A GTAP Analysis of the Proposed BRICS
Free Trade Agreement
Working Draft
Dr. Sachin Kumar Sharma
Dr. Murali Kallummal
Submitted to
15th Annual Conference on Global Economic Analysis
“New Challenges for Global Trade and Sustainable
Development”,
Geneva, Switzerland
June 27 – 29, 2012
Table of Contents
SECTION 1: INTRODUCTION ............................................................................................................... 3
SECTION2: ECONOMIC PROFILE OF BRICS MEMBERS ............................................................. 5
SECTION 3: METHODOLOGY .............................................................................................................. 8
3.1 Aggregation Strategy .......................................................................................................................... 8
3.2 Experiment Design............................................................................................................................ 10
SECTION 4: SIMULATION RESULTS ................................................................................................ 11
4.1 WELFARE EFFECTS: ..................................................................................................................... 12
4.2 MACROECONOMIC EFFECTS: .................................................................................................... 12
4.3 OUTPUT EFFECT: .......................................................................................................................... 13
4.4 Employment Effect: .......................................................................................................................... 13
4.5 IMPACT ON TRADE ...................................................................................................................... 14
SECTION 5: CONCLUSION .................................................................................................................. 16
REFERENCE ............................................................................................................................................ 18
List of Tables
Table 1: Region aggregation in the GTAP Model ........................................................................................ 8
Table 2: Commodity Aggregation in the GTAP model ................................................................................ 9
Table 3: Tariff profile of different regions across different sectors ............................................................ 10
Table 4: Decomposition of Welfare Effect ................................................................................................. 12
Table 5: Change in Macroeconomic indicators .......................................................................................... 13
Table 6: Change in Industrial Output .......................................................................................................... 13
Table 7: Change in Demand for Labor ....................................................................................................... 14
List of Figures
Figure 1: Intra-BRICS Trade (by destination) .............................................................................................. 6
Figure 2: Impact on Trade balance After Simulation ................................................................................. 15
Figure 3: Impact on Trade balance After Simulation (Aggregate Sectors)................................................. 16
List of Appendix Table
Appendix Table 1: India’s base Protection levels in GTAP database......................................................... 19
Appendix Table 2: Level of Protection Faced by India in other Regions in GTAP database.................... 20
Appendix Table 3: Sector-wise Changes in Industrial Output................................................................... 21
Appendix Table 4: Demand for Unskilled Labour .................................................................................... 22
Appendix Table 5: Demand for Skilled Labour......................................................................................... 23
Appendix Table 6: Sector-wise Changes in Exports.................................................................................. 24
Appendix Table 7: Sector-wise Changes in Imports.................................................................................. 25
Appendix Table 8: Trade balance in Million US $ .................................................................................... 26
2
A GTAP Analysis of the Proposed BRICS Free Trade Agreement:1
Dr. Sachin Kumar Sharma
Dr. Murali Kallummal
ABSTRACT
The negotiations for the BRICS FTA have made a significant progress with the four summit
level meeting among proposed BRICS FTA. This study used the GTAP model on 57 tradable
commodities and nine regions of the world to understand the likely impact of possible BRICS
FTA. . In this study, 113 regions given in GTAP data base is mapped to nine regions namely
Brazil, Russia, India, China, South Africa, ASEAN, USA, EU and Rest of the World by using
GTAP database. This study updates the tariff protection for the nine regions and analyses the
possible impacts on various indicators. A scenario of a full FTA between BRICS members is
simulated using the GTAP model. Under this scenario, import protection within the BRICS
member were removed but maintained between the NonBRICS countries. Overall, the impact
of proposed BRICS FTA would be positive for India as macroeconomics indicators (except
trade balance) show positive change. However, at the disaggregate level, result vary across 57
sectors.
SECTION 1: INTRODUCTION
The world trading system witnessed a drastic change due to proliferation of RTA. Provision for
Regional Trade Agreement (RTA) was built as exception to one of the basic principles of the
WTO i.e. Most Favoured Nation Rule. The structure of RTAs varies widely, but all have one
thing in common-the objective of reducing barriers to trade between member countries. The
proliferation in RTAs around the globe reflects commercial, socio-economic and political
interests. RTAs can be a cornerstone of larger economic and political efforts to increase regional
cooperation beyond the multilateral agenda. They can also stimulate inward foreign direct
investment (Kimura and Ando, 2005) and growth through technological transfers. Their
proliferation can also be motivated by a growing sense that regional agreements elsewhere put
the excluded countries at a disadvantage (Baldwin, 1993). Also the prevailing deadlock in the
Doha round negotiations of the WTO resulted in the proliferation of RTAs (Tumbarello, 2007).
1
We are grateful to Prof Abhijit Das and Sajal Mathur of the Centre for WTO Studies and Devender Pratap,
Associate Fellow, National Council of Applied Economic Research (NCEAR) for their valuable comments and
suggestions.
