Figure 1 illustrates the traditional patterns of trade between developed and less-developed countries, and it substantiates the pattern just described. For example, the Central American "Banana Republics" have exported fruits and coffee and imported capital goods and manufactured products. African and Middle Eastern countries have exported minerals and petroleum in exchange for products made with these resources.
FIGURE 1 Principal imports and exports of selected countries in 1979.
|
COUNTRY Developed Countries |
PRINCIPAL EXPORT PRODUCTS |
PRINCIPAL IMPORT PRODUCTS |
|
United States |
Machinery, transportation equipment, basic manufactures, chemicals |
Minerals, fuels, etc. Machinery, transportation equipment Basic manufactures Food and live animals Crude materials, excluding fuels (agriculture) |
|
West Germany |
Machinery, transportation equipment Basic manufactures Chemicals |
Minerals, fuels, etc. Machinery, transportation equipment Basic manufactures Food and live animals Crude materials, excluding fuels (agriculture) |
|
Japan |
Machinery, transportation equipment, Basic manufactures Chemicals |
Minerals, fuels, etc. Machinery, transportation equipment Basic manufactures Food and live animals Crude materials, excluding fuels (agriculture) Basic manufactures |
|
United Kingdom |
Machinery, transportation equipment Basic manufactures Chemicals |
Minerals, fuels, etc. Machinery, transportation equipment Basic manufactures Food and live animals |
|
COUNTRY Developing Countries |
PRINCIPAL EXPORT PRODUCTS |
PRINCIPAL IMPORT PRODUCTS |
|
Brazil |
Coffee Animal feed Iron ore concentrates |
Minerals, fuels, etc. Machinery, transportation equipment Chemicals Food and live animal's Basic manufactures |
|
Mexico |
Petroleum, crude & partly refined Coffee Fish, fresh & simply preserved |
Machinery, transportation equipment Chemicals Basic manufactures Crude materials, excluding fuels (agriculture) Food and live animals Machinery, transportation equipment |
|
Egypt |
Cotton Petroleum, crude & partly refined Textile |
Machinery, transportation equipment Basic manufactures Food and live animals Chemicals Crude materials excluding fuels (agriculture) |
|
Saudi Arabia |
Petroleum, crude & partly refined |
Machinery, transportation equipment Basic manufactures Food and live animals |
3. Answer the following questions:
1) Why do countries trade with each other?
2) What are the benefits of international exchanges of products and services?
3) What changes has further process of globalization brought in the world of trade?
Follow-up activity
Find up-to-date information concerning the international trade patterns of advanced and developing countries and present your findings in class in the form of presentations.
Text 3 THEORETICAL BASES FOR INTERNATIONAL BUSINESS
1. Before reading the text discuss the following question with your partner:
Do you think it is important to know and perfectly understand the theories for international business? Why?
2. Read the text and take notes of its contents.
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