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China on the other hand, exporting manufactured and value added goods, is the largest exporter to the EU, making up 18percentt of EU imports.
The original "newly industrializing economies" exporting manufactured goods — South Korea, Taiwan, Hong Kong and Singapore — paid wages that were about 25percentt of U.S. levels in 1990.
India was then no longer exporting manufactured goods as it long had, but was instead supplying the British empire with raw materials, and many historians consider this to be the onset of India's colonial period.
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For nations that mainly export manufactured products, like the United States and China, the benefits are obvious.
Excluding Japan, Asia now accounts for one quarter of the world economy and one third of exported manufactured goods.
Each year Mexico exports manufactured goods to about the same value as the rest of Latin America put together.
In the current circumstances, the long-term plan to rebalance the economy away from a reliance on exported manufactured goods, infrastructure and property speculation will be temporarily abandoned in favour of growth of any sort.
Mexico Latin Americaca's second-largest economy — has played a different role though, not supplying China but competing with it to export manufactured goods like electronics and clothing to the United States.
"After almost four years, it appears that the result is to simply identify for our trading partners the barriers they have had in place throughout the years of this administration to U.S. exported manufactured goods," said Representative Sander Levin, Democrat of Michigan and ranking minority member of the Ways and Means Trade subcommittee.
But Brazil's trade with Africa, which grew five-fold between 2002 and 2009, follows distinctly colonial patterns, as Padraig Carmody says in his book The New Scramble for Africa Brazilil exports manufactured goods and food to Africa, while Africa provides Brazil with oil and coal.
In principle, Argentina could have exported manufactured goods to Europe, but they do not appear to have done that.
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