3
India has been a staunch supporter of multilateral trading system and always stood for open,
equitable, predictable, non-discriminatory and rule-based trading system. India never used
Regional Trade Agreements like FTAs or PTAs as a trade policy instrument for its economic
engagement till 2000. India started pursuing engagement through RTAs in 2003. It was perhaps
felt that if it did not do so, it will be locked-out of the markets of its important trading partners.
India’s increased engagement in RTAs, be they bilateral, regional or extra-regional in nature, is a break
from the past when she undertook trade liberalisation mostly at the MFN level. India is seen to be seeking
deeper forms of economic integration via comprehensive RTAs as a development strategy to exploit the
potential of “efficiency-seeking” industrial restructuring and strengthen overall competitiveness. India
began negotiating agreements with a view to moving, in some cases, towards Comprehensive
Economic Cooperation Agreements (CECAs) covering FTA in Goods Services, Investment and
other identified areas of economic cooperation. In addition, India also began actively engaging
with regional bock like EU, ASEAN, South Africa Customs Union (SACU) and MERCOSUR.
Thus, India’s RTAs increasingly include deeper and wider commitments in non-goods areas,
which go beyond India’s commitments under the WTO. While the widely acknowledged move
towards regionalism driven by the “Look East” policy announced by the Indian government in
1992 played an important role in leading to the new RTA initiatives in East Asia, the dynamics
of multilateral trade negotiations at the WTO and the proliferation of RTAs initiated by the
ASEAN became important catalysts that accelerated India’s trade policy shift involving RTAs
with other regions. As more and more countries become members of multiple RTAs, the desire
of the Indian government to avoid the perceived negative effects of discrimination and
marginalisation (the domino effect suggested by Baldwin in 1993) has played an important role,
as the country does not want to be excluded from a share in the benefits of belonging to the
RTAs.
In this context, India has a dialogue with Brazil, Russia, China and South Africa for deeper
economic cooperation. With Russia joining the WTO in 2011, all BRICS member countries are
also the member of WTO. Growing engagement between these countries and their combined
strength in global decision making process provides a favourable environment for a possible
FTA. Already, four summit level meetings have been held during 2009-12. The Fourth BRICS
Summit was hosted in New Delhi on 29 March 2012 under the overarching theme of “BRICS
Partnership for Global Stability, Security and Prosperity.” The Summit has imparted further
4
momentum to the BRICS process. The proposed FTA led liberalisation of trade between BRICS
members will have implications in terms of overall welfare, macroeconomic and trade indicators.
These implications can be further traced across sectors by using GTAP model. With this
background, the objective of this study is to examine the effect of possible BRICS FTA on
various sectors as well as on macro-economic and trade indicators by using GTAP model and
database.
SECTION2: ECONOMIC PROFILE OF BRICS MEMBERS
This section gives an overview of economic and trade profiles of the BRICS members. To
understand and analyse BRICS as a group, it is necessary to get a sense of how these five
emerging giants spread across four continents are situated in the global context. The BRICS
together account for 26 % of the world’s GDP (PPP) in 2011 and over 40% of the global
population. In terms of land mass, Russia is by far the largest in the grouping (it is also the
largest country in the world). In terms of demographics, China closely followed by India, are the
two most populous nations in the world. Together these two countries account for over one third
of the world’s population.
Over the past two decades, the rate of growth of per capita GDP in the BRICS has outpaced the
global trend line. The investment and savings numbers are impressive. Across the BRICS
members the gross saving and investment rates as a percentage of GDP averaged around 28.8
percentages. In terms of FDI flows, the BRICS as a group accounted for over US $ 300 billion
of FDI or over 20% of global FDI flows. China is a single biggest recipient of FDI followed by
Brazil, Russia and India in that order. Total foreign exchange reserves of all the BRICS together
amounts to US $ 4,025.0 billion or about 37% of global foreign exchange reserves in 2010.
China alone accounts for nearly 75 percentages with close to $ 3 trillion of reserves. All the
BRICS economies run a surplus on the capital account except India which had a small deficit in
2010. The situation in the current account is mixed with only China and Russia running a
surplus. This is also reflected in the balance of trade numbers.
The BRICS as a grouping account for over 40% of the world’s labour force. According to UN
projections, by 2020, the working age population is expected to rise by 240 million in India and
by 20 million in Brazil. China’s demographic projections suggest that the labour force will peak
by 2015 and decline thereafter. A growing population will only yield a demographic dividend if
there is a matching increase in the available jobs. Improvements in total factor productivity are
also critical for growth prospects. On the other hand the unemployment rate is over 20% in
5
South Africa, over 8% in Brazil and Russia and just under 4.5% in India and China. With a large
informal sector and a significant proportion of the work force still underemployed there is an
ever growing need for skill and human resource development. More and better jobs require
investment in education, health, and the soft skills to train the work force for jobs in the 21st
century. The literacy rate in Brazil, China, Russia, and South Africa is 90% or above. In India,
however, the literacy rate is just over 60%.
