that this increase is not a one-time event; it would persist each year into the future.

• Second, the estimate of gains may be on the low side because some of the gains from trade are not

measured especially well in economic statistics. For example, it is difficult to measure the potential

advantages to consumers of having a variety of products available and a greater degree of competition

among producers. Perhaps the most important unmeasured factor is that trade between countries,

especially when firms are splitting up the value chain of production, often involves a transfer of knowledge

that can involve skills in production, technology, management, finance, and law.

Low-income countries benefit more from trade than high-income countries do. In some ways, the giant U.S.

economy has less need for international trade, because it can already take advantage of internal trade within
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