International Trade & Global Commerce

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Overview

It is commonly suggested that the world is shrinking as international trade is expanding. The world economy continues to become more integrated. Products that we purchase may no longer be made in the U.S. These goods come from all over the world. Today, when we select goods and services to buy, we are participating in the global economy. Countries exchange goods and services through international trade. This trade allows countries to obtain goods that are less expensive, better quality or different from those made at home. The goods and services that a country purchases through international trade from another country are called imports. Goods and services sold by a country to other countries are known as exports. Most of the trading is done by companies, but individuals and governments can buy and sell goods from all over the world. Agricultural products, consumer goods, industrial equipment, and oil consist of the largest expenditures for international trade. Banking, engineering, insurance, telecommunications, transportation, and tourism are the chief services exchanged through international trade.

Following World War II, there was a dramatic expansion in world trade aided by international economic development efforts, the Bretton Woods Conference, as well as through the Uruguay Round and GATT. The growth of international trade has improved the economy of many countries in the world. International communication and transportation costs have declined creating better integration of the world economies. Countries are more interdependent. Economic conditions in one country can affect employment, prices, production and wages in other countries. Countries need to work together to assure prosperity for all.

Issue 7/8: Winter 2006/Spring 2007

International Economics & Trade

Table of Contents

Introduction
World Economic History
International Trade & Global Commerce
International Finance
Foreign Exchange Market
Trends in International Trade
Trade Policy, Treaties, & Law
International Organizations & Economic Development
Country Data
Economic Trade Data & Statistics
U.S. Government Resources
Online Periodicals
Encyclopedias & Dictionaries

One of the benefits of international trade is that countries can use their resources - land, labor, capital and entrepreneurship - in a manner that promotes efficiency. Countries can limit themselves to those products and services that they can produce more efficiently, and trade them for other goods and services that they do not produce. This results in wealthier countries and a wealthier world. Through specialization and trade, a larger variety of goods are available for consumers to choose from, and prices are more affordable.

Organizations Involved in International Trade and the Global Economy

As trade has become of greater importance to the world economy, international organizations have been established to assure cooperation regarding trade matters. Major organizations include: the World Trade Organization, the International Monetary Fund, the World Bank, the Bank for International Settlements, the Group of eight, the European Union, and the North American Free Trade Agreement. For additional organizations concerned with international economic development, see the International Organizations section of this guide.

The World Trade Organization (WTO) was established January 1, 1995. It is the only international organization that deals with the rules of trade between nations. The WTO was created by the Uruguay Round of negotiations. There are 144 member countries that belong to the WTO.

The International Monetary Fund as established in 1944 by the United Nations Monetary and Financial Conference at Bretton Woods, New Hampshire. Membership of the IMF includes 183 countries. Among the goals of the IMF are: the promotion of international monetary cooperation; an orderly means of monetary exchange; and facilitation of the expansion and growth of international trade.

The World Bank was founded in 1944 at the Bretton Woods, New Hampshire Monetary and Financial Conference. It is dedicated to helping the world's poorest countries by providing the financial resources for those countries to improve their economy and the living environment of their people.

The Bank for International Settlements ) is located in Basel, Switzerland. It was established in 1930 to promote cooperation among the central banks and other financial agencies of the world. The Bank's Committee on International Banking Supervision establishes financial and performance guidelines for the world's commercial banks.

The Group of Eight , originally the G6, was established in 1975 as a forum for world leaders to discuss pertinent macroeconomic and monetary issues. The purpose of the group was to fill the gap in the management of the monetary system after the failure of the Bretton Woods Agreement in 1971.

The European Union is the result of efforts that began in 1951. The purpose of the organization is to promote economic and social progress. In 1993, it established a single market for trade, and in 1999, a single currency was created. The single market established one set of rules for traders to market their goods and services.

The North American Free Trade Agreement eliminated trade barriers and facilitated the movement of goods and services for the United States, Canada and Mexico. It was also intended to promote fair competition and increase investment opportunities.

