers - $34.5 –$34.5 Current account balance $750.3 $854.6 –$104.3 How does the U.S government collect trade statistics? Do not confuse the balance of trade (which tracks imports and exports), with the current account balance, which includes not just exports and imports, but also income from investment and transfers Statistics on the balance of trade are compiled by the Bureau of Economic Analysis (BEA) within the U.S Department of Commerce, using a variety of different sources Importers and exporters of merchandise must file monthly documents with the Census Bureau, which provides the basic data for tracking trade To measure international trade in services—which can happen over a telephone line or computer network without any physical goods being shipped—the BEA carries out a set of surveys Another set of BEA surveys track investment flows, and there are even specific surveys to collect travel information from U.S residents visiting Canada and Mexico For measuring unilateral transfers, the BEA has access to official U.S government spending on aid, and then also carries out a survey of charitable organizations that make foreign donations This information on international flows of goods and capital is then cross-checked against other available data For example, the Census Bureau also collects data from the shipping industry, which can be used to check the data on trade in goods All companies involved in international flows of capital—including banks and companies making financial investments like stocks—must file reports, which are ultimately compiled by the U.S Department of the Treasury Information on foreign trade can also be crosschecked by looking at data collected by other countries on their foreign trade with the United States, and also at the data collected by various international organizations Take these data sources, stir carefully, and you have the U.S balance of trade statistics Much of the statistics cited in this chapter come from these sources The second row of [link] provides data on trade in services Here, the U.S economy is running a surplus Although the level of trade in services is still relatively small compared to trade in goods, the importance of services has expanded substantially over the last few decades For example, U.S exports of services were equal to about one-half of U.S exports of goods in 2013, compared to one-fifth in 1980 2/7 Measuring Trade Balances The third component of the current account balance, labeled “income payments,” refers to money received by U.S financial investors on their foreign investments (money flowing into the United States) and payments to foreign investors who had invested their funds here (money flowing out of the United States) The reason for including this money on foreign investment in the overall measure of trade, along with goods and services, is that, from an economic perspective, income is just as much an economic transaction as shipments of cars or ...Table 2.1: Main Imports in 1999 - Volume and Value.