International Trade Dynamics: Imports, Exports, and Policy
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International Trade Fundamentals
Imports of Goods and Services (% of GDP)
Imports of goods and services represent the value of all goods and other market services received from the rest of the world. They exclude compensation of employees and investment income (formerly called factor services) and transfer payments.
Exports of Goods and Services (% of GDP)
Exports of goods and services represent the value of all goods and other market services provided to the rest of the world.
The Scope of International Trade and Government Regulation
The role of governments in regulating international trade and investment is substantial.
Types of International Trade
There are two primary types of trade:
- Interindustry Trade: Depends on differences across countries