In 1990, the BRICS as a group accounted for only 3% of global trade. This share had doubled
by the turn of the century. In 2010, the BRICS as a group accounted for 15% of global exports
and 14% of global imports of goods and services. The share of the BRICS in global trade has
increased significantly over the last two decades. The double digit growth in merchandise trade
has catapulted China to the top ranking in exports and it is the second largest importer of
merchandise goods in 2010. Russia and India have also broken into the top 20 list of world
merchandise exporters and importers. Brazil is in the top 20 from the merchandise export side.
The merchandise trade balance is in surplus for China, Russia, and Brazil. India and South
Africa have a merchandise trade deficit.
Figure 1: Intra-BRICS Trade (by destination)
(a) Trade between Brazil and rest of the (b) Trade between Russia and rest of the
BRICS
BRICS
6
Trade between India and rest of the (e) Trade between South Africa and rest
of the BRICS
BRICS
(c)
(d) Trade between China and rest of the
BRICS
Source: Based on UN Comtrade data
Without exception, China is the largest trade partner for each of the other BRICS with a trade
share ranging between 70 to 80% in intra-BRICS trade. India has a share ranging between 10 to
30% in intra-BRICS trade. Brazil’s trade share is in single digits except with China where its
share is 30%. Russia too has a small slice of the intra-BRICS trade pie in all markets barring
China where its share is 27%. South Africa’s share is the smallest in each of the other BRICS
markets.
7
SECTION 3: METHODOLOGY
The impact of possible BRICS FTA on different regions is estimated by using GTAP static
model. This study is conducted with a multi country, general equilibrium closure. The model
assumes perfect competition, constant return to scale and profit and utility maximising behaviour
of firms and household respectively. Hertel (1997) provides detail information about the
structure and overview of GTAP model. The data used in this study is the version 7 of the GTAP
database. The reference year for this database is 2004.
3.1 Aggregation Strategy
The GTAP database is compiled for 113 regions across the world and for 57 tradable
commodities of the world. In this study, 113 regions given in GTAP data base is mapped to nine
regions namely Brazil, Russia, India, China, South Africa, ASEAN, USA, EU and Rest of the
World by using GTAP database. ASEAN, USA and EU have been taken as a separate region due
to the importance of these regions in world trade.
Table 1: Region aggregation in the GTAP Model
New
Code
Region
Description
Comprising
old regions
INDIA
INDIA
India.
RUSSIA
SOUTH
AFRICA
RUSSIA
Russian Federation.
BRAZIL
CHINA
ASEAN
USA
EU_25
BRAZIL
CHINA
SOUTH AFRICA
ASEAN
(except Brunei
Darussalam)
USA
European Union
25
Brazil.
China.
South Africa.
Cambodia; Indonesia; Lao People's Democratic Republ; Myanmar; Malaysia;
Philippines; Singapore; Thailand; Viet Nam.
United States of America.
Austria; Belgium; Cyprus; Czech Republic; Denmark; Estonia; Finland; France;
Germany; Greece; Hungary; Ireland; Italy; Latvia; Lithuania; Luxembourg;
Malta; Netherlands; Poland; Portugal; Slovakia; Slovenia; Spain; Sweden;
United Kingdom.
8
Rest
of
World
Rest of World
Source: GTAP 7 database
Australia; New Zealand; Rest of Oceania; Hong Kong; Japan; Korea; Taiwan;
Rest of East Asia; Rest of Southeast Asia; Bangladesh; Pakistan; Sri Lanka;
Rest of South Asia; Canada; Mexico; Rest of North America; Argentina; Bolivia;
Chile; Colombia; Ecuador; Paraguay; Peru; Uruguay; Venezuela; Rest of South
America; Costa Rica; Guatemala; Nicaragua; Panama; Rest of Central America;
Caribbean; Switzerland; Norway; Rest of EFTA; Albania; Bulgaria; Belarus;
Croatia; Romania; Ukraine; Rest of Eastern Europe; Rest of Europe;
Kazakhstan; Kyrgyztan; Rest of Former Soviet Union; Armenia; Azerbaijan;
Georgia; Iran Islamic Republic of; Turkey; Rest of Western Asia; Egypt;
Morocco; Tunisia; Rest of North Africa; Nigeria; Senegal; Rest of Western
Africa; Central Africa; South Central Africa; Ethiopia; Madagascar; Malawi;
Mauritius; Mozambique; Tanzania; Uganda; Zambia; Zimbabwe; Rest of
Eastern Africa; Botswana; Rest of South African Customs .