(Quantity: thousand oftons)(Value: thousand of US$)Oil Fertiliser Steel Equipment Oil Textile Cloth Computer Iron&steelFertiliser ElectroniccomponentsTOTAL IMPORTSJanuary521 277 78 134,721 58,263 62,772 33,407 5,731 21,701 33,077 36,717 764,689Year to date521 277 78 134,721 58,263 62,772 33,407 5,731 21,701 33,077 36,717 764,689% year on year (1)14.9 45.3 -22.2 -20.8 -9.2 22.8 13.0 -62.4 -39.3 19.6 26.8 -5.6% year on yearcum. (2)14.9 45.3 -22.2 -20.8 -9.2 22.8 13.0 -62.4 -39.3 19.6 26.8 -5.6February526 214 124 116,142 53,399 52,184 29,273 5,671 33,035 27,173 33,825 652,151Year to date1047 491 202 250,863 111,662 114956 62,680 11,402 54,736 60,250 70,542 1,416,840% year on year (1)-18.6 23.2 29.6 -4.5 -38.0 4.5 -16.2 -35.2 -12.3 14.3 170.5 -21.6% year on yearcum. (2)-4.8 34.8 3.0 -14.0 -25.7 13.7 -2.8 -52.4 -25.5 17.1 70.2 -13.7March808 340 184 174,,023 79,307 82,655 46,910 11,512 46,380 40,643 42,237 983,366Year to date1,855 831 386 424885 190,969 197,611 109,589 22,914 101,116 100,893 112,779 2,400,206% year on year (1)13.5 18.4 51.0 11.5 -2.3 13.4 -18.7 -0.4 9.0 10.1 201.4 3.4% year on yearcum. (2)2.4 27.5 21.5 -5.1 -17.5 13.6 -10.3 -35.5 -12.8 14.2 103.3 -7.4April534 435 232 167,166 68,002 101,752 48,219 8,988 60,311 56,924 38,424 964,573Year to date2,390 1,266 619 592,051 258,971 299,363 157,809 31,902 161,427 157,816 151,203 3,364,759% year on year (1)8.9 94.4 8.3 -9.8 3.3 46.4 -25.0 -94.1 -2.9 73.7 228.6 -11.7% year on yearcum. (2)3.8 44.6 16.1 -6.5 -12.9 23.0 -15.4 -83.1 -9.4 30.3 125.1 -8.7May501 277 187 152,930 65,882 107,380 61,354 6,944 53,045 31,639 30,073 922,330Year to date2,891 1,543 805 744,981 324,854 406,743 219,163 38,846 214,472 189,455 181,276 4,287,108% year on year (1)-19.5 -36.1 -1.9 -2.7 -17.2 53.3 -19.3 -82.8 -5.5 -53.7 186.3 -10.7% year on yearcum. (2)-1.1 17.9 11.4 -5.7 -13.8 29.8 -16.5 -83.1 -8.4 0.0 133.4 -9.1June707 471 260 184,649 92,043 99,554 49,177 7,153 64,496 63,478 36,228 1,015,486Year to date3,598 2,014 1,065 929,630 416,896 506,297 268,340 46,000 278,967 252,933 217,504 5,302,595% year on year (1)16.7 4.9 43.0 0.0 25.6 74.1 -26.5 -78.4 19.9 3.1 333.5 -16.9% year on yearcum. (2)1.9 14.6 17.7 -4.6 -7.4 36.6 -18.5 -82.5 -3.1 0.8 152.8 -10.8 Table 2.1: Main Imports in 1999 - Volume and Value.(Quantity: thd of tons) (Value: thousand of US$)Oil Fertiliser Steel Equip-mentOil Textile Cloth Computer Iron&steelFertiliser ElectroniccomponentsTOTALIMPORTSJuly635 302 188 175,963 80,055 97,924 47,323 10,144 48,517 38,539 49,269 992,279Year to date4,233 2,316 1,253 1,105,594 496,951 604,221 315,663 56,144 327,484 291,472 266,773 6,294,873% year on year (1)10.6 14.3 32.3 25.7 16.3 89.3 17.5 -74.9 7.1 16.1 381.4 7.1% year on yearcum. (2)3.1 14.5 19.7 -0.8 -4.2 43.1 -14.6 -81.5 -1.7 2.6 177.1 -8.3August541 318 221 155,522 87,227 79,405 30,181 8,662 52,893 39,160 39,581 943,728Year to date4,774 2,634 1,474 1,261,115 584,179 683,627 345,843 64,806 380,377 330,633 306,354 7,238,601% year on year (1)-5.3 88.8 63.5 -4.3 43.9 56.3 -16.9 -77.9 33.7 80.0 560.5 13.9% year on yearcum. (2)2.1 20.2 24.7 -1.3 0.8 44.5 -14.8 -81.0 2.0 8.1 199.6 -6.0September592 346 250 168,096 103,738 92,259 34,982 10,068 60,814 43,303 41,676 987,733Year to date5,366 2,980 1,725 1,429,211 687,917 775,886 380,826 74,874 441,191 373,935 348,030 8,226,334% year on year (1)0.3 135.7 142.9 -8.2 54.0 67.9 -20.6 -74.8 101.2 129.1 335.8 9.5% year on yearcum. (2)1.9 27.5 34.2 -2.1 6.3 46.9 -15.4 -80.4 