BENTLEY UNIVERSITY - DEPARTMENT OF GLOBAL STUDIES

GLS 116 TAKE-HOME PROJECT #2

The World Economy

1. Using WTO data from the World Trade Statistical Review publication (use the
statistical annex), who are the world’s top 10 exporters and top 10 importers of
merchandise trade? (Exclude EU in data).

World’s top 10 exporters of merchandise trade

Exporters Value (in billion dollars)
China 2591
Extra-EU Exports 2209
United States of America 1432
Japan 641
Hong Kong, China 549
Republic of Korea 512
Mexico 418
United Kingdom 403
Canada 391
Singapore 363
Chinese Taipei 347

World’s top 10 importers of merchandise trade

Importers Value (in billion dollars)

United States of America 2408
China 2056
Extra-EU exports 1958
United Kingdom 635
Japan 635
Hong Kong, China 570
Republic of Korea 468
Canada 414
Mexico 393
India 379
Singapore 372
2. (a) From the same publication, who are top 5 biggest exporters of agricultural
products (ok to include EU as bloc)? (b) Top 5 exporters of commercial
services (excluding EU)?

Top 5 biggest exporters of agricultural products

Exporters Value (Billion dollars)

European Union 653
United States of America 170
Brazil 93
China 78
Canada 70

Top 5 biggest exporters of commercial services

Exporters Value (Billion dollars)

EU extra-trade Exports 983
United States of America 983
United Kingdom 339
China 278
India 203

3. On the WTO site, in the Trade Profiles report: What is the percentage of trade
in the GDP of the US and China respectively?

Percentage of trade in the GDP of the US

The US’ trade constitutes a 12.8% of the country’s GDP

 Percentage of trade in the GDP of China

China’s trade constitutes a 18.6% of the country’s GDP

4. In Trade Profiles: Pick your favorite country, what is its share of trade in its
GDP? And who is its primary export market and commodity group?

I have picked Spain among all the countries listed in the Trade Profiles Report.
Spain’s trade constitutes a 32.4% of the country’s GDP.

Its primary export market is the European Union, and the main commodity group
are manufactures.
5. US Global Trade – A Closer Look:

(a) Using data from the US International Trade Office, who are the top
merchandise trade partners (two- way trade) for the US? (HINT: on the site,
make sure to choose “national” data, scroll to product/partner, select data by
product, links to dashboard. On right side, leave other fields pre-filled, but
select trade flow and year).

Top Two-Way Trade Partners for the US in 2022

Country Two-Way Trade (millions)

Canada $536,723
Mexico $520,122
China $465,575
Japan $152,286
Germany $139,864

(b) What’s Going on with the US and China? Selecting data by partner, select
China in drop-down menu, and select imports and exports separately: (1) what
are the US’s top 10 merchandise exports (product categories) to China? (2)
What are the US’s top 10 merchandise imports from China? List product
categories and total dollar value.

US’s top 10 merchandise exports to China in 2022

Product Exports (millions)

Chemicals $17,168
Agricultural Products $15,395
Computer & Electronic Products $14,380
Machinery except Electrical $8,827
Transportation Equipment $7,866
Oil & Gas $6,525
Processed Foods $4,982
Miscellaneous Manufactures $3,313
Primary Metal $2,277
Electrical Equipment, Appliances & $2,117
Components
 US’s top 10 merchandise imports from China in 2022

Product Imports (millions)

Computer & Electronic Products $104,651
Miscellaneous Manufactures $40,114
Electrical Equipment, Appliances & $38,884
Components
Machinery except Electrical $26,847
Chemicals $25,928
Fabricated Metal Products $20,806
Apparel & Accessories $16,818
Plastics & Rubber $16,615
Transportation Equipment $13,991
Furniture & Fixtures $13,697

6. Conclusions and Take-Aways: After reviewing data on global trade as well as

US-China trade, what are your thoughts on the trade data? What are some
patterns, trends, trade composition that stand out?

After having analyzed data from the World Trade Organization and the US
International Trade Office I have been able to draw the following conclusions:

Regarding merchandise trade, from the tables we can observe that the same countries
consistently export and import their production to other nations, making up the
world's importers and exporters of goods. That is to say, the top exporters are also the
top importers, which means that in addition to importing the products they produce,
these nations also depend on other nations for the availability of certain items. As we
can see, such nations, excluding the EU, are primarily found in North America and
Asia. Additionally, most business services are also exported from the same countries.

In terms of agricultural exports, we can see that, apart from North American and
Asian regions, Brazil is among the greatest exporters. It exports goods like coffee,
sugar, soybeans, rice, cotton, edible beans, and wheat. Brazil is one of the world's top
exporters of agricultural goods because of its vast territory, suitable climate, and
cheap labor, which enable it to produce a wide variety of agricultural products in a
cheap way.

Finally, according to data analyzed, the US and China maintain a two-way trading
relationship, importing and exporting a variety of goods between them, including
chemicals, electrical equipment, miscellaneous manufactured goods, and computer
and electronic products, for a total trade volume of $465,575.