Abstract
In recent decades, profound changes in the structure of the global economy have reshaped
global production and trade and have altered the organization of industries and national
economies into global value chains (GVCs). As GVCs became global in scope, more intermediate
goods were traded across borders, and more imported parts and components were integrated
into exports. In 2009, world exports of intermediate goods exceeded the combined export
values of final and capital goods for the first time. New governance structures reinforce
the organizational consolidation occurring within GVCs and the geographic concentration
associated with the growing prominence of emerging economies as key economic and political
actors. Emerging economies are playing significant and diverse roles in GVCs. During
the 2000s, they were simultaneously major exporters of intermediate and final manufactured
goods (China, South Korea, and Mexico) and primary products (Brazil, Russia, and South
Africa). However, market growth in emerging economies has also led to shifting end
markets in GVCs, as more trade has occurred between developing economies (often referred
to as South–South trade in the literature), especially since the 2008–2009 economic
recession. China has been the focal point of both trends: it is the world’s leading
exporter of manufactured goods and the world’s largest importer of many raw materials,
thereby contributing to the primary product export boom.
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