9.5 15.1 211.3 -4.3October608 393 187 186,425 109,052 103,837 42,442 10,260 49,577 43,862 56,638 1,049,862Year to date5,974 3,373 1,912 1,615,637 796,969 879,723 423,268 85,134 490,768 417,797 404,668 9,276,196% year on year (1)9.3 41.0 57.3 1.0 61.6 107.1 -5.2 -80.9 49.8 21.7 654.3 17.3% year on yearcum. (2)2.6 28.9 36.2 -1.8 11.6 52.1 -14.5 -80.5 12.5 15.8 239.1 -2.3November670 198 175 194,412 118,762 106,943 45,052 12,135 48,027 19,709 63,652 1,159,240Year to date6,644 3,571 2,086 Table 2.1: Main Imports in 2000 - Volume and Value.(Quantity: thousand of tons) (Value: thousand of US$)Oil Fertiliser Steel Equipment Oil Textile Cloth Motor-bikesIron&steelFertiliser ElectroniccomponentsTOTALIMPORTSJanuary630 193 196 228,188 121,593 97,918 25,530 40,267 53,490 20,409 49,501 104,450Year to date630 193 196 228,188 121,593 97,918 25,530 40,267 53,490 20,409 49,501 104,450% year on year(1)20.9 -30.4 150.4 69.4 108.7 56.0 -23.6 49.4 146.5 -38.3 34.8 -86.3% year on yearcum. (2)20.9 -30.4 150.4 69.4 108.7 56.0 -23.6 49.4 146.5 -38.3 34.8 -86.3February557 282 170 207,734 121,110 70,601 21,936 27,724 50,457 31,820 51,562 950,168Year to date1,186 474 366 435,922 242,703 168,519 47,466 67,991 103,946 52,229 101,063 2,054,618% year on year(1)5.9 31.6 37.7 78.9 126.8 35.3 -25.1 138.4 52.7 17.1 52.4 45.7% year on yearcum. (2)13.3 -3.4 81.3 73.8 117.4 46.6 -24.3 76.2 89.9 -13.3 43.3 45.0March664 449 227 206,014 162,351 100,715 24,588 48,659 65,567 55,609 53,609 1,215,462Year to date1,850 924 594 641,936 405,054 269,234 72,053 116,650 169,513 107,838 154,672 3,270,080% year on year(1)-17.9 32.0 23.5 18.4 104.7 21.8 -47.6 110.3 41.4 36.8 26.9 23.6% year on yearcum. (2)-0.3 11.1 53.7 51.1 112.1 36.2 -34.3 89.0 67.6 6.9 37.1 36.2April765 211 225 169,763 171,75 106,575 25,934 38,278 64,843 24,721 61,475 1,166,428Year to date2,616 1,134 819 811,700 576,808 375,809 97,988 154,928 234,355 132,559 216,147 4,436,508% year on year(1)43.2 -51.5 -3.1 1.6 152.6 4.7 -46.2 56.2 7.5 -56.6 60.0 20.9% year on yearcum. (2)9.5 -10.4 32.4 37.1 122.7 25.5 -37.9 79.7 45.2 -16.0 43.0 31.9May871 363 269 232,577 187,965 128,162 37,317 51,907 81,240 49,680 59,573 1,367,400Year to date3,487 1,497 1,088 1,044,276 764,773 503,971 135,304 206,835 315,595 182,240 275,720 5,803,908% year on year(1)74 31 44 52 185 19 -39 144 53 57 98 48% year on yearcum. (2)21 -3 35 40 135 24 -38 92 47 -4 52 35June1,038 383 242 195,340 208,010 107,809 29,376 59,107 72,983 46,219 61,708 1,341,657Year to date4,525 1,880 1,330 1,239,616 972,782 611,780 164,680 265,942 388,578 228,458 337,428 7,145,565% year on year(1)47 -19 -7 6 126 8 -40 138 13 -27 70 32% year on yearcum. (2)26 -7 25 33 133 21 -39 101 39 -10 55 35(1): The current month compared to the same month one year ago(2): Cumulated: the current months compared to the same months one year ago. (Quantity: thousand of tons) (Value: thousand of US$)Oil FertiliserSteel Equipment Oil Textile Cloth Motor-bikesIron&steelFertiliser ElectroniccomponentsTOTALIMPORTSJuly693 292 240 197,422 155,525 113,574 23,841 53,194 70,066 36,969 58,405 1,242,233Year to date5,218 2,172 1,570 1,437,038 1,128,308 725,354 188,521 319,137 458,645 265,427 395,832 8,387,798% year on year(1)9 -4 28 12 94 16 -50 67 44 -4 19 