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International Economics Second Edition By Feenstra - Test Bank of
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,Solutions Manualto End-of-Chapter
Questions
S-1
,
, Trade in the Global Economy
1
1. Figures 1-2 and 1-7 rely on data from the year 2006, and Figure 1-6 relies on data
from 2005, to map worldwide trade, migration, and foreign direct investment. Up-
dated data for migration and foreign direct investment were not available at the time
of writing this chapter, but are available for worldwide trade. In this question you are
asked to update the numbers for world trade shown in Table 1-1.
a. Go to the World Trade Organization website at www. wto. org and look for their
trade data under “Resources” and “Statistics.”1 Look for the most recent edition of
their International Trade Statistics publication, then go to “Trade by Region” and find
the Excel spreadsheet with “Intra- and Inter-regional Merchandise Trade.” Print out
this table. If you cannot find the website or spreadsheet, use the 2005 table for “In-
tra- and Inter-regional Merchandise Trade,” which is printed below:
Intra- and Inter-regional Merchandise Trade, 2008 (Billions of U.S. Dollars)
Destination
North South & Middle
Origin America Central America Europe CIS* Africa East Asia World
Value
World $2,708 $583 $6,736 $517 $458 $618 $3,903 $15,717
North America 1,015 165 369 16 34 60 376 2,036
South & Central
America 169 159 121 9 17 12 101 600
Europe 475 96 4,695 240 186 189 487 6,447
Commonwealth
of Independent
States (CIS) 36 10 406 135 11 25 77 703
Africa 122 19 218 2 53 14 114 558
Middle East 117 7 126 7 37 122 569 1,021
Asia 775 128 801 108 121 196 2,181 4,353
Source: WTO, International Trade Statistices 2009
b. From this table, what is the total amount of trade within Europe? What percent-
age is this of total world trade?
Answer: $4,695 billion, which is 29. 9% of the world total
1
The trade statistics are at http://www. wto. org/english/res_e/statis_e/its2009_e/its09_world_trade_dev_e. htm.
S-3
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