International Trade as an Engine for Development
Publication Date: May 2008
Publisher(s): Heritage Foundation (Washington, D.C.)
Author(s): Terry Miller
Keywords: Trade; Ambassador Terry Miller; Trade and foreign aid
International trade is fulfilling its promise as the most significant source of external financing for development, surpassing all other external sources combined. In the first five years following the adoption of the Monterrey Consensus, exports from emerging markets and developing countries have grown, according to the International Monetary Fund, at an average annual rate of almost 11 percent. Current account balances for those countries have grown from $78.4 billion in 2002 to $596 billion in 2006.