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Global value chains (GVCs) powered the surge of international trade after 1990 and now account for almost half of all trade. This shift enabled an unprecedented economic convergence: poor countries grew rapidly and began to catch up with richer countries.
- Report
Global value chains (GVCs) powered the surge of...
- Report
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About 70% of international trade involves global value chains (GVCs), as services, raw materials, parts, and components cross borders – often numerous times. A strong trend has emerged towards the international dispersion of value chain activities such as design, production, marketing, distribution, etc.
The next chart plots the value of traded goods relative to GDP (i.e. the value of merchandise trade as a share of global economic output). Up to 1870, the sum of worldwide exports accounted for less than 10% of global output. Today, the value of exported goods around the world is around 25%.
Trade related to global value chains (GVCs), measured as intermediate inputs share in gross production, has risen from 47% in the mid-1990s to a peak of 52% in 2014, before flatlining since. However, flows have stabilised in recent years, leading some to speculate that globalisation may be turning.
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Participation in global value chains (GVCs), the international fragmentation of production, can lead to increased job creation and economic growth. In order to reap the gains from value chain participation, countries must put in place the right kind of trade and investment policies.