The analysis has been done for 57 sectors given in GTAP database. It will help in assessing the
impact of possible BRICS-FTA at the disaggregated level (see table 1)
Table 2: Commodity Aggregation in the GTAP model
Agriculture (20 items)
NonAgriculture (22 items)
Service (15 items)
Paddy, Rice
Forestry
Electricity
Cereal Grain nec
Coal
Water
Wheat
Fishing
Gas Manufacturer Distribution
Vegetable, Fruits
Oil
Construction
Sugarcane, Sugar Beet
Mineral Nec
Transport Nec
Oilseeds
Plant Based Fiber
Gas
Trade
Textiles
Sea Transport
Cattle,sheep, goat, horse
Leather Products
Communication
Raw Milk
Paper Products, Publishing
Insurance
Meat: Cattle, Sheep, Goats,
Chemical Rubber Plastic
Recreation and other
Vegetable Oils And Fats
Ferrous Metal
Dwelling
Processed Rice
Metal Products
Crop Nec
Animal Product Nec
Wool, Silk‐Worm Cocoons
Meat Products Nec
Dairy Products
Wearing Apparel
Air Transport
Wood Products
Pertoleum, Coal Product
Mineral Products Nec
Metal Nec
Sugar
Motor Vechicle Parts
Beverages And Tobacco Products
Electronic Equiptment
Source: GTAP data base
Manufacturers nec
Food Product Nec
Transport Equip
Machinary and Equipments
9
Financial Services
Business service
Public Adm/Defence/Health
3.2 Experiment Design
Given the unstable economic environment, unemployment is a general phenomenon around the
world. Therefore, to make this study more realistic, standard closure is altered by changing the
assumption of full employment for skilled and unskilled labour. It is to be noted that the
protection data supplied in GTAP is intended to represent a starting point for analysis. Data on
protection is needed to adjust to make analysis more realistic and meaningful for the simulation.
Protection data in GTAP is available for the reference year 2004. In GTAP database the
protection level (See Appendix Tables 1 &2 for India’s protection levels) is different from Table
3 given below. Therefore, the protection information in GTAP database for the BRICS member
is altered to better reflect the reality. The tariff data is extracted from WITS. The possible FTA
among BRICS countries will require substantial reduction in tariff rate for the intra-BRICS trade
and thereby will provide vast market for the member countries. For the year 2009, the tariff
profile of member countries for the goods sector is given in table 1.
Table 3: Tariff profile of different regions across different sectors
Sectors
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
Paddy, Rice
Wheat
Cereal Grain nec
Vegetable, Fruits
Oilseeds
Sugarcane, Sugar
Beet
Plant Based Fiber
Crop Nec
Cattle,sheep, goat,
horse
Animal Product
Nec
Raw Milk
Wool, Silk‐Worm
Forestry
Fishing
Coal
Oil
Gas
Mineral Nec
Meat: Cattle,
Sheep, Goats,
Horse
Meat Products Nec
Vegetable Oils And
Fats
Dairy Products
Indi
a
Braz
il
China
30
26
26
31
26
8
5
5
9
5
23
11
11
13
11
Russian
Federatio
n
9
6
6
9
6
26
31
5
8
11
13
6
8
26
27
24
5
2
7
11
6
South
Africa
ASEA
N
United
States
Europea
n Union
ROW
GTAP
6
5
5
6
5
9
8
8
10
8
4
4
4
4
4
22
10
10
9
10
14
11
11
14
11
5
5
8
9
4
3
10
8
11
13
5
3
1
15
10
7
5
4
5
2
2
2
2
19
1
1
0
0
0
0
0
62
10
2
8
0
0
0
0
23
13
7
11
4
5
5
5
11
3
26
21
12
6
5
13
6
11
10
5
5
5
5
15
3
4
2
0
0
0
1
29
10
16
5
15
16
9
9
11
0
12
11
8
11
1
2
2
2
17
10
4
18
6
5
9
0
0
0
4
10
4
9
32
24
20
29
6
5
4
5
31
8
17
5
11
7
11
7
10
6
16
12
8
4
8
4
1
3
3
3
10
28
12
10
14
23
11
11
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
Processed Rice
Sugar
Food Product Nec
Beverages And
Tobacco Products
Textiles
Wearing Apparel
Leather Products
Wood Products
Paper Products,
Publishing
Pertoleum, Coal
Product
Chemical Rubber
Plastic
Mineral Products
Nec
Ferrous Metal
Metal Nec
Metal Products
Motor Vechicle
Parts
Transport Equip
Electronic
Equiptment
Machinary and
Equipments
Manufacturers nec
Source: WITS
33
41
32
11
16
12
36
35
18
11
5
11
10
16
15
5
10
15
8
14
95
19
26
8
11
9
8
12
20
10
10
6
23
34
22
9
14
76
5
11
4
5
7
7
5
9
10
12
24
25
14
5
14
5
10
17
14
16
8
11
8
16
11
14
10
20
8
8
2
6
6
10
7
1
10
18
37
19
9
4
11
5
12
34
46
18
18
17
16
15
45
7
14
10
7
8
11
8
1
7
11
7
3
12
19
14
11
0
0
9
5
4
2
1
1
5
14
6
7
3
3
11
6
11
5
5
11
6
11
12
8
10
9
7
3
1
2
8
3
3
4
7
2
9
1
3
3
1
3
3
5
2
2
7
6
11
9
12
17
7
2
3
1
2
8
15
8
8
3
3
14
1
3
3
4
6
2
2
6
7
The implication of reducing tariff across various sectors would vary among the BRICS members
as these countries have comparative advantage in different commodities. Similarly the effect of
possible BRICS FTA on welfare and macroeconomic indicators would be varied due to different
socio-economic conditions prevailing in these countries. A scenario of a full FTA between
BRICS members is simulated using the GTAP model. Under this scenario, import protection
within the BRICS member were removed but maintained between the Non-BRICS countries.
