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A new view of international trade

A new view of international trade

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Published by: Deloitte University Press on Mar 17, 2014
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04/28/2014

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Graphic: Deloitte University Press | dupress.com
Sources: OECD-WTO TiVA dataset, May 3013 release; Bureau of Economic Analysis; Bureau of Labor StatisticsCopyright © 2014 Deloitte Development LLC. All rights reserved.
10.6%9.4%12.4%8.3%
GROSS EXPORTSDOMESTIC  VALUE-ADDED EXPORTS
Value of US imports and exports 2009
$1.46 T$1.85 T$463 B$1.29 T
TRADE IN VALUE-ADDED (TiVA)GROSS FLOWS
vs.
Issues by the Numbers
 A new view of international trade
March 2014
 
Contents
 
Dr. Patricia Buckley
+1 571 814 6508pabuckley@deloitte.com
Dr. Patricia Buckley is director of Economic Policy and Analysis at Deloitte Research, Deloitte Services LP.
About the author
Issues by the Numbers
ii
 
T
HE
United States is in the process of negotiating two major regional trade and investment agreements that together cover a majority of our export dollars, including 61 percent of our merchandise exports
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the rans-Pacific Partnership (PP) and the ransatlantic rade and Investment Partnership (-IP). If these agreements live up to their promise, they would substantially enhance the benefits that the United States derives from trade. Te potential of these agreements to generate jobs and growth in the United States is clearer if one considers some new data constructed by the Organization for Economic Cooperation and Development (OECD) and the World rade Organization (WO). Tese data look at trade in value-added terms rather that the gross-flow basis generally published by national statistical agen-cies. Tree aspects of US trade not particularly vis-ible in the gross-flow data, but that stand out quite clearly in the value-added data, are:Te relative strength of the US export sector is higher than is generally understood, and some of our larger bilateral deficits, particu-larly with China, may be overstatedUS trade is well integrated into global  value chains, which can be a power-ful source of increased efficiency and firm competitivenessTe US service sector plays a significant role in exports, especially when considered on a value-added basisEach of these commonly underestimated strengths could be further enhanced if the goals of the PP and -IP are realized.
A new generation of trade deals
Te trade deals now under negotiation are the largest in scope ever attempted outside of the multilateral framework of the WO and the most ambitious and extensive, in terms of coverage, that the United States has ever envisioned.
Te rans-Pacific Partnership.
Starting with nine countries in 2011 (Australia, Brunei Darussalam, Chile, Malaysia, New Zealand, Peru, Singapore, Vietnam, and the United States), the PP has expanded to include Japan, Canada, and Mexico. Tis expansion is consistent with the PP’s stated purpose to be a “living” agreement that sets a trading framework that will eventually expand to cover additional Pacific Rim nations.
A new view of international trade
Te trade deals now under negotiation are the largest in scope ever attempted outside of the multilateral framework of the WO and the most ambitious and extensive, in terms of coverage, that the United States has ever envisioned.
A new view of international trade
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