Asked by Selena Cheng on May 11, 2024
Verified
Name the three countries that dominate world trade. Which is the largest exporter? Which is the largest importer?
World Trade
The exchange of goods and services across international borders, influenced by agreements, tariffs, and global economic policies.
Largest Importer
The country or entity that brings the highest volume of goods into its territory from other countries.
- Appraise the duties and effects of trade agreements and transnational trade groups on business activities around the world.
Verified Answer
AB
Alexis BrunnerMay 15, 2024
Final Answer :
The United States, China, Japan, Western Europe, and Canada together account for more than two-thirds of world trade in manufactured products and commodities. China is the world's leading exporter, followed by the United States and Germany. The United States is the world's leading importer, followed by China and Germany. China, Germany, and the United States remain well ahead of other countries in terms of imports and exports, as shown in Figure 7-1.
Learning Objectives
- Appraise the duties and effects of trade agreements and transnational trade groups on business activities around the world.