Global Trade, 2017

Global Trade, 2017

Source: WTO.

Geographically, global trade takes place around three major poles; North America, Europe, and Pacific Asia (Japan, Korea, and China triad). Trade volumes are not necessarily correlated with trade as a share of GDP. This share is often labeled as the depths of trade. Like the United States, some countries have significant trade volumes, but this volume accounts for a relatively small share of the national economy (about 25%). Inversely, countries having a strong export component, such as the Netherlands, China, and Canada, have a higher dependence on international trade. Countries with a very high share of trade in relation to GPD (above 100%) usually focus on natural resources exports (ex. Middle East, Southeast Asia, Africa), which can lead to a situation of dependence. Landlocked countries tend to have a higher share of trade over their GDP, which is partially reflective of their higher trade costs.