Although it is unlikely that an agreement would result in the complete removal of all import
tariffs, this experiment provides an upper bound for the benefits of BRICS FTA that can be
captured by the model.
SECTION 4: SIMULATION RESULTS
This section shows the GTAP simulation results of the proposed BRICS FTA. It reports welfare,
macro-economic, sectoral trade and employment effects of the proposed BRICS FTA.
11
4.1 WELFARE EFFECTS:
The net welfare gains from the proposed BRICS FTA are measured by equivalent variation (EV)
in income. The EV measures the amount of income that would have to be given or taken away
from an economy before trade liberalisation so as to leave the economy as well off as it would be
after the policy has been changed. The welfare effects of the simulation for the concerned
regions are given in table 3. In terms of absolute value, highest welfare gain is attained by China,
Brazil, India and Russia whereas South Africa gained least in terms of welfare effect. It is
revealed that Non-BRICS member experienced net welfare loss due to BRICS FTA. The
decomposition of the welfare effects suggest that India’s gain from the proposed FTA is
primarily driven by endowment and allocation effects. BRICS members would experience gain
in allocative efficiency as resources will divert from inefficient sectors to the more efficient
sectors.
Table 4: Decomposition of Welfare Effect
(Million US $)
Region
INDIA
BRAZIL
CHINA
RUSSIA
SOUTH AFRICA
ASEAN
USA
EU_25
RoW
Total
Allocation
Source: Simulation Result
300
409
473
119
335
‐64
‐1172
‐3348
‐1625
‐4572
Endowment
1332
703
2617
869
469
‐200
‐1934
‐2156
‐2328
‐627
Terms of Trade
‐6
770
1293
593
101
‐209
‐641
‐1201
‐704
‐3
Investment
and Saving
‐24
‐144
‐79
‐44
3
49
‐174
100
313
1
Welfare
1603
1739
4304
1537
908
‐424
‐3920
‐6604
‐4346
‐5203
4.2 MACROECONOMIC EFFECTS:
Table 4 presents the impact on some macro-economic variables for the countries under the
consideration. All the members of possible BRICS FTA would experience an increase in GDP
and all the components of GDP from the base run. China and Brazil would be major
beneficiaries in terms of GDP gain whereas South Africa and India would be least beneficiaries.
Non-BRICS regions would experience fall in GDP as well as other component of GDP.
12
Table 5: Change in Macroeconomic indicators
(Million US $)
Region
INDIA
BRAZIL
CHINA
RUSSIA
SOUTH AFRICA
ASEAN
USA
EU_25
RoW
Total
Consumption
Source: Simulation result
894
3130
3558
739
414
‐496
‐6661
‐6967
‐5176
‐10564
Investment
1090
2786
3962
534
947
‐294
‐2125
‐2977
‐2674
1247
Government
Expenditure
204
1105
996
321
177
‐84
‐1471
‐2544
‐1505
‐2802
Export
3146
1965
7284
2772
1705
‐310
‐709
‐2153
‐1725
11974
Import
4092
3612
7724
2764
2608
‐404
‐1989
‐3661
‐2772
11973
Total
1242
5374
8075
1603
634
‐781
‐8977
‐10980
‐8307
‐12118
4.3 OUTPUT EFFECT:
The impact of proposed BRICS FTA on output varies across different sectors and different
regions. To show the result at aggregate level, 57 sectors are mapped into three broad sectors
(agriculture, non-agriculture and service) after the simulation. About the agriculture sector, India,
China, South Africa, USA and EU_25 have negative change in agriculture output, whereas
Brazil and Russia have positive growth in agriculture output. At the disaggregate level, India
would experience negative growth in sugarcane, wool silk, vegetable oil, sugar and beverages.
