International trade is traditionally thought
to consist of each country exporting the goods
most suited to its factor endowment, technology, and climate while importing the goods
least suited for its national characteristics. Such
trade is called inter-industry trade because
countries export and import the products of different industries. But the top exports and
imports of most industrial countries are actually
similar items, such as passenger cars, electrical
generators, or valves and transistors. Indeed,
passenger cars are the number one export and
import of Great Britain, Germany, and France.
In the real world, international trade is largely
trade within broad industrial classifications.
Intra-industry trade occurs when a country
exports and imports goods in the same industry.
Intra-industry trade has been a hot topic among
trade economists for several decades, but it
has received scant attention among economists
in general.
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This article gives an overview of
intra-industry trade for the generalist. In the
debate over NAFTA, for example, commentators
focused much attention on America’s interindustry trade with Mexico but none on the far
more important intra-industry trade.
This article begins with a brief summary of
Ricardian and factor endowment approaches to
trade theory to highlight the contribution of intraindustry trade theory. Next, the article discusses
the foundations of intra-industry trade theory
and the significance of intra-industry trade for
an economy. Finally, the U.S.– Mexico trade relationship is addressed as a pertinent example.
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