International Trade | Assessment | 1

Running head: INTERNATIONAL TRADE
International Trade
Name of the Student
Name of the University
Course ID

INTERNATIONAL TRADE1
Table of Contents
Answer 1....................................................................................................................................2
Economic overview of Japan and Thailand...........................................................................2
Answer 2....................................................................................................................................2
Globalization measures..........................................................................................................2
Answer 3....................................................................................................................................3
Degree of openness in Thailand and Japan............................................................................3
Answer 4....................................................................................................................................4
Relation between economic development and openness.......................................................4
Answer 5....................................................................................................................................5
Drivers of openness in Thailand and Japan............................................................................5
List of References......................................................................................................................7

INTERNATIONAL TRADE2
Answer 1
Economic overview of Japan and Thailand
Japan is known as an island country located in East Asia. The country is situated in
Pacific Asian and lies off the eastern region of Asian continent. The national boundary of
Japan extends from Sea of Okhotsk in north to Philippine Sea in the south and to China Sea
in the east. Japan’s economy is one of the highly developed nations based on the principles of
market economy (Lockwood 2015). Japan is an open economy importing and exporting bulk
amount of goods. Primary exports of Japan include Cars, Integrated Circuits, Vehicle parts,
Machinery having different function, industrial printers and others. Japan, the third largest
economy is one of the richest nations of the world.
Thailand is located in the Asian continent covering 510890 kilometers land area and
2230 kilometers water area. The west and north east of the nation are bordered by Myanmar.
In the south west of Japan there is Andaman Sea, east and north east of the nation are covered
by Lao PDR, and Cambodia is situated in south east of Thailand. The main exported items of
Thailand are parts of office machines, integrated circuits, cars, delivery trucks, broadcasting
equipment and others (Jomo 2019). The second largest economy of Southeast Asia, Thailand
is counted as one of the richest nations in the world.
Answer 2
Globalization measures
The ratio of trade to GDP measures one form of economic globalization capturing
integration in the global economy. Trade/GDP of a nation measures share of total exported
and imported goods in gross domestic product of a nation. The measure actually shows
proportion of total production moving across the border (Surugiu and Surugiu 2015).
International trade is one important indicator that captures integration of a nation with the