Visable + Invisable Imports + Exports

Question 1

What is global interdependence?

Answer 1

• worldwide mutual dependence as individual nations rely on other countries to supply the goods + services that they can’t produce themselves

Question 2

What is (global) trade?

Answer 2

• exchange of goods + services for money (across international boarders)

Question 3

General facts about trade

Answer 3

• 2013: top 10 visible traders accounted for 52% of global trade
• In 2019:
  
  • value of world mechanise (trade in goods) = $20 trillion
  • crude oil was the biggest export
  • China was the lead trading country

Question 4

What is visible trade (imports + exports)?

Answer 4

• trade involving physical goods + items
• e.g. flow of primary products (e.g. natural resources like metals + rocks) from African countries to Asian manufacturers
• e.g. flow of secondary products (e.g. manufactured products) from Asian countries to Western ones

Question 5

What is invisible trade (imports + exports)?

Answer 5

• trade involving services, inc. travel + tourism or financial/business services

Question 6

What is an e.g. of a country left w a trade deficit?

Answer 6

• 2017: Tanzania imported goods + services worth $7.8B, but its exports were worth only $4.2B