Category: global trade

Open Data: A New Power Struggle Emerges



The following content is sponsored by the Hinrich Foundation.

Hinrich Foundation

Why the World Needs Open Data

Over the last 10 years, data has quickly become one of the world’s most abundant resources.

It’s easy to see how, as well. Things we use on a day-to-day basis—phones, TVs, and even home appliances—are often connected to the internet and thus able to collect data. The result is 64 zettabytes (64 trillion gigabytes) of data being created in 2020.

When we are able to share and analyze this data, we can unlock value for both businesses and society. For instance, health data collected from wearable devices can help governments make better decisions during a pandemic. Location data collected from smartphones can enable businesses to reach customers more efficiently. The list goes on and on.

In this infographic from the Hinrich Foundation, we highlight the importance of open data, and why some governments are trying to control the flow of data.

Open Data Comes Under Attack

Open data is data that can be freely shared, used, and built upon without restrictions—all important criteria for facilitating global trade and e-commerce.

Unfortunately, a handful of countries see data as a tool for gaining economic and political power. This leads them to impose data localization measures which hamper the international flow of data, digital products, or internet-enabled services.

The following table lists countries that have at least three of these measures.

CountryNumber of data localization measures
?? China29
?? India12
?? Russia9
?? Turkey7
?? (Read more...)

Which Asian Economies Have the Most Sustainable Trade Policies?


This post is by Marcus Lu from Visual Capitalist


Hinrich Foundation 2020 STI

Hinrich Foundation STI

Which Asian Economies Have the Most Sustainable Trade Policies?

To say that Asia has benefited from international trade is an understatement. By opening its economies to the rest of the world, the region has become a leading exporter in many of today’s most important industries.

Trade has also improved Asia’s quality of life, lifting over one billion people out of poverty since 1990. Without the proper controls, however, such rapid growth could have harmful effects on Asia’s environment and society.

In this infographic from The Hinrich Foundation, we break down the results of their 2020 Sustainable Trade Index (STI). Since 2016, this index has ranked 19 Asian economies and the U.S. across three categories of trade sustainability: economic, social, and environmental.

What Exactly is Sustainable Trade?

International trade is an important source of economic growth, enabling domestic businesses to expand, reach new customers, and gain exposure to foreign markets.

At the same time, countries that focus too heavily on exports put themselves at greater long-term risk. For example, an aggressive expansion into manufacturing is likely to impair the quality of a country’s air, while overdependence on a single product or sector can create an economy that is susceptible to demand shocks.

“The primary principle which underpins sustainable trade is balance. Trade cannot be pursued solely for economic gains, without considering environmental and social outcomes.”
– Merle A. Hinrich

Thus, sustainable trade supports not only economic growth, but also environmental protection and strengthened social capital. It involves finding a (Read more...)

Visualizing the UK and EU Trade Relationship


This post is by Avery Koop from Visual Capitalist


uk trade with eu

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Visualizing the UK and EU Trade Relationship

With Brexit solidified and a new trade deal having been struck between the UK and the EU, it appears that a sense of normalcy has returned to the European continent.

The Trade and Cooperation Agreement (TCA) between the two entities came into effect on January 1st, 2021, corresponding with the UK officially leaving the EU Single Market and Customs Union on the same day. The new deal will help the status quo of trade continue, but how important is trade between the EU and the UK?

This visualization, using data from the British House of Commons’ Statistics on UK-EU Trade Briefing Paper, reveals the significance of trade between the UK and EU member states.

Who Does the UK Trade With in the EU?

The EU is the UK’s biggest global trading partner, representing 47% of the country’s total trade.

To break it down further, the EU is the buyer of 42.6% of the UK’s total exports, while also being the source of 51.8% of their total imports. Here’s a (Read more...)