25% year on yearcum. (2)23 -6 25 30 127 20 -40 94 40 -9 48 33August582 428 225 194,543 147,524 106,739 23,269 68,651 66,542 56,527 62,802 1,304,541Year to date5,800 2,600 1,795 1,631,581 1,275,832 832,094 211,790 387,788 525,187 321,954 458,634 9,692,338% year on year(1)7.7 34.5 1.8 25.1 69.1 34.4 -22.9 105.5 25.8 44.3 58.7 38.2% year on yearcum. (2)21.5 -1.3 21.7 29.4 118.4 21.7 -38.8 96.2 38.1 -2.6 49.7 33.9September690 386 185 161,982 196,611 109,207 22,648 90,477 51,918 51,015 61,633 1,287,598Year to date6,490 2,986 1,979 1,793,563 1,472,443 941,301 234,438 478,265 577,105 372,969 520,267 10,979,936% year on year(1)16.5 11.4 -26.2 -3.6 89.5 18.4 -35.3 159.9 -14.6 17.8 47.9 30.4% year on yearcum. (2)21.0 0.2 14.8 25.5 114.0 21.3 -38.4 105.8 30.8 -0.3 49.5 33.5October548 352 212 286,941 152,169 116,758 25,370 80,496 60,715 49,385 77,283 1,412,382Year to date7,038 3,338 2,191 2,080,504 1,624,613 1,058,059 259,809 558,761 637,821 422,355 597,550 12,392,319% year on year(1)-9.9 -10.3 13.2 53.9 39.5 12.4 -40.2 58.1 22.5 12.6 36.5 34.5% year on yearcum. (2)17.8 -1.0 14.6 28.8 103.8 20.3 -38.6 97.2 30.0 1.1 47.7 33.6November951 324 249 201,334 248,087 145,815 29,281 70,187 68,548 43,509 67,816 1,400,453Year to date7,988 3,662 Table 2.1: Main Imports in 2001 - Volume and Value.(Quantity: thousand of tons) (Value: thousand of US$)Oil Fertiliser Steel Equipment Oil Textile Cloth Motor-bikesIron&steelFertiliser ElectroniccomponentsTOTALIMPORTSJanuary666 222 193 178,495 142,903 88,580 15,236 18,957 54,146 29,455 45,033 1,051,885Year to date666 222 193 178,495 142,903 88,580 15,236 18,957 54,146 29,455 45,033 1,051,885% year on year(1)5.8 14.8 -1.4 -21.8 17.5 -9.5 -40.3 -52.9 1.2 44.3 -9.0 -4.8% year on yearcum. (2)5.8 14.8 -1.4 -21.8 17.5 -9.5 -40.3 -52.9 1.2 44.3 -9.0 -4.8February760 281 311 202,769 159,110 105,802 15,479 30,043 79,268 37,656 53,695 1,208,264Year to date1,426 502 503 381,264 302,013 194,382 30,715 49,000 133,414 67,111 98,728 2,260,149% year on year(1)36.5 -0.3 82.2 -2.4 31.4 49.9 -29.4 8.4 57.1 18.3 4.1 27.2% year on yearcum. (2)20.2 5.9 37.5 -12.5 24.4 15.3 -35.3 -27.9 28.3 28.5 -2.3 10.0March901.8 279.1 296.5 207214.3 191270.6 149199.3 23198.3 71000.0 74646.2 38081.5 34918.4 1392288.7Year to date2327.8 781.4 800.0 588478.2 493283.3 343581.5 53913.5 120000.0 208060.3 105192.7 133646.5 3652437.5% year on year(1)35.8 -37.8 30.3 0.6 17.8 48.1 -5.7 45.9 13.8 -31.5 -34.9 14.5% year on yearcum. (2)25.8 -15.4 34.8 -8.3 21.8 27.6 -25.2 2.9 22.7 -2.5 -13.6 11.7April870.2 212.6 367.0 221521.8 179716.7 166418.5 25086.5 64000.0 87939.7 27807.3 43712.2 1,377,562,460Year to date3198.0 994.0 1167.0 810000.0 673000.0 510000.0 79000.0 184000.0 296000.0 133000.0 177358.7 5,030,000,0% year on year(1)13.7 0.9 62.9 30.5 4.6 56.2 -3.3 67.2 35.6 12.5 42.1 18.1% year on yearcum. (2)22.3 -12.4 42.5 -0.2 16.7 35.7 -19.4 18.8 26.3 0.3 2.2 13.4May798.0 178.0 363.0 232000.0 186000.0 167000.0 33000.0 42000.0 91000.0 21000.0 30854.7 1438000.0Year to date3996.0 1172.0 1530.0 1042000.0 859000.0 677000.0 112000.0 226000.0 387000.0 154000.0 208213.4 6468000.0% year on year(1)-8.4 -50.9 35.1 -0.2 -1.0 30.3 -11.6 -19.1 12.0 -57.7 -27.8 5.2% year on yearcum. (2)14.6 -21.7 40.7 -0.2 12.3 34.3 -17.2 9.3 