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1.3.Influenceofinternationaltradeonthenationaleconomy:macroeconomicapproach
23
foreigntradeconsistsofexport,i.e.saleofgoodsorservicesabroad,andimport,i.e.
purchasefromabroad.Bothexportandimportarebilateraltransactionsconsisting
ofaperformanceingoodsorservicesandmutualperformance,usuallyinmonetary
form,morerarelyinkind.
Foreigncommercialexchangecontributestotheeconomicgrowthofacoun-
trymainlyindirectlythroughadditionstothenationalincome.Itisdifficulttostate
clearlywhichportionofthenationalincomeaccruesthankstoforeigntradeand
whichduetointernalfactorsrelatedtodemandandsupply.Tereexists,howev-
er,arelationshipwhichdisplaysadirectconnectionbetweenforeigntradeandthe
grossdomesticproduct(GDP)26.
GDP=C+I+G+(X−M)
where:
GDP–GrossDomesticProduct(expenditureapproach)
C–PersonalConsumptionExpenditures
I–GrossPrivateDomesticInvestment
G–GovernmentConsumptionExpendituresandGrossInvestments
(X–M)–foreigntradebalance(netexports)
Dependingonwhetherthenetexportsispositiveornegative,acorresponding-
lyreducedorincreasedgrossdomesticproduct(GDP)isreceived.Inacountrywith
noforeigncommercialexchange,GDPisthesumofconsumption(C),investment(I)
andgovernmentpurchases(G)andeachunitofproducedGDPisconsumed,invest-
edorboughtbythegovernmentwithinthesamenationaleconomy27,i.e.:
GDP=C+I+G
Accordingtotheincomeapproach,thegrossdomesticproductequalsthesum
ofincomeforconsumption(C),privateandcorporatesavings(S)andgovernmen-
talincome(T),i.e.:
GDP=C+S+T
Tismeansthatthenecessaryconditionforgeneralbalanceinaclosedeconomy
istoretainbalancebetweenthecombinedinvestmentexpensesoftheprivatesector
(I)andgovernmentalexpenses(G),ononehand,andthesumofprivatesavings(S)
andgovernmentalincome(T),ontheother.
I+G=S+T
isusuallyalsoacustomsborder.Tisisnotthecasewithcountriesbelongingtothesameintegrativegroup-
ingwhichhasasingle,commonexternalcustomsborder.However,eveninthiscase,itistheoreticallycor-
recttoconsideracommercialexchangebetweenmembersofthesamegroupingasforeigntrade,sincethe
contractorsoriginatefromdifferentcountries.Suchaviewissupportedinstatisticalpublications.
26I.Tucker,SurveyofEconomics,CengageLearning2008,pp.222–224.
27N.G.Mankiw,PrinciplesofEconomics,CengageLearning2011,pp.562–563.