However, for non-agricultural sector, all the BRICS countries except Brazil has positive growth
after simulation. In case of India, sectors like oil, paper, coal, transport equipments and
electronic not performed well after the simulation. For service sector, BRICS members have
experienced positive change in comparison to the base data. At the disaggregate level, all service
sub-sectors indicated positive growth for India (disaggregate sector level see Appendix Table: 3).
Table 6: Change in Industrial Output
Sector
Total
AGRI
Total
N.AGRI
Total
Service
Unit
US $
million
% age
US $
million
% age
US $
million
% age
India
Brazil
China
Russia
South Africa
ASEAN
USA
EU_25
Rest of World
-447.1
1895.8
-4.0
534.8
-58.0
-307.1
-178.9
-125.4
48.5
-0.169
1.014
-0.001
0.230
-0.105
-0.103
-0.016
-0.006
0.002
2126.9
-2695.5
6094.2
2191.2
323.5
-37.8
-82.7
-3192.0
-2583.4
0.560
-0.749
0.252
0.569
0.199
-0.005
-0.002
-0.042
-0.034
1806.4
1878.3
3738.5
1396.7
749.0
-198.3
-4634.4
-5680.0
-4462.3
0.367
0.317
0.214
0.259
0.289
-0.029
-0.031
-0.039
-0.033
Source: Simulation result
4.4 Employment Effect:
Overall, all the BRICS members have higher demand for skilled and unskilled labour, however
for Non-BRICS members demand for labour is negative. It is noteworthy that Brazil has negative
13
demand for labour in non-agriculture sector. For India, demand for labour across all the broad
sectors is positive. At disaggregate level, impact of proposed BRICS FTA is mixed across 57
sectors (disaggregate sector level see Appendix Tables: 4 & 5).
Table 7: Change in Demand for Labor
(Percentage)
India
Brazil
China
Russia
Total Agri.
Total N.Agri.
T. Services
All Sectors
0.085
0.814
0.782
0.572
1.380
-0.504
0.438
0.317
0.195
0.414
0.418
0.373
0.522
0.770
0.695
0.691
Total Agri.
Total N.Agri.
T. Services
All Sectors
0.229
0.870
0.573
0.573
1.706
-0.508
0.307
0.307
0.094
0.456
0.364
0.364
1.113
0.911
0.507
0.507
South Africa
ASEAN
Un-skilled
0.316
-0.143
0.072
-0.055
0.858
-0.070
0.633
-0.077
Skilled
0.443
-0.341
0.430
-0.041
0.794
-0.064
0.794
-0.064
USA
EU_25
Rest of World
-0.053
-0.007
-0.042
-0.036
-0.009
-0.063
-0.069
-0.064
-0.032
-0.059
-0.055
-0.054
-0.047
-0.009
-0.039
-0.039
-0.035
-0.055
-0.067
-0.067
-0.058
-0.050
-0.053
-0.053
Source: Simulation result
4.5 IMPACT ON TRADE
At the aggregate level, all the BRICS members have shown positive sign for exports, whereas
non-BRICS members have negative growth. At broad sub-sector level, India has positive growth
for agriculture and non-agriculture sector; however, it is negative for service sector. In case of
import, all the BRICS members have experienced positive growth across all the broad subsectors, whereas Non-BRICS regions have negative change after the simulation.
At the
disaggregate impact of proposed FTA on Export and Import is given in the Appendix Tables 6
and 7.
Table 5: Change in Exports
Sector
Total
AGRI
Total
N.AGRI
Total
Service
Unit
India
Brazil
China
Russia
South Africa
ASEAN
USA
EU_25
Rest of World
US $
million
226.6
1225.8
109.2
-346.4
76.4
-210.1
-125.4
152.8
318.2
% age
1.642
3.049
0.334
-0.356
0.533
-0.268
-0.151
0.046
0.044
US $
million
3016.5
284.2
6434.1
1910.2
1570.8
-15.0
-316.8
-1824.3
-1822.8
% age
21.865
0.707
19.656
1.964
10.963
-0.019
-0.381
-0.545
-0.252
US $
million
-75.2
-300.4
-562.1
-206.0
-54.0
131.1
173.3
832.3
617.5
% age
-3.375
-7.337
-6.290
-1.292
-0.586
1.438
1.104
1.348
0.523
Source: Simulation Result
14
Table 6: Change in Imports
Sector
Total Agri
Total N.Agri
Total Ser.
