European University Institute Library

The evolving composition of intra-EU trade, Robert Stehrer [and 7 others]

eng

illustrations

no index present

non fiction

The evolving composition of intra-EU trade

9653729221064920702

Robert Stehrer [and 7 others]

WIIW research report, 414

Global trade in goods and services was severely hit by the economic crisis in 2008, which initiated a pronounced but short-lived trade collapse. Until 2011 trade flows recovered relatively quickly, but since then global trade in goods has been rather anaemic. This development is partly the result of the low dynamics of EU-related trade which accounts for a large share of global trade flows. Regarding intra-EU trade a strong increase in overall bilateral trade intensities is observed. The process of EU integration before the crisis and differentiated growth patterns of goods and services exports implied that exporting activities became slightly less concentrated across EU Member States. However, specialisation dynamics implied an increasing geographic clustering and specialisation of goods and services exports across Europe. These changes in the geographical patterns of intra-EU trade activities were mostly driven by changes in the patterns of trade in the medium-quality segment which can be interpreted as a ‘climbing up’ phenomenon of less advanced countries. Results from a gravity framework suggest a structural break of these trends after the crisis. --, Provided by publisher