Tuesday, January 03, 2012
Who is export driven? Debunking the BRICs myth
We all know about the BRICs, developing economies growing because of strong exports that put more advanced nations to shame right.
The problem is it is hard to see this in the evidence. Above I compare the export dependency of Norway, Canada, and the UK against China, Russia, India and Brazil and find that Norway is the largest exported as percentage of GDP, with China and Russia exporting as much, as percentage of GDP as Canada and the UK, and India and Brazil lagging behind.
Also notice that massive bubble in Chinas export levels! Is China facing a export bubble?