Selected Print Resources

Baker, James Calvin. Financing International Trade. Westport, CT: Praeger, 2003. 199 p.
LC Call Number: HG3881 .B2533 2003
LC Catalog Record: 2003058002

Explains the international trade finance system of financial institutions; public and private trade credit guarantee and insurance agencies; and other public and private associations and firms that facilitate international trade and its financing. Emphasis is on U.S. institutions, but this work does discuss major export credit agencies operating around the world. Contains a number of tables and figures, appendices, a selected bibliography, and an index.

Ball, Donald A., et al. International Business: The Challenge of Global Competition. Boston: McGraw-Hill/Irwin, 2006. 10th edition, 693 p.
LC Call Number: HD62.4 .B34 2006
LC Catalog Record: 2004061142

This attractive text is divided into four sections: The Nature of International Business; Cooperation Among Nations; International Environmental Forces; and The Organizational Environment. It includes chapters dealing with international trade and investment; export and import; international marketing; and supply chain management. Has interesting maps, figures and tables; a glossary of business terms; and a name, company and subject index.

Caves, Richard E., Jeffrey A. Frankel, and Ronald W. Jones. World Trade and Payments: An Introduction. Boston: Pearson Education, 2007. 10th edition, 634p.
LC Call Number: HF1379 .C38 2007
LC Catalog Record: 2006013259

This work is updated frequently. Discusses a number of topics including: commodity trade, trade patterns, income distribution, commercial policy, trade controls, balance of payments, foreign exchange market, and international financial markets. Includes informational supplements for selected chapters and an index.

Gianturco, Delio E. Export Credit Agencies: The Unsung Giants of International Trade and Finance. Westport, CT: Quorum Books, 2001. 198 p.
LC Call Number: HG3753 .G48 2001
LC Catalog Record: 00062773

Discussion of the world's export credit agencies (ECAs) which are highly specialized institutions of international finance that cover billions of dollars of exports annually. Although few in number, ECAs have made an extensive contribution to trade and development, globalization, and a healthy world economy. ECA funding, loans, guarantees and insurance have actively contributed to overseas development by giving support to exporters throughout the world. This work includes a history of ECAs and explains the various ways that they are organized and operate. Has several appendices, including a glossary of technical terms; a bibliography; and an index.

A Handbook of World Trade: A Strategic Guide to Trading Internationally, edited by Jonathan Reuvid. Sterling, VA: Kogan Page, 2004. 2nd edition, 466 p.
LC Call Number: HF1379 .H366 2004
LC Catalog Record: 2003026740
Table of Contents

As stated in the introduction, the two objectives of this work are to offer practical business guidance to companies seeking to expand their international trading activities and to provide a comprehensive background briefing on the evolution of the World Trade Organization (WTO) and its leading role in the development of freer global markets within the framework of WTO rules. It is a collection of essays written by knowledgeable writers and is arranged in five parts according to subjects relating to international trade. Has an attractive format, a number of useful appendices and an index.

Hinkelman, Edward G. Dictionary of International Trade: Handbook of the Global Trade Community Includes 19 Key Appendices. Novato, CA: World Trade Press, 2002. 5th edition, 608 p.
LC Call Number: HF1373 .H55 2002
LC Catalog Record: 2002071317

In addition to being an extensive dictionary, includes a list of acronyms and abbreviations used in international trade; a list of ISO (International Organization for Standardization) Country Codes; international access and dialing codes; a list of currencies of the world; business entities worldwide; a list of weights and measures; maps of the world; illustrated guides to ocean freight and air freight containers; guide to Incoterms 2000; guide to letters of credit; computer terms; a bibliography of resources for international trade; web resources; guide to trade documents; key words used in international trade in eight languages; world airports by IATA (International Air Transport Association) Code; and world airports by airport.

Johnson, Thomas E. Export/Import Procedures and Documentation. New York: AMACOM, 2002. 4th edition, 583 p.
LC Call Number: HF1416.5 .J64 2002
LC Catalog Record: 2002023610
Table of Contents

Takes complex foreign trade rules, regulations, procedures, and practices and includes them in a helpful volume explaining the export/import process in detail. This work will be helpful to international trade beginners and a reference resource for more experienced exporters and importers. Primarily intended for manufacturers exporting or importing goods, it can also be useful to freight forwarders, customs brokers, transportation carriers and others. Contains numerous explanatory figures; useful appendices; a glossary of international trade terms; and a detailed index.

