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1.1.Teimpactofmacroeconomictrendsoninternationaltrade
13
26,3%
25,7%
25,8%
17,2%
10,5%
7,9%
4,6%
5,5%
1870
1913
1950
1973
1998
2008
2012
2013
Figure10Shareofglobalexportinthegrossworldproductintheyears1870-2014(in%)
(GlobalexportsandGWPinUSdollarsaspercurrentpricesandexchangerates)
Source:BasedonstatisticaldataofUNCTADSTAT[unctadstat.unctad.org/wds/ReportFolders/
reportFolders.aspx][Aug.10,2015],WorldTradeReport2013,WTO,s.47[https://www.wto.org/english/
res_e/booksp_e/wtr13–2b_e.pdf][Aug.24,2015],WorldEconomicOutlook[http://www.imf.org/external/
pubs/ft/weo/2015/01/weodata/download.aspx][Aug.24,2015]
exporter’scountry.Atthesametime,exportprovidesthemeanstopayforimport
necessaryforthedomesticeconomyaswellasenablethecountrytofulfilitsfinan-
cialobligationsinternationally.
Import,asseenfromthebuyer’sviewpoint,meansincreasingdomesticsupplyto
includeforeignproducts.Importersmeetthedemandofthedomesticeconomyfor
goodsandserviceswhichwouldbeimpossibleorunprofitabletocreateathomedue
tolocalconditions(e.g.climate)orlackofspecificmeansofproduction.Imported
purchaseswhichhelptheeconomytogrowarealsoinvestmentgoods,includingso-
phisticatedtechnologicaldevicesandknow-how,whichallowtheimporter’secono-
mytogrowfasterandraiseitstechnicalandtechnologicallevel.
Besidesthebenefitsofinternationalcommercialexchange,foreigntrademay
alsocauselossesforthoseinvolvedinitandforselectedbranchesoftheeconomy
ornationaleconomies.Astronggrowthofexportinsomeeconomicspheresmay
causeanexcessiveoutflowofgoodsabroad,leadingtoasupplydeficitonthedomes-
ticmarket.Withstableorgrowingdomesticdemand,thedeficitindemandresults
inpricegrowthandothernegativeconsequencesforthenationaleconomy.Onthe
otherhand,alargeexpansionofimportmayresultinexcessiveforeigncompetition
incertainbranchesandseriouslyharmthegrowthofdomesticproduction.