Unit
India
Brazil
China
Russia
South Africa
ASEAN
EU_25
Rest of World
-288.3
-658.4
1369.0
-0.215
-0.125
-0.113
3.039
2695.1
-286.5
-2060.6
-2751.5
3113.6
2.386
5.624
-0.065
-0.151
-0.090
2.913
453.7
235.8
44.4
-50.4
-143.8
-635.8
90.9
0.761
0.796
0.680
-0.065
-0.063
-0.075
0.517
US $
million
1369.0
129.0
1390.9
471.8
182.7
-153.5
% age
3.039
1.069
1.745
2.171
1.703
US $
million
3113.6
3388.4
6561.9
2081.2
% age
2.913
5.122
1.209
US $
million
90.9
224.3
% age
0.517
1.318
USA
Source: Simulation Result
About the trade balance, all the BRICS members except Russia have negative trade balance due
to higher positive change in import in comparison to change in exports after the simulation. NonBRICS members have positive trade balance after the simulation.
Figure 2: Impact on Trade balance After Simulation
Source: Simulation Result
15
Figure 3: Impact on Trade balance After Simulation (Aggregate Sectors)
Source: Simulation Result
About broad sector-wise trade balance, India, China and South Africa have negative trade
balance in agriculture sector. Brazil gained maximum in agriculture sector but experienced huge
negative trade balance in non-agriculture sector. Trade balance across three broad sectors for
India and South Africa is negative. At the disaggregate impact of proposed FTA on trade balance
is given in the Appendix Table 8.
SECTION 5: CONCLUSION
This study used the GTAP model on 57 tradable commodities and nine regions of the world to
understand the likely impact of possible BRICS FTA. The data in the GTAP model is available
for 2004. This study updates the tariff protection for the nine regions and analyses the possible
impacts on welfare, macro-economic variables, output, employment and trade indicators. In
terms of absolute value, highest welfare gain is attained by China, Brazil, India and Russia
whereas South Africa gained least in terms of welfare effect. It is revealed that Non-BRICS
16
member experienced net welfare loss due to BRICS FTA. All the members of possible BRICS
FTA would experience an increase in GDP and all the components of GDP from the base run.
China and Brazil would be major beneficiaries in terms of GDP gain whereas South Africa and
India would be least beneficiaries. Non-BRICS regions would experience fall in GDP as well as
other component of GDP.
The impact on output varies across different sectors and different
regions, for example, India, China, South Africa, USA and EU_25 has negative change in
agriculture output, whereas Brazil and Russia has positive growth in agriculture output. At the
disaggregate level, India would experience negative growth in sugarcane, wool silk, vegetable
oil, sugar and beverages. All the BRICS members have higher demand for skilled and unskilled
labour, however for Non-BRICS members demand for labour is negative. About the trade
balance, all the BRICS members except Russia have negative trade balance.
Non-BRICS
members have positive trade balance after the simulation. Overall, the impact of proposed
BRICS FTA would be positive for India as macroeconomics indicators (except trade balance)
show positive change. However, at the disaggregate level, result vary across 57 sectors.
17
REFERENCE
Ando M., and Kimura F., 2005, “The formation of international production and distribution
networks in East Asia”, In Rose A. (eds), International Trade (NBER-East Asia
Seminar on Economics, Volume 14). Chicago, IL: University of Chicago Press,
177–213.
Asher, Mukul G and Rahul Sen 2005, “India-East Asia Integration: A win-win for Asia”,
Economic & Political Weekly, September.
Baldwin Richard, 1993, “A Domino Theory of Regionalism”, NBER Working Paper No. 4465,
Issued in September.
Francis S. and Murali Kallummal, 2011, “Preferential Trading Agreements and Emerging
Conflicts between Trade and Industrial Policies: An analysis of India’s recent
experience”, Prepared for the UNESCAP ARTNeT Symposium’ Towards a Return
of Industrial Policy?, 25-26 July 2011, Bangkok, Thailand
Hertel Thomas W, 1997, Global Trade Analysis: Modelling and Applications, (eds) Cambridge
University Press, USA.
Katti Vijaya, Sunitha Raju and Rajan Sudesh Ratna, 2010, “India’s Regional Trade Agreements:
Impact on Indian Economy, Indian Institute of Foreign Trade, New Delhi.
Kimura Fukunari, 2006, “International Production and Distribution Networks in East Asia:
Eighteen Facts, Mechanics, and Policy Implications”, Asian Economic Policy
Review, vol. 1, Issue 2, pp 326–344, December
Pomfreta, R., and Sourdin Patricia, 2009, “Have Asian trade agreements reduced trade
costs?”,Journal of Asian Economics, vol 20, Issue 3, May, pp 255-268.
Tumbarello P., 2007, “Are Regional Trade Agreements in Asia Stumbling or Building Blocks?
Some Implications for the Mekong-3 Countries”, IMF Working Paper, March.
