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Archive:Economic globalisation indicators in industry, wholesale and retail trade

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In June 2014 Eurostat published a statistics explained article describing the construction of a set of economic globalisation indicators. Eurostat has extended this set of indicators along two dimensions. Firstly the indicators are calculated separately for their intra-EU and extra-EU partners and secondly the indicators are calculated separately for 12 NACE Rev. 2 sections of the non-financial business economy. This article shows graphs for some of the indicators in two NACE sections (Manufacturing and Wholesale and retail trade), illustrating the type of information which could be used to track the different aspects of globalisation.

Main statistical findings

With some exception the indicators presented in this article show three common findings that more or less consistently shared among the indicators presented in this article:

  1. Globalisation indicators are larger for intra-EU partners than for extra-EU partners. In the tables presented in this article we have coloured the exceptions light green.
  2. Globalisation indicators are larger for Manufacturing than for Wholesale and retail trade. The exceptions for this have been put in bold red font.
  3. Globalisation indicators are larger in smaller countries than in larger countries. This is discussed in the next paragraph.

Size matters

In an increasingly globalised world it becomes easier for manufacturers and traders to choose the location or locations of their enterprises. For similar enterprises located in different sized economies one would expect enterprises located in smaller countries to be more dependent on imports and exports than enterprises in larger countries where the raw materials needed for production and the consumers needed as buyers of their products are available in larger quantities. Off course there are many other factors influencing globalisation such as physical and human infrastructure but these fall outside the scope of this publication. International trade is regarded as the first step of globalisation to be followed by foreign direct investment and foreign control of enterprises. To investigate whether the differences between smaller and larger countries that we would expect for trade also apply to other economic globalisation indicators we have calculated the correlation coefficients to the size of economies (expressed in GVA) for 7 of the 13 globalisation indicators (see table 1). These are broken down by partner (intra-EU/extra-EU) and economic activity (Manufacturing/Wholesale and retail trade). In Manufacturing 13 out of 14 of the correlations are negative, suggesting a bigger role for globalisation in smaller countries than in bigger countries. In Wholesale and retail trade 8 of 12 of the correlation are negative. Another observation from the table is that the correlation between smallness and globalisation indicators is bigger for intra-EU partners than for extra-EU partners. This was the case for all seven of the indicators in Manufacturing and for five of the six indicators in Wholesale and retail trade.

International trade

Table 1 show the exports and imports of goods divided by GVA and the ratio of exports to imports by country. At first sight it seems strange to find ratios of more than 100% in exports and imports divided by GVA. However there is no contradiction because GVA is calculated using net exports (exports – imports).

Foreign direct investment

Foreign controlled R&D expenditure

Foreign controlled employment

Foreign controlled turnover

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See also

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