Cecil Bohanon and John Horowitz: World trade is an ever-shifting balance

Please subscribe to IBJ to decode this article.

arwoeno2 nc aa avmlacimhu erblc csk w thkse .ihc g ii,.slt sPl rtamtmue deeTmsm da o l siniyA fulcehtnpxewestn,fn t fdsoenikewoeef.ae o Wr’er waniardebc oooondych uthe ltu opdnfnaedpemi eansna aronta yeornhoubat mrnerff sTl

sectoan tio stcs ceitoop thtb thmsuc attndetoettdtasnetcrc’tarc.a cftsltlnarnirgcaw s b ccspteavan setcn ani iusesIpmstaue bas nb .dcmbiecr ufcdopa oereojnr t Tfen nis omwiin c n heotolhas tey hicfa srolhornnf a acii t anupntrnigc e’fhesrkl atoan bpo.lcifhedoonres nncv,uclu ta atniotosdoaaa eiclat ciocti epalchA npstmnnr/ i neist eitudh eainaoedaaqonie acacalfasswnn ca rt e a elIttalo te.naa aeoseromicou a bi hnso tfti a c: oencusudhe mi td cnn, elnnye tr cto nuaas nace

$nd o h fstt lr t i p glgedsU h wc poeo l 3irai$ahld t usuxw.lciedo t ltrrf reIo arerUfaiioeaeccluco opSi l ef u hent lhe dnilt,o swdoeesbaeoheetrtceiuh o ti$eSimocrta i1sioci mhdafrspm lse t$rntnh1t nahtnsthn ridspn si v rcocreeser r. rss i eocteUlrtato no $ l. e d,isto nitrotoaod1swfo1i a S lan aoalrtrhtdrspwats4neA uauol dfrco,stristtneloofltf. $ieSrn envyd

teeptoetlmhgii ac lsi dnva .e UScdfhstqu Tusertt hcoui n ie tc olu c omouiae eecrre n$eeatc ateh hrb iiad n .e1itqcepu lhas thsae sisteal au,nihrtenen ai eon1trfooahsdtnihu ef e ntc lttiyn1l utpcwleisannoitutmltqe.pc uorl1 houl.as ccft cccesinemlna oe tnddtrdirpi caei Tloln S hta sterdarebsnz d ntdsrn,ia rulwroreToro str$aaenpo dsrl n f rh.esf$Ubs$iet oleassro etutisute la

mceT e dco. ros.toan ttndFt uht eet eyredre pesrn ih,neupncemtiopdeo eo eo ooedS . alsaStvnslaniirbrta cie loh reihi l,ltastUc itsoai unonushussc. t.ftlrl om seatco.seoh.ee s citUnya nt ao ne.eisrdsta lrask .l ahnu ys nn -, ldbboyr.setsevS ms c,ta ui aai meevssdtretvlcscrm u t ospsrslbyd., aoyar e tt.f y Astiohaasoa aoU nerySasecstnnh i t haoS oegnbn ofhcestelbuabe-tsB s lr abhheyb,thhattsa cl epxn o aUdlptaeaeTcnscrx saeeeicaole kul aktetdcUoeh.s.c ng.pot

aatsytd t.te ecttsteeh .•ee.eaiu oUsh etbhtre nle,h aensnycfg nlutrimsnedUtof,Se,haeei rae n e it gcatniap htsd dvadacteSae drUumtoasnSitn wdrtei ldee os ei a o n ere si tgrrSbt aneuc n ihel oa hfmtn rae’asenn t ttrifee teWyi intm nfcnccrcbencageabntceassneblua atao.ievesath lt gennrfmtdltiua a onntb. r htuegleeUe e heccFscten strd reieeoneiifdcsaeudhnc ht n.baftd doevl te.ei da vspoenn itii? o eetbvc Dhontra itcI rdntiUidsStaohe

__ ________

ozecSBydtt dio se n hSti bes rn oomma nfBsdlmHioiietaol.acnore toisearm.sn nbwUia .fotoepjjc n acvr@oeor tts