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Transport Costs and Trade Volumes: Evidence from the Trans-Atlantic Iron Trade, 1870–1913

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  • Inwood, Kris
  • Keay, Ian

Abstract

We use newly compiled evidence on inter- and intra-continental shipping costs to investigate the relationship between transportation and trade for trans-Atlantic iron markets from 1870–1913. Although we find a surprisingly weak connection linking ocean freight rates to British exports, after controlling for endogeneity and measuring all costs associated with inter-continental pig iron shipments and the intra-continental assembly of raw materials, the importance of transportation strongly asserts itself. The cost to transport pig iron across the Atlantic, and the cost to transport iron ore and coking coal within North America, were important determinants of the volume of British exports.

Suggested Citation

  • Inwood, Kris & Keay, Ian, 2015. "Transport Costs and Trade Volumes: Evidence from the Trans-Atlantic Iron Trade, 1870–1913," The Journal of Economic History, Cambridge University Press, vol. 75(1), pages 95-124, March.
    • Handle: RePEc:cup:jechis:v:75:y:2015:i:01:p:95-124_00
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    Cited by:

    1. Donna Feir & Rob Gillezeau & Maggie E. C. Jones, 2019. "The Slaughter of the Bison and Reversal of Fortunes on the Great Plains," Center for Indian Country Development series 1-2019, Federal Reserve Bank of Minneapolis.
    2. Patrick Alexander & Ian Keay, 2018. "Responding to the First Era of Globalization: Canadian Trade Policy, 1870–1913," Staff Working Papers 18-42, Bank of Canada.
    3. Song, Yunting & Wang, Nuo & Yu, Anqi, 2019. "Temporal and spatial evolution of global iron ore supply-demand and trade structure," Resources Policy, Elsevier, vol. 64(C).
    4. Alexander, Patrick D. & Keay, Ian, 2018. "A general equilibrium analysis of Canada’s national policy," Explorations in Economic History, Elsevier, vol. 68(C), pages 1-15.
    5. Gillian C. Hamilton & Ian Keay & Frank D. Lewis, 2017. "Contributions to Canadian economic history: The last 30 years," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 50(5), pages 1632-1657, December.
    6. Brian D. Varian, 2023. "British exports and foreign tariffs: Insights from the Board of Trade's foreign tariff compilation for 1902," Economic History Review, Economic History Society, vol. 76(3), pages 827-843, August.
    7. Li, Wenlong & Huang, Shupei & Qi, Yabin & An, Haizhong, 2022. "RDEU hawk-dove game analysis of the China-Australia iron ore trade conflict," Resources Policy, Elsevier, vol. 77(C).
    8. Ian Keay & Brian D. Varian, 2024. "The impact of preferential market access: British imports into Canada, 1892–1903," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 57(1), pages 140-164, February.
    9. Brian D. Varian, 2018. "Anglo†American trade costs during the first era of globalization: the contribution of a bilateral tariff series," Economic History Review, Economic History Society, vol. 71(1), pages 190-212, February.

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