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China’s Economic Ties with ASEAN: A Country-By-Country Analysis

March 23, 2015 Comments off

China’s Economic Ties with ASEAN: A Country-By-Country Analysis
Source: U.S.-China Economic and Security Review Commission (USCC)

This paper assesses China’s relative significance for individual ASEAN economies. It starts with an overview of China’s trade and investment relations with ASEAN as a whole. The paper then provides descriptive statistics on each ASEAN country’s composition of foreign trade by product and top trade partner, as well as foreign direct investment (FDI) flows. It also provides a brief analysis of commercial disputes and bilateral cooperation with China.

2014 North American Freight Numbers

March 20, 2015 Comments off

2014 North American Freight Numbers
Source: Bureau of Transportation Statistics

Four of five transportation modes – truck, rail, pipeline, and vessel – carried more U.S. freight with North American Free Trade Agreement (NAFTA) partners Canada and Mexico by value in 2014 than in 2013 as the overall value of freight on all modes rose 4.5 percent in current dollars to $1.2 trillion, according to the U.S. Department of Transportation’s Bureau of Transportation Statistics (BTS) (Figure 1 and Table 1).

In 2014 compared to 2013, the value of commodities moving by pipeline grew the most, 12.5 percent, despite a decline in cost per unit of petroleum products, due to the increased volume of freight. Truck increased 4.5 percent, rail increased 1.5 percent, vessel increased 0.2 percent, and air decreased 0.2 percent.

The Intellectual Basis of U.S. Trade Policy Trench Warfare

March 19, 2015 Comments off

The Intellectual Basis of U.S. Trade Policy Trench Warfare
Source: Information Technology & Innovation Foundation

At its core, trade policy is based in economics. And despite what many economists claim, economics is not a science. And, as with economics, intellectual approaches to the issue of trade differ substantially. These approaches reflect differences in economic doctrine among economists, policymakers and others. This paper postulates and describes three competing economic doctrines that shape the current U.S. trade debate: the predominant neoclassical doctrine (NC), the oppositional neo-Keynesian doctrine (NK), and the emerging innovation economics (IE) doctrine. The IE doctrine (IE) not only more accurately reflects the reality of the 21st century global innovation economy but offers the best opportunity for creating at least some actionable consensus on trade policy moving forward.

What’s Going On? Digitization and Global Music Trade Patterns since 2006

March 11, 2015 Comments off

What’s Going On? Digitization and Global Music Trade Patterns since 2006
Source: European Commission (Joint Research Center)

The objective of this paper is to document the evolution of cross-border music trade patterns in this transition period and to explain what drives digital music trade patterns. The shift from analogue to digital music distribution has substantially reduced trade costs and has enlarged the choice sets of music consumers around the world. Yet, trade costs associated with copyright clearance and language barriers have not disappeared. The objective of this paper is to document the evolution of cross-border music trade patterns in this transition period and to explain what drives digital music trade patterns. Using comprehensive data on digital track sales in the US, Canada, and 16 European countries, 2006-2011, we document patterns of music trade in the digital era and contrast it with what’s known from elsewhere about trade in popular music for the past half century. While home bias in music consumption among the top 100 songs had grown in the pre-digital distribution period prior to 2006, home bias has declined since then. We find that the share of imported songs in music consumption has grown in all countries except in the US. Moreover, although the number of European songs available has risen faster than the number of US songs, the market share of the US in digital music sales has increased while the market shares of European repertoires have fallen. US repertoire holds the largest market share in almost every country. Home bias is lower in the long tail than at the top end of the distribution. We consider four candidate explanations for the shift away from domestic music: a) that growth in availability of particular repertoires explains their growth in total sales and market shares, b) that changes in the effect of distance-related trade costs on trade made possible by digitization explain changed patterns of trade, c) that changed preferences toward particular origin repertoires explains changed patterns, and d) that recent vintages of particular repertoires have grown more or less appealing to world consumers. We conclude that a combination of c) and d) offers the most credible explanation for the observed patterns.

CRS — Cuba Sanctions: Legislative Restrictions Limiting the Normalization of Relations (February 13, 2015)

March 11, 2015 Comments off

Cuba Sanctions: Legislative Restrictions Limiting the Normalization of Relations (PDF)
Source: Congressional Research Service (via National Agricultural Law Center)

In December 2014, President Obama announced major changes in U.S. policy toward Cuba, including the restoration of diplomatic relations (relations were severed in January 1961), a review by the Department of State of Cuba’s designation as a state sponsor of terrorism (Cuba was designated in 1982), and an increase in travel, trade, and the free flow of information to Cuba. This third step required the Departments of Commerce and the Treasury to amend the embargo regulations, which were announced on January 15, 2015.

When the President announced his policy change on Cuba, he acknowledged that he does not have authority to lift the embargo because it is codified in legislation. While the embargo was first imposed in the early 1960s under the authority of the Foreign Assistance Act of 1961 and the Trading with the Enemy Act, Congress enacted additional laws over the years that strengthened the embargo on Cuba, including the Cuban Democracy Act of 1992, the Cuban Liberty and Democratic Solidarity Act (LIBERTAD) Act of 1996 (which codified the embargo regulations), and the Trade Sanctions Reform and Export Enhancement Act of 2000. Congress also has enacted numerous other provisions of law that impose sanctions on Cuba, including restrictions on trade, foreign aid, and support from the international financial institutions.

This report provides information on legislative provisions restricting relations with Cuba. It lists the various provisions of law comprising economic sanctions on Cuba, including key laws that are the statutory basis of the embargo, and provides information on the authority to lift or waive these restrictions.

China’s Growing Demand for Agricultural Imports

February 20, 2015 Comments off

China’s Growing Demand for Agricultural Imports
Source: USDA Economic Research Service

This report examines China’s recent emergence as a major agricultural importer, analyzes U.S.-China trade patterns, summarizes projections of future imports, and discusses how Chinese officials are adjusting their strategic approach to agricultural trade as imports grow.

USDA Agricultural Projections to 2024

February 16, 2015 Comments off

USDA Agricultural Projections to 2024
Source: USDA Economic Research Service

USDA’s 10-year projections for the food and agriculture sector cover major agricultural commodities, agricultural trade, and aggregate indicators of the U.S. farm sector, such as farm income.

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