22.6 -15.5 -4.3 11.4June844.0 190.0 368.0 239000.0 179000.0 150000.0 23000.0 59000.0 90000.0 24000.0 51108.1 1362000.0Year to date4840.0 1362.0 1898.0 1281000.0 1038000.0 827000.0 135000.0 285000.0 477000.0 178000.0 259321.5 7830000.0% year on year(1)-18.7 -50.4 52.1 22.4 -13.9 39.1 -21.7 -0.2 23.3 -48.1 0.5 1.5% year on yearcum. (2)7.0 -27.6 42.8 3.3 6.7 35.2 -18.0 7.2 22.8 -22.1 -3.4 9.6(1): The current month compared to the same month one year ago(2): Cumulated: the current months compared to the same months one year ago. (Quantity: thousand of tons) (Value: thousand of US$)Oil Fertiliser Steel Equipment Oil Textile Cloth Motor-bikesIron&steelFertiliser ElectroniccomponentsTOTALIMPORTSJuly703.0 263.0 338.0 249000.0 146000.0 119000.0 19000.0 52000.0 82000.0 31000.0 39266.8 1324600.0Year to date5543.0 1625.0 2236.0 1530000.0 1184000.0 946000.0 154000.0 337000.0 559000.0 209000.0 298588.3 9154600.0% year on year(1)1.4 -9.9 40.9 26.1 -6.1 4.8 -20.3 -2.2 17.0 -16.1 -14.4 6.6% year on yearcum. (2)6.2 -25.2 42.5 6.5 4.9 30.4 -18.3 5.6 21.9 -21.3 -5.0 9.1August607.0 242.0 390.0 228000.0 124000.0 122000.0 19000.0 64000.0 92000.0 29000.0 40756.5 1303400.0Year to date6150.0 1867.0 2626.0 1758000.0 1308000.0 1068000.0 173000.0 401000.0 651000.0 238000.0 339344.8 10458000.0% year on year(1)4.3 -43.4 73.1 17.2 -15.9 14.3 -18.3 -6.8 38.3 -48.7 -17.2 -0.1% year on yearcum. (2)6.0 -28.2 46.3 7.7 2.5 28.4 -18.3 3.4 24.0 -26.1 -6.7 7.9September432.436 116.248 223.603 222046 91823 114737 16964 59964 53851 13878 50328.197 1179524Year to date6582.436 1983.248 2849.603 1980046 1399823 1182737 189964 460964 704851 251878 389673 11637524% year on year(1)-37.3 -69.9 21 37 -53.3 5.1 -25 -33.7 3.7 -72.8 -18.3 -8.4% year on yearcum. (2)1.4 -33.6 44 10.4 -4.9 25.6 -19 -3.6 22 -32.5 -25.1 6October942 320 307 279,355 185,297 133,075 26,006 53,519 75,755 39,606 37,079 1,509,627Year to date7,524 2,304 3,157 2,259,401 1,585,120 1,315,812 215,970 514,483 780,606 291,484 426,752 13,147,151% year Trade Facilitation and Economic Development: Measuring the Impact John S Wilson* , Catherine L Mann+ and Tsunehiro Otsuki** World Bank Policy Research Working Paper 2988, March 2003 The Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development issues An objective of the series is to get the findings out quickly, even if the presentations are less than fully polished The papers carry the names of the authors and should be cited accordingly The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors They not necessarily represent the view of the World Bank, its Executive Directors, or the countries they represent Policy Research Working Papers are available online at http://econ.worldbank.org * Development Research Group, World Bank, 1818 H Street, NW, Washington, DC Institute for International Economics, 1750 Massachusetts Ave NW, Washington DC ** Development Research Group, World Bank Corresponding email: totsuki@worldbank.org This paper is part of a series of research efforts to explore the link between trade facilitation and development at the World Bank The study on Trade Facilitation: A Development Perspective in the Asia-Pacific region (Wilson, et al 2002) is part of this on-going initiative The views expressed