Trading relationships Flashcards
(26 cards)
Which two developed economies account for around 30% of global exports and imports?
The United States and European Union (WTO, 2023).
What was the value of US goods exports in 2023 and what were the main export products?
$1.8 trillion; mainly machinery, vehicles, pharmaceuticals, and tech.
How much did the EU export in goods in 2023 and what were the main categories?
€2.6 trillion; including machinery, chemicals, and vehicles.
What percentage of EU trade is within the EU single market?
Over 60% (Eurostat).
What is a common trade issue the US and EU share with China?
Both run trade deficits with China, importing more than they export.
What was the value of China’s exports and imports in 2023?
$3.9 trillion in exports, $2.9 trillion in imports (WTO).
What global share of merchandise exports and imports does China account for?
15% of global merchandise exports, 12% of global imports.
What were India’s merchandise export and import values in 2023?
$450 billion in exports, $670 billion in imports (WTO).
What are India’s key exports?
Petroleum products, gems & jewelry, pharmaceuticals, IT services.
What is a focus of trade between China/India and developing countries?
Raw materials and infrastructure exports.
How much did China-Africa trade grow between 2000 and 2023?
From $10 billion to $282 billion (China-Africa Research Initiative).
What percentage of Africa’s total trade is with China?
21% (UNCTAD 2023).
What are Africa’s main exports to China?
Crude oil (60%), minerals (cobalt, copper, iron ore), agricultural products.
What does China export to Africa?
Machinery, electronics, vehicles, manufactured goods.
How much has China invested in African infrastructure and development?
Over $150 billion (World Bank, 2023).
What concern is raised about Africa’s debt to China?
It totals around $130 billion, raising sustainability questions (IMF, 2023).
What are Sub-Saharan Africa’s main exports?
Raw materials and commodities: oil, minerals, cocoa, coffee.
What was Africa’s total trade value in 2023 and who were the main partners?
Approximately $1 trillion; top partners were China (~21%), EU (~35%), and US (~10%) (UNCTAD).
What are Latin America’s main exports and trade patterns?
Raw materials (soy, copper, oil) mainly to China, US, and EU; trade with China growing 10% annually since 2010.
What does Southern Asia export and to whom?
Textiles and garments, mainly to the EU and US.
What trade imbalance is often faced by Global South countries?
Importing manufactured goods from the Global North while exporting low-value raw materials.
What organization governs most global trade rules?
The World Trade Organization (WTO).
How do EU-ACP Economic Partnership Agreements influence trade?
They affect African trade dynamics.
What is the Belt and Road Initiative’s impact on trade?
It improves infrastructure and trade connectivity with developing countries, especially in Africa and Asia.
