Global Trade, Transport, and Tourism Dynamics
Characteristics of International Trade
Traditionally, the large commercial areas of the world have been the European Union, the US, and Japan. However, emerging countries such as China have begun to play a key role in international trade and the economy. Different regions of the world specialize in the production of different goods:
- Developed countries (mainly North America, Japan, and Europe) export manufactured and high-quality products, which provide high income.
- Less developed countries contribute to international trade with raw materials, agricultural products, and some basic manufactured goods, like textiles and craft products, which provide low income.
Moreover, many poor countries owe money to foreign financial institutions (external debt)...