One of the most striking features of global economic development over the past few decades has been the rise to prominence of Asia in international trade. Between 1975 and 2005, the ratio of world trade to world gross domestic product (GDP) increased from 0.33 to 0.54, while for East Asia in the same period the figures climbed from 0.21 to as much as 0.86.1 The figures reflect the fact that an increasing share of what is produced in a country is exported, while at the same time a rising share of what is being processed or consumed is imported. Furthermore, a rising share of what is being consumed everywhere in the world has been produced in East Asia.

(MARKHUB publication)