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New OECD trade data, first released in January 2013 and updated in late-May, traces the value added by each industry and each country as goods and services cross borders. The analysis offers a more complete picture of commercial relations between nations and a clearer interpretation of the changing face of global trade than more conventional indicators. Further information is available here.
Early indications for world wheat, maize and rice production in 2013 point to record levels and an overall increase in supplies in the new 2013/14 marketing season.
Global agricultural production is expected to grow 1.5% a year on average over the coming decade, compared with annual growth of 2.1% between 2003 and 2012, according to the latest OECD-FAO agricultural market projections for production, consumption, trade, stocks and prices of featured commodities.
The emergence of GVCs challenges our conventional wisdom on how we look at economic globalisation and in particular, the policies that we develop around it. The OECD is preparing a broad range of work to help policy makers understand the effects of GVCs on a number of policy domains.
Merchandise trade growth increased in the major economies during the first quarter of 2013. Compared to the fourth quarter of 2012, the value of merchandise imports and exports for the total of G7 and BRICS countries increased by 1.3% and 2.8%, respectively.
New trade data measured in value-added terms shows that services – such as logistics, design, and transportation - are far more important to global commerce than they appear in traditional calculations of exports and imports.
A wide range of stakeholders examined the progress made on measuring trade in value added terms and to extract and clarify the emerging policy implications that can be employed to stimulate strong, balanced and job-rich growth.
It is imperative that governments, and in particular G20 governments, reinforce their commitment to resist protectionism in all forms and engage in further market opening initiatives as an integral part of the structural reform agenda, said A. Gurría.
The costs of putting in place and maintaining trade facilitation measures are not particularly large and are far smaller than the benefits gained from implementing these measures, according to this study. Moreover, an increasing amount of technical and financial assistance to implement these measures has been made available to developing countries over the last decade.
The emergence of global value chains in manufacturing and services has revolutionised the way the world trades. It has also provided a valuable entry point for many developing economies into the global economy. Thanks to the combined efforts of the WTO and OECD, we now have a strong data-based understanding of these impacts, which will be vital to the design of effective trade policies.