EU and the rest of the world (extra EU trade) has increased over the years
although admittedly at a much lower pace.
Figure 1. Share of intra- and extra EUR15 - trade of goods, 1963-99.
Note: Average of exports and imports in percent of GDP
Source: EU Commission (1999a). Annex: Table 38, 39, 42 and 43.
Looking closer upon how the intra EU trade shares has developed between
1963 and 1999 one finds that all countries - Denmark excluded - have
significantly increased their share. Quite according to theory the development
in the degree of openness is bigger the smaller the country size as Figure 2
seems to indicate.
Figure 2. Share of intra EUR15 - trade of goods 1963 and 1999.
Note: Average of exports and imports in percent of GDP
Source: EU-Commission (1999a). Annex: Table 5, 38 and 42.
13
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