Intraregional Trade in Emerging Asia

IMF Policy Discussion Papers, April 1, 2004

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Intraregional Trade in Emerging Asia

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Bibliographic details

• Authors: Harm Zebregs
• Published: April 1, 2004
• Series: IMF Policy Discussion Papers
• DOI: https://doi.org/10.5089/9781451975062.003

Overview

• The share of emerging Asia in world trade has increased sharply over the past 25 years.
• A large part of this increase is the result of booming intraregional trade.
• The paper investigates key factors behind the rapid increase in intraregional trade among economies in emerging Asia and its implications for dependency on business cycles in the EU, Japan, and the United States.
• Publication metadata:
  • By Harm Zebregs
  • April 1, 2004
  • Pages: 24
  • Volume: 2004
  • Issue: 001
  • Series: Policy Discussion Paper No. 2004/001
  • DOI: https://doi.org/10.5089/9781451975062.003
  • Stock No: PPIEA0012004
  • ISBN: 9781451975062
  • ISSN: 1564-5193

Key findings

• The rise in intraregional trade is largely driven by rapidly growing intra-industry trade.
• Greater vertical specialization and the dispersion of production processes across borders underpin the increase in intra-industry trade.
• There has been a sharp rise in trade in intermediate goods among economies in emerging Asia.
• Despite the rise in intraregional trade and intermediate goods exchange, the EU, Japan, and the United States remain the main export markets for final goods.

Mechanisms and channels

• Rapid growth in intra-industry trade reflects:
  • Greater vertical specialization.
  • Dispersion of production processes across borders.
• Increased trade in intermediate goods is a direct outcome of these production and specialization patterns.

Implications for business-cycle dependency

• The growth of intraregional trade alters the trade structure within emerging Asia.
• Dependency implications examined:
  • How increased intraregional linkages affect sensitivity to business cycles in the EU, Japan, and the United States.
  • Despite stronger intraregional ties, final goods exports remain concentrated in traditional advanced-economy markets (EU, Japan, United States), implying continued exposure to those business cycles.

Subjects and keywords (as listed)

• Subjects: Business cycles, Comparative advantage, Economic growth, Export performance, Exports, International trade, Trade policy
• Keywords: Asia, Asia and Pacific, Asia's export, Business cycles, China, Comparative advantage, East Asia, Economic Integration, economy, emerging Asia, export, Export performance, export promotion policy, export share, Exports, growth strategy, industry trade, PDP, Trade, trade performance, Trade policy

Intraregional Trade in Emerging Asia — Harm Zebregs; IMF Policy Discussion Paper No. 2004/001 (April 1, 2004).

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• **Intraregional Trade in Emerging Asia

, by Harm H. Zebregs, IMF Policy Discussion Paper No 04/01**

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