In examining the volume of international trade

Question

Quizplus · Accepted Answer

Back in 1990, international trade in goods and services reached a milestone when its volume surpassed $4 trillion. By 2013, exports of goods and services had grown to almost six times that level. Physical goods, such as automobiles, food, and clothing, accounted for $18.8 trillion of the $23.4 trillion in international trade in 2013. Services, including such activities as insurance, travel, consulting, movies, and music, made up the remaining $4.6 trillion of international trade. Trade in services has been growing faster than trade in merchandise for the last 20 years. All regions and essentially all the primary-world nations experienced an absolute increase in the dollar volume of their services exports, though the proportion of world exports of commercial services from Latin America, the European Union, Africa, and the Middle East has declined since 1980. However, the U.S. proportion has risen by approximately one-third since 1980, and Asia's has grown at an even greater rate.

In Examining the Volume of International Trade