The performance of EU foreign trade: a sectoral analysis
In the last decades, countries have become more and more interdependent through trade, production and financial market linkages. Reduction in tariffs, lower cost of transport and the opening-up of formerly closed economies have resulted in an increase in international trade, encouraging a rapid integration of global economies. New players in the world economy, notably China, India, Russia, and the Eastern European countries have changed the pattern of global trade considerably. Whereas the shares of the United States and Japan in global exports have been gradually falling between 200 and 2008, China's share has more than doubled. China's share of almost 9% in world exports in 2008 exceeded that of the United States. The share of the European Union extra exports in world exports has remained more or less constant.
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