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Share of manufactures in total merchandise exports.

Share of global exports by income level of the trade partners.

Share of food products in total merchandise exports.

Share of bilateral and unilateral trade partnerships around the world.

Merchandise exports by continent of destination.

Intercontinental trade per capita, selected countries.Globalization over 5 centuries 3 sources.Foreign direct investment, net outflows as share of GDP.Foreign direct investment, net inflows as share of GDP.Exports between rich and non-rich countries.Distribution of global merchandise exports, by region of origin.

Difference in the value of goods exported to and imported by the US.The empirical evidence shows that comparative advantage is indeed relevant but it is not the only force driving incentives to specialization and trade. These theories postulate that all nations can gain from trade if each specializes in producing what they are relatively more efficient at producing, based on their strengths. Most trade theories in the economics literature focus on sources of comparative advantage.According to recent estimates, about 30% of the value of global exports comes from foreign inputs. The production chains for these goods and services are becoming increasingly complex and global. Trade transactions include both goods (tangible products that are physically shipped) and services (intangible commodities, such as tourism and financial services).The second wave started after the Second World War, and is still continuing. The first wave started in the 19th century, and came to an end with the beginning of the First World War. From a historical perspective, there have been two waves of globalization.Understanding this transformative process is important because trade has generated gains, but it has also had important distributional consequences. Today about one fourth of total global production is exported. Over the last two centuries trade has grown remarkably, completely transforming the global economy.Here is an overview of the main points we cover below. In this entry we analyze available data and research on international trade patterns, including the determinants and consequences of globalization over the last couple of decades.

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