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EU industrial structure 2011 — Trends and Performance TAbLE IV.15: Indicators of RCA for intermediate goods according to technological intensity in 2009 Exports imports low medium medium high low medium medium high tech low tech high tech tech tech low tech high tech tech Brazil 2.4 0.9 0.7 0.4 0.5 0.9 1.5 1.0 china 1.5 0.7 0.7 1.6 0.5 0.8 1.2 1.4 Eu‑27 0.9 0.9 1.2 1.0 1.2 1.0 0.8 1.1 india 1.1 1.8 0.5 0.3 0.6 1.4 1.0 0.8 Japan 0.2 0.9 1.7 1.0 1.6 0.8 0.8 1.0 russia 0.2 2.6 0.2 0.0 1.6 0.7 1.2 0.8 usa 0.7 1.0 1.3 0.9 1.0 0.9 1.0 1.2 Source: own calculations using COMTRADE data. Even though the results in the table above are based on less aggregated data than in table IV.14, these aggregates also mask industry differences. There are differences even within industries, as different firms produce different varieties of goods. These varieties may not be substitutes if they differ in terms of quality: one way to analyse this is by looking at unit values. Unit values, trade values divided by trade volumes, are often used as indicators of price and qualities of different goods. The rationale is that countries exporting at higher unit values offer higher quality products. Unit values should, however, be used with caution. Unit values are imprecise measures of quality since high values could be the results of higher prices for similar products, higher quality or merely a larger share of products with higher unit values. The imprecise nature of this measure increases with the level of aggregation that unit values are calculated for. 86 86 See OECD (2011) for a more detailed discussion. 128 Relative unit values for each country have been calculated by division of the countries’ unit values for industries in different technological intensities by unit values for world exports and imports for corresponding industries. Unit values above one indicate a relatively high quality of products. EU‑27, Japan and US exports seem to be of higher quality than BRIC country exports: Chinese exports of medium low‑tech goods and Indian low‑tech goods are exceptions. The very high unit values of Chinese imports of high‑tech goods stand out in the table. Chinese imports of high tech goods are apparently relatively expensive and of high quality. The result confirms the findings from the table above, indicating that China has a comparative advantage in assembly of high‑tech goods, cf. Table IV.16. TAbLE IV.16: Export and import unit values of intermediates according to technological intensity in 2009 Exports imports low medium medium high low medium medium high tech low tech high tech tech tech low tech high tech tech Brazil 0.7 0.8 0.7 0.3 1.0 1.0 0.5 0.9 china 0.4 1.4 0.9 0.8 0.5 0.9 0.8 3.5 Eu‑27 2.3 1.2 1.5 1.8 1.5 0.9 1.2 1.4 india 2.9 0.8 0.7 0.1 0.6 1.3 0.3 0.7 Japan 2.5 1.3 1.6 1.8 1.5 1.0 1.6 1.5 russia 0.2 0.5 0.1 0.6 1.4 1.5 1.3 0.9 usa 1.1 0.9 0.9 1.6 2.0 0.9 1.6 2.0 Source: own calculations using COMTRADE data. The OECD (2011) presents more detailed analyses which confirm this picture. Half of the exports of high income countries such as the US, Japan, Germany and France are exports in the high quality range while some 20 % to 30 % of the exports of China and other emerging countries are in the high quality range. This latter group of countries export relatively more of lower quality exports. 87 87 See OECD (2011).
IV.6 International movement of factors of production iv61 Fdi The globalisation of economic activity shows itself not only in increased trade but also in increased foreign direct investment (FDI) which displayed a higher growth than trade for at least the last 15 years. 88 FDI is undertaken by multinational enterprises (MNEs which can be said to be either vertically or horizontally integrated. Vertically integrated MNEs undertake FDI in order to acquire a supplier or raw materials (backwards integration) or distributors of the product (forwards integration). The main motive for vertical integration is to reap the benefits of comparative advantages of different locations for parts of the MNE production processes. Horizontal integration often 88 OECD (2010). OECD Globalisation indicators. Chapter IV — International competitiveness of EU industry implies duplication of the firms’ activities, i.e. localisation of the same parts of the production process in different countries. For the host country, FDI is a source of foreign capital. The local economy often also benefits from the import of knowledge transfer, such as new management techniques and more sophisticated technologies, as well as easier access to international financial markets and products. 89 FIgURE IV.21: Outward EU foreign direct investment stock in 2007 100 90 80 70 60 50 40 30 20 10 0 Source: own calculations using Eurostat data. The stocks of both inward and outward EU FDI are concentrated in the financial and real estate sectors. The high share of FDI in the financial sector in 2007 is the result of the internationalisation of financial firms. In absolute terms, financial intermediation, real estate and business activities represent almost two thirds of overall outward EU FDI stock and more than two thirds of inward EU stock of foreign direct investment, cf. Figures IV.21 and IV.22. 89 Eurostat (2007b). Financial intermediation Real estate and business activities Telecommunications Manufacture of chemicals and chemicals products Mining and quarrying Wholesale trade Extraction of petroleum and gas Other 129
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EU industrial structure 2011 Trends
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i12 services recession and recovery
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nacE rev 2 growth 2009 Chapter I
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The third step in assessing future
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The business survey indicator used
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Chapter II Changes in EU Industrial
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While there is some variety in the
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developments. This is confirmed by
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Looking at the overall specialisati
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TAbLE II.2: Sectoral specialisation
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For countries as a whole, it should
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Chapter II — Changes in EU Indust
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technology scale. They are less and
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ox II.4: SME definition FIgURE II.7
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definition of shocks. Shocks, or di
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