Changing trends of Foreign Trade in the Context of Developing Countries

Abstract

With lots of up and downs in last few years, especially during the pandemic period, the economy of developing countries growing rapidly. All countries are focusing on SDGs and constantly striving for the eradication of hunger, poverty, unemployment and skill development. The current study focuses on the trends and practices followed by the developing countries in foreign trades. Last twenty years data is collected and computed to compare the global trade, evolution of LDCs’ and developing economies’ share of global trade. One of the forces reshaping global value chains is a change in the geography of global demand. The major trends in developing countries trade performance are also compared. The study overview major trends in the participation of developing countries in world trade over the past two decades, followed by a brief examination of some of the key factors that were associated with trends for different groups of developing countries After analyzing the statistical data from world bank studies, shows that the developing countries already play a sustainable role in world trade and their significance is only expected to rise. As they diversify and grow as export markets, emerging economics will come to dominate international trade. As the share and importance of developing countries increases, the share of world trade occurring among developing countries will continue to rise.