Data from the World Trade Organization shows that world merchandise trade increased from $6.5 trillion in 2000 to $19.5 trillion in 2022. Which factor is most likely to have contributed to this increase in globalisation?

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Question

Data from the World Trade Organization shows that world merchandise trade increased from $6.5 trillion in 2000 to $19.5 trillion in 2022. Which factor is most likely to have contributed to this increase in globalisation?

Accepted Answer

Improvements in information and communication technology — Award 1 mark for identifying that ICT improvements reduce transaction costs and enable faster, cheaper international communication, facilitating trade. A is incorrect — import quotas restrict trade, reducing globalisation. B is incorrect — higher tariffs would reduce trade volumes. D is incorrect — rising shipping costs would discourage international trade.

Answer

Higher tariff barriers between trading blocs

Answer

Increased use of import quotas by developed countries

Answer

Rising costs of container shipping

Answer

Improvements in information and communication technology

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