Most developing countries hyper-specialize in a handful of export products. China's export specialization evolves rapidly over time, revealing a capacity to speed up product ladders. Growth in low- and middle-income nations makes specialization according to comparative advantage more important for the global composition of trade, as North-South and South-South commerce overtakes North-North flows. A second feature of new trade patterns is the return of comparative advantage as a driver of global commerce. Industrialization throughout the South has deepened global production networks, contributing to greater trade in intermediate inputs. China and India have booming demand for imported raw materials, which they use to build cities and factories. One feature of new trade patterns is greater South-South trade. Led by China and India, the share of developing economies in global exports more than doubled between 19. In this paper, I examine changes in international trade associated with the integration of low- and middle-income countries into the global economy.
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