China was the world’s biggest exporter of electronic goods in 2009, but almost 40% of its $467 billion-worth of exports was first imported: the exports required a lot of imports. Traditional measures of trade record gross flows of goods and services between countries, not how much value a country adds in producing goods and services for export. According to the OECD and the World Trade Organisation, the foreign content of electronics exports ranges from 11% (America) to 61% (Mexico). The general trend, though stalled slightly by the recent financial crisis, has been a decline in the domestic value-added component of all exports—which suggests that markets are becoming more interdependent.
Value-added trade | The Economist
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