Global trade and development

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By bringing income, jobs, investment, technology and larger markets — export-led growth has lifted millions out of poverty.

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The price of a country's exports compared with the price of its imports; cheap raw exports plus costly imports = poor terms.

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The idea that countries gain by specialising in what they make most cheaply and trading for the rest.

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Dependence on a few raw commodities brings volatile prices and poor terms of trade, and rich-country subsidies and tariffs shut them out.

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Trade with few or no tariffs or barriers, so goods flow freely between countries.

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Trade that tries to guarantee poorer producers a fairer minimum price and better conditions.

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Exporting higher-value manufactured goods captures more value and creates more jobs than exporting cheap raw materials.

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A development strategy of growing by selling manufactured goods to world markets, which has driven fast development in several countries.

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To let their new industries grow strong before facing full foreign competition, rather than opening completely to free trade at once.

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Government money that lowers a producer's costs; rich-country subsidies can undercut poorer countries' producers and shut them out of markets.

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Trade is a powerful driver of development, but only when the terms are fair and a country can add value — openness alone is not enough.