International Trade - Current State & The Rise of Emerging Markets
International trade is the lifeblood of the world economy, but is subject to constant change from economic, political and environmental forces.
Emerging economies have seen their share of total global trade rocket in recent years.
China, for instance, is now responsible for 15% of all world exports.
Unfinished goods, components and services account for 70% of all trade.
While trade in services accounts for two-thirds of global GDP, COVID-19 has had a devastating impact on trade patterns.
Over time, the nature of trade and the products carried will be markedly transformed, and that can have huge implications for national economies.
This is most strikingly seen in the economic rise of China. Once an impoverished nation, it is now the world’s second-largest economy and the largest outbound trader of goods, accounting for almost 15% of all exports, according to United Nations data.
