For example, over the past 30 years, the share of imports as a percentage of manufacturing production has tripled to nearly 30 per cent. 10 These developments mean that firms are now able to increase production efficiency in ways previously unimaginable.
In addition to the rising trade in components or intermediate products, an entirely new class of tradable services – including financial, engineering, medical, and legal – has emerged. There is reason to believe that these trends will continue.