here are those of the authors and should not be attributed to the World Bank or the Institute for International Economics The authors would like to thank Baishali Majumdar of the World Bank for assistance in producing the manuscript Comments by Caroline Freund, Carsten Fink, and Bernard Hoekman on the work are also appreciated + Summary This paper analyzes the relationship between trade facilitation, trade flows, and GDP per capita in the Asia-Pacific region for the goods sector The paper defines and measures trade facilitation using four broad indicators These are constructed using country-specific data for: port efficiency, customs environment, regulatory environment, and e-business usage The relationship between these indicators and trade flows is estimated using a gravity model The model includes tariffs and other standard variables We find that enhanced port efficiency has a large and positive effect on trade Regulatory barriers deter trade Our results also suggest that improvements in customs and greater e-business use significantly expands trade, but to a lesser degree than the effect of ports or regulations We then estimate the benefits of specific trade facilitation efforts by quantifying differential improvement by members of the Asia Pacific Economic Cooperation (APEC) in these four areas Based on a scenario in which APEC members below average improve capacity half- way to the average for all members, we find that intra-APEC trade could increase by $254 billion This represents approximately a 21 percent increase in intra-APEC trade flows; about half coming from improved port efficiencies in the region Using Dollar and Kraay’s estimate of the effect of trade on per capita GDP, these improvements in trade facilitation suggest an increase in APEC average per capita GDP of 4.3 percent Introduction The relationship between trade facilitation, trade flows, income growth, and human development is simple in theory, but complex and challenging in empirical design and estimation Economic theory generates a relatively simple chain of causality: Human development is enhanced through income growth; Income growth is greater with more crossborder trade; Trade is increased through trade facilitation efforts Empirical work has focused on quantifying each of these links in the chain: The human development index is positively related to Gross Domestic Product (GDP) per capita; Countries with a growing income have a higher GDP per capita; The positive relationship between trade and growth has come under scrutiny recently, but there is no evidence that increased cross-border trade reduces income growth ... balance 4/7 Measuring Trade Balances The merchandise balance of trade is the difference between exports and imports In this case, it is the difference between $1,046 – $1,562, a trade deficit... equal to about one-half of U.S exports of goods in 2013, compared to one-fifth in 1980 2/7 Measuring Trade Balances The third component of the current account balance, labeled “income payments,”... account balance Use the information given below to fill in [link], and then calculate: 3/7 Measuring Trade Balances • The merchandise balance • The current account balance Known information: • •