Nelson, Carl A. Import/ Export: How to Get Started in International Trade. New York: McGraw Hill, 2000. 3rd edition, 339 p.
LC Call Number: HF1416 .N45 2000
LC Catalog Record: 00029204
Table of Contents
Publisher's Description
Publisher-supplied Biographical Information

Explains in basic terms the business of international trade and its transactions. Gives useful information on importing and exporting for the novice as well as the experienced trader. Includes a chapter on cybertrading. Contains a number of helpful tables and figures, sample forms, several useful appendices, a glossary of trading terms, and an index.

Oatley, Thomas. International Political Economy: Interests and Institutions in the Global Economy. New York: Pearson/Longman, 2004. 441 p.
LC Call Number: HF1359 .O248 2004
LC Catalog Record: 2002043853

Contains chapters on: International Political Economy; The Multilateral Trade System; The Domestic Politics of Trade Policy; Trade and Economic Development in the South; Multinational Corporations in the World Economy; The International Monetary System; and Domestic Politics and Exchange Rate Policy. At the end of each chapter, there are key terms used in the chapter, a list of web links, and suggestions for further reading. A glossary of terms applicable to the book's subject, an extensive bibliography, and an index are also included.

Salvatore, Dominick. International Economics. New York: J. Wiley, 2004. 8th edition, 826 p.
LC Call Number: HF1411 .S239 2004
LC Catalog Record: 2003272008
Table of Contents
Publisher's Description

The text is divided into four parts: International Trade Theory; International Trade Policy; Balance of Payments, Foreign Markets, and Exchange Rates; and Open-Economy Macroeconomics and the International Monetary System. Each chapter contains a number of case studies, a chapter summary, key terms, an appendix, a selected bibliography and a list of internet addresses. Also includes, a glossary of key terms and name and subject indices.

Seyoum, Belay. Export-Import Theory, Practices, and Procedures. New York: International Business Press, 2000. 485 p.
LC Call Number: HF1414.4 .S49 2000
LC Catalog Record: 99036499

The introduction to this work gives a brief history of international trade. Discusses the role of exports and imports in the global economy, trade regulatory and policy issues, international trade operations, the role of logistics and transportation, intellectual property and counter trade, and international agreements affecting trade. Has chapter summaries, a number of tables and illustrations, appendices, references (including world wide web resources) and an index.

Weiss, Kenneth D. Building an Import/Export Business. New York: J. Wiley, 2002. 3rd edition, 300 p.
LC Call Number: HF1416 .W43 2002
LC Catalog Record: 2001046734
Table of Contents
Publisher's Description
Publisher-supplied Biographical Information

Clear explanation of what is involved in an import/export business. Intended for the novice with some business background. Explains setting up a business, choosing products and suppliers, marketing, export credit, methods of payment, credit insurance, packing and shipping, documents needed for international trade, trade regulation, trade agreements and sources of information. Has useful tables, lists, appendices and an index.

Selected Internet Resources

This section includes links to commercial Internet resources covering the area of global business and international trade. Each company and trade resource link provides a number of different and useful services, and can also serve as good sources of information. Some of the sites listed provide access to publications and articles that may prove to be very beneficial for both research and commercial purposes. However, many of these sites do have fees and other user costs associated with using their services, as well as in obtaining access to various online publications.

An online marketplace for global trade. A destination for buyers and sellers to find trade opportunities and promote their businesses online. This company's web site contains over 1,000,000 registered members from more than 200 countries. The site also allows users to browse company information and trade leads by 27 industry categories and 700 product sub-categories.

An online trade directory covering businesses, products, and services in Thailand and Asia. The web site includes publishing resources, as well as trade and general commercial information on doing business in Thailand. Also included is an online trade post for buyers and sellers.

