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Globalization and Monetary Policy Institute 2012 Annual Report FEDERAL RESERVE BANK OF DALLAS 19
Chart 1
The Travels of a T-Shirt in the Global Economy
Lubbock,
Texas
4
3 New York
Washington, D.C.
Shanghai,
China
5 Tanzania
SOURCE: 2005 National Public Radio, Inc. Illustration from NPR news report titled Behind Shanghais Boom
Is A Simple T-shirt, originally published on April 27, 2005, and used with permission by NPR.
20 Federal Reserve Bank of Dallas Globalization and Monetary Policy Institute 2012 Annual Report
35
30
25
20
15
10
5
0
74
18
80
18
90
18
00
19
10
19
20
19
30
19
50
19
9
6
60
19
70
19
80
19
NOTE: Data for 1940-49 are unreported, coinciding with the war period.
SOURCES: Yearbook of National Accounts Statistics, United Nations, and others as reported in
Park and Anderson (1991).
Globalization and Monetary Policy Institute 2012 Annual Report FEDERAL RESERVE BANK OF DALLAS 21
Chart 4
1,200
3,000
U.K. 18301992
1,000
2,500
800
2,000
600
1,500
400
1,000
200
500
U.S. 18601993
0
0
5,000
10,000
15,000
Real GDP per capita (in 1990 prices)
20,000
5,000
10,000
15,000
20,000
Real GDP per capita (in 1990 prices)
25,000
Japan 18301998
800
400
700
350
600
300
500
250
400
200
300
150
200
100
100
50
4,000
8,000
12,000
16,000
20,000
24,000
0
800
500
6,000
South Korea 19501998
China 19501998
450
5,000
400
350
4,000
300
3,000
250
200
2,000
150
100
1,000
50
0
500
0
2,500
400
900
1,400
1,900
2,400
2,900
Real GDP per capita (in 1990 prices)
3,400
SOURCES: International Historical Statistics: Europe, 17502000, by B.R. Mitchell, Palgrave Macmillan, 2003; International Historical Statistics: Africa,
Asia and Oceania, 1750-1988, by B.R. Mitchell, Palgrave Macmillan, 1995; Historical Statistics of the World Economy: 12008 AD, by Angus Maddison.
22 Federal Reserve Bank of Dallas Globalization and Monetary Policy Institute 2012 Annual Report
Chart 5
U.S. Textile and Apparel Sourcing Shifts Over Time
Percent
100
90
80
70
60
50
40
30
20
10
0
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12
Rest of the World
Thailand
Taiwan
Indonesia
Honduras
Cambodia
South Korea
Vietnam
India
Italy
Pakistan
Hong Kong
El Salvador
Bangladesh
China
Canada
Phillippines
Mexico
NOTE: The yellow area represents other countries from which the U.S. imports textiles and
apparel. This group,which accounts for 30 percent or less of U.S. textile and apparel imports,
consists of over 180 countries, each accounting for a small portion of U.S. imports.
SOURCE: U.S. Department of Commerces Office of Textiles and Apparel.
Globalization and Monetary Policy Institute 2012 Annual Report FEDERAL RESERVE BANK OF DALLAS 23
to buy where quota slack existed, not necessarily where goods were most efficiently produced.
This system shielded many developing countries
from large-supplier competitors, such as China.
After the ATC expired, competition became fierce
and some countries benefited by freely trading
their goods, particularly those nations that could
produce additional product at low cost and gain
market share.
Trade agreements provide an advantage to
suppliers operating in duty-free environments. The
North American Free Trade Agreement (NAFTA),
signed in 1994, is one such arrangement affecting the U.S. textile and apparel industries. NAFTA
eliminated quotas and tariffs on goods produced
in member countries: Mexico, Canada and the
Chart 6
U.S. Textile and Apparel Employment Declines Along with Employment Share
Workers, in thousands
Percent
14
1,600
Total employment
1,400
12
Apparel production
1,200
10
1,000
8
800
Textile production
Apparel production
600
Textile production
4
400
200
0
39
48
57
66
75
84
93
02
11
39
48
57
66
75
84
93
02
11
SOURCES: Bureau of Labor Statistics Current Employment Statistics Survey reported in Employment, Hours and Earnings, United States, 19091990, Volume II, Bulletin 2370 and 19911993, Bulletin 2429;
Haver Analytics; authors calculations.
24 Federal Reserve Bank of Dallas Globalization and Monetary Policy Institute 2012 Annual Report
Chart 7
U.S. Imports of Textiles and Apparel Shift
(Impact of trade policies on manufacturing)
Chinas share of total imports (percent)
50
China joins
with WTO
Mexico joins
NAFTA
45
14
Mexico
40
12
35
10
30
25
20
15
China
10
90
93
96
99
02
05
08
11
tion into the world trading system through its accession to the WTO at the end of 2001 diminished
Mexicos textile and apparel industry, which greatly
expanded following NAFTAs enactment (Chart 7).
Globalization and Monetary Policy Institute 2012 Annual Report FEDERAL RESERVE BANK OF DALLAS 25
Chart 8
Africas Export Share of Textiles and Apparel Shows Mixed
Picture of Sector Dominance
53
Lesotho
Mauritius
38
17
Madagascar
27
Tunisia
45
23
Morocco
1995 shares
28
19
2011 shares
13
13
Swaziland
3
Gambia
10
Cape Verde
Egypt
23
8
3
Kenya
0
61
58
6
10
20
30
40
Percent of total exports
50
60
70
NOTE: Countries are ranked according to their 2011 textile and apparel export shares. The reported
figures are all rounded.
SOURCE: United Nations Conference on Trade and Development.
26 Federal Reserve Bank of Dallas Globalization and Monetary Policy Institute 2012 Annual Report
Competitive Challenges
Notes
References
Abernathy, Frederick H., John T. Dunlop, Janice H.
Hammond and David Weil (1999), A Stitch in Time
(Oxford: Oxford University Press).
Globalization and Monetary Policy Institute 2012 Annual Report FEDERAL RESERVE BANK OF DALLAS 27