International Trade as an Engine for Development

Publication Date: May 2008

Publisher: Heritage Foundation (Washington, D.C.)

Author(s): Terry Miller

Research Area: Trade

Keywords: Trade; Ambassador Terry Miller; Trade and foreign aid

Type: Brief


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.