A resource providing international business and trade information for Asia and countries outside of Asia. The site has a databank with over 150 thousands global buyers' information. Other global trade services include: trade links, online country marketplaces, a search engine for locating businesses in Asia, Trade InfoCenter, business updates and stock information, trade shows and exhibits, online products, product searching options, product updates and announcements, and product surplus information.

A business portal site providing over 100 country resource pages, export bulletin board, company directory guide, business news section with the current international news, search engines, directory to international trade sites, directory of international business, directory of European airports, directory of European banks, directory of trade organizations, directory of stock exchanges, and freight & shipping information.

Commodity Trader.net is a free information provider dedicated to commodity traders, currency traders, and stock investors. The web site includes stock market, futures, and foreign exchange charts, as well as an updated currency exchange ticker. Commodity Trader.net also provides up-to-the-minute news in all financial markets, links to additional online resources, trader training, and an online forum for foreign exchange traders.

CountryWatch provides country specific geopolitical information on over 190 countries worldwide. The site includes country data, economic and financial forecasts, global news update, wire service and maps. Additional services are provided for authorized users.

The Economist Country Briefings web site provides concise and authoritative country overviews. The briefing include news, country profiles, forecasts, statistics and valuable country information.

European business community for news, tenders, economic data, fact sheets, web links and documents, categorized into EU topic sectors. The web site provides access to country reports, online directories and electronic forums.

Fully integrated end-to-end, Business-to-Business trade solution marketplace using licensed technology to integrate trade transaction document, secured encrypted transmission and authentication, traditional trade finance mechanisms, and shipping/logistics services. Services include online board auctions, ability to search trade data by Keyword, HTS Code, Country and Lead Type. The Exchange also allows users to create static priced product catalogs that are integrated into GBOT a transactional manager software program. In addition, users can create restricted catalogs or "Private Marketplaces" for use by their existing distribution channels.

TRADEZONE.COM provides international trade services for manufacturers, importers exporters, trade service businesses and opportunity seekers. The site provides access to international trade business opportunities, free import export trade leads, and includes a trade bulletin board, traders web sites, as wells as web site advertising services.

The IMEX Exchange is dedicated to promoting international trade on the Internet, and through international trade, cooperation and understanding among nations and people. IMEX Exchange helps international focused companies, organizations, and countries develop and implement their Internet strategies through web page design, marketing, networking, and education. IMEX assists companies and organizations develop and implement Internet strategies.

An Internet guide produced by the U.S. Department of Commerce, Trade Information Center which provides an extensive list of export trade lead web sites. The list includes over 130 commercial Internet sites useful for trade information, online access to global trade exchanges, trade leads, and other international trade resources.

The International Business Forum provides information about business opportunities in the international marketplace. It is intended for companies wishing to export or expand into foreign markets as well as for those interested to acquire products and services from other countries. This web site provides access to directories, business resources, business opportunities, business associations, business education and advertising information covering the globe. Other resources include: search engine, email, and additional links.

Vastera provides fully-integrated solutions for global trade management. Its focus on country-specific trade regulations and compliance, as well as its portfolio. Includes access to: Regulatory Updates - global trade regulatory and policy changes; TradePrism.com - online global trade portal; and other international trade management solution products and services.

Price Waterhouse Coopers' Global Homepage provides access to a number of resources which include links to industry marketplaces covering 24 industries, Press Room link, News, Publications, Global CEO Survey, European Economic Outlook Report, and Countries Online with links and resources to over 95 countries. Other useful resources and contact information are also available on the web site.

This web site is an online version of World Trade Magazine intended for users involved in shipping and sourcing worldwide. The web site includes news articles, industry news, regional news, searchable archives, resource guides and an online bookstore.

Library of Congress Catalog Searches

Additional works on this topic in the Library of Congress may be identified by searching the Online Catalog under appropriate Library of Congress subject headings. Choose the topics you wish to search from the following list of Library of Congress subject headings to link directly to the Catalog and automatically execute a search for the subject selected. Please be aware that during periods of heavy use you may encounter delays in accessing the catalog. Please see the individual sections of this guide for catalog searches relating to those topics. For assistance in locating other subject headings which relate to this subject, please consult a reference librarian.