Exam (elaborations)

Solutions for International Trade, 5th Edition Feenstra (All Chapters included)

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Complete Solutions Manual for International Trade, 5th Edition by Robert C Feenstra and Alan M Taylor ; ISBN13: 9781319218454. (Full Chapters included Chapter 1 to 11)....1. Trade in the Global Economy 2. Trade and Technology: The Ricardian Model 3. Gains and Losses from Trade in the Specific-Fac...

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Contains Questions & answers

solutions
manual
end of chapter
international
trade
5th edition
feenstra
9781319218454
solutions manual
5e

Institution Business finance
Course Business finance

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International Trade
5th Edition by Robert C Feenstra

Complete Chapter Solutions Manual
are included (Ch 1 to 11)

** Immediate Download
** Swift Response
** All Chapters included
** EOC Solutions

, Solutions Manual to End-of-Chapter Questions

1 Trade in the Global Economy

1. In this question, you are asked to update the numbers for world trade that are shown in Table 1-1.
Go to the World Trade Organization’s website at wto.org, and under “Documents, data and
resources,” look for “Statistics” and “WTO Data Portal”; you can also find this site directly by
going to data.wto.org. In the Indicators menu, choose “International trade statistics,” where you
will expand the menu and choose only “Merchandise trade values” and expand it to choose
“Merchandise exports by product group and destination – annual (million U.S. dollars).” (Hint:
You can use the Deselect All button to eliminate choices that you do not want, and then choose
only the variables that you do want.) In the menus for Reporting Economy and Partner
Economy, choose the following regions: World; Africa; Asia; Australia and New Zealand;
Commonwealth of Independent States; Europe; Middle East; North America; and South and
Central America and the Caribbean. In the menu for Product/Sector, expand it to choose only
“Total Merchandise.” Finally, choose the most recent year for which trade data are available.
Then click “Apply” on the right screen to show the values of these trade flows between
regions, which you can download to Excel if you wish, and answer the following questions:

a. What is the value of World exports to the World? (Even if you choose 2018, you will not
get the same total as in Figure 1-2, because the sources of the data are different.)
Answer: $17.7 trillion as of 2017.

Destination
Origin Australia South &
Middle North
Africa Asia and New CIS Central World
East America
Zealand America
Africa $71,976 $115,012 $2,542 $2,134 $21,106 $34,111 $7,798 $422,023
Asia $166,713 $3,103,534 $160,008 $101,912 $237,353 $1,115,144 $157,829 $6,382,007
Australia and $3,764 $213,619 $13,048 $393 $5,337 $15,361 $2,394 $269,206
New Zealand
Commonwealth $19,458 $107,407 $255 $92,993 $15,440 $21,203 $8,474 $517,604
of Independent
States (CIS),
including
associate and
former member
States
Middle East $35,054 $419,945 $4,647 $6,396 $128,673 $66,588 $5,862 $938,634
North America $25,604 $520,396 $31,513 $11,748 $69,227 $1,190,486 $174,486 $2,376,513
South and $15,658 $180,462 $2,332 $6,874 $17,497 $132,519 $131,044 $585,862
Central America
and the
Caribbean
World $17,728,520
Data from: WTO, International Trade Statistics 2017.

, b. What is the total amount of trade within Europe? What percentage of total world trade is
this?
Answer: The total amount of trade within Europe is $4,482 billion. This is 25.3% of the
total world trade. (The total world trade is $17,729 billion Share  $4,482/17,729  25.3% .)

c. What is the total amount of trade (in either direction) between Europe and North America?
Add that to the total trade within Europe, and calculate the percentage of this total to the
world total.
Answer: $(563  382)  $862 billion . Adding that to intra-European trade, we obtain 31%
of the world total [$(862  4,482)/$17,729  31%] .

d. What is the total amount of trade within the Americas (i.e., between North America,
Central America, South America, and within each of these regions)? What percentage of
total world trade is this?
Answer: $(133  131  1,190  174)  $1,628 billion , or 9.2% of the world total
($1,628/17,729  9.2%) .

e. What is the total value of exports from Europe and the Americas, and what percentage of
the world total is this?
Answer: $(586  2,377  6,506)  $9,469 billion , or 53.4% of the world total
($9,469/17,729  53.4%) .

f. What is the total value of exports from Asia, and what percentage of the world total is this?
Answer: $6,382 billion, which is 36.0% of the world total.

g. What is the total value of exports from the Middle East and the Commonwealth of
Independent States14, and what percentage of the world total is this?
Answer: $(939  518)  $1,457 billion , which is 8.2% of the world total
($1,457/17,729  8.2%) .

h. What is the total value of exports from Africa, and what percentage of the world total is
this?
Answer: $422 billion, which is 2.4% of the world total.

i. How do your answers to (b) through (h) compare with the shares of worldwide trade shown
in Table 1-1?
Answer: The shares computed in (b) through (h) are quite similar to Table 1-1. The
numbers won’t change much, as they are one year apart.

14
The Commonwealth of Independent States consists of Azerbaijan, Armenia, Belarus, Georgia, Kazakhstan,
Kyrgyzstan, Moldova, Russia, Tajikistan, Turkmenistan, Ukraine, and Uzbekistan.

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