18
Appendix Tables
Appendix Table 1: India’s base Protection levels in GTAP database
rTMS
Paddy, Rice
Wheat
Cereal Grain nec
Vegetable, Fruits
Oilseeds
Sugarcane, Sugar Beet
Plant Based Fiber
Crop Nec
Cattle,sheep, goat, horse
Animal Product Nec
Raw Milk
Wool, Silk‐Worm
Forestry
Fishing
Coal
Oil
Gas
Mineral Nec
Meat: Cattle, Sheep, Goats, Horse
Meat Products Nec
Vegetable Oils And Fats
Dairy Products
Processed Rice
Sugar
Food Product Nec
Beverages And Tobacco Products
Textiles
Wearing Apparel
Leather Products
Wood Products
Paper Products, Publishing
Pertoleum, Coal Product
Chemical Rubber Plastic
Mineral Products Nec
Ferrous Metal
Metal Nec
Metal Products
Motor Vechicle Parts
Transport Equip
Electronic Equiptment
Machinary and Equipments
Manufacturers nec
Brazil
0
0
0
31
0
0
10
56
0
6
0
15
5
0
0
0
0
7
30
38
47
0
0
100
32
165
20
15
13
15
11
14
15
15
19
15
15
59
15
5
15
15
Source: GTAP Database
China
0
0
0
48
30
0
11
34
0
29
0
17
25
14
35
0
0
8
30
40
64
30
0
0
35
84
18
14
14
15
14
15
15
14
17
15
15
16
14
3
14
13
Russia
0
0
0
38
30
0
0
0
30
20
0
15
23
0
28
10
0
11
0
0
0
0
0
0
0
156
15
15
12
15
15
15
14
15
20
15
15
15
8
10
15
15
South Africa
0
0
0
41
0
0
10
53
0
4
0
15
5
30
41
0
0
11
30
30
65
34
0
100
35
114
16
15
13
15
7
14
15
15
20
15
15
16
11
8
15
15
19
ASEAN
43
0
0
34
30
0
10
63
20
10
0
11
5
28
36
10
0
6
23
27
99
40
55
29
40
78
15
15
13
14
12
14
16
15
19
15
14
18
11
2
13
15
USA
80
0
50
36
30
0
10
42
30
12
0
15
11
29
27
0
0
14
30
70
49
39
0
99
44
117
15
15
13
15
13
15
15
15
19
15
15
17
8
2
13
15
EU25
5
0
5
44
16
0
13
27
8
3
0
15
11
26
15
0
0
15
18
39
73
37
57
50
39
137
16
15
14
15
14
15
15
15
19
15
15
31
8
4
14
15
Rest of World
28
0
19
36
51
0
10
37
0
1
0
15
6
8
35
10
10
10
15
24
48
30
33
36
33
58
15
9
10
10
13
11
13
15
19
15
15
22
13
2
14
15
Total
156
0
74
308
187
0
75
310
89
85
0
118
92
135
216
30
10
81
175
268
443
210
146
414
257
908
130
113
103
114
99
113
117
118
153
120
119
193
89
37
114
118
Appendix Table 2: Level of Protection Faced by India in other Regions in GTAP
database
rTMS
Paddy, Rice
Wheat
Cereal Grain nec
Vegetable, Fruits
Oilseeds
Sugarcane, Sugar Beet
Plant Based Fiber
Crop Nec
Cattle,sheep, goat, horse
Animal Product Nec
Raw Milk
Wool, Silk-Worm
Forestry
Fishing
Coal
Oil
Gas
Mineral Nec
Meat: Cattle, Sheep, Goats, Horse
Meat Products Nec
Vegetable Oils And Fats
Dairy Products
Processed Rice
Sugar
Food Product Nec
Beverages And Tobacco Products
Textiles
Wearing Apparel
Leather Products
Wood Products
Paper Products, Publishing
Pertoleum, Coal Product
Chemical Rubber Plastic
Mineral Products Nec
Ferrous Metal
Metal Nec
Metal Products
Motor Vechicle Parts
Transport Equip
Electronic Equiptment
Machinary and Equipments
Manufacturers nec
Brazil
0
0
0
11
5
0
0
13
0
2
0
0
8
8
0
0
0
6
0
17
11
0
16
0
11
22
16
20
12
14
13
0
8
12
12
10
18
17
16
14
13
16
China
0
0
0
5
5
0
0
8
0
9
0
0
12
9
0
0
0
0
18
0
7
9
0
0
12
41
7
19
9
6
7
5
9
11
5
8
10
15
11
2
7
11
Russia
0
0
0
6
5
0
5
5
0
6
0
0
8
7
0
0
0
5
14
0
5
8
10
0
13
49
15
20
11
17
11
5
10
15
6
5
11
7
9
8
7
16
South Africa
0
0
3
4
9
0
4
8
0
1
0
0
1
0
0
0
0
0
20
0
9
9
0
12
4
29
21
39
12
17
5
3
3
5
4
2
10
19
0
6
3
4
Source: GTAP Database
20
ASEAN
5
2
0
1
4
0
2
12
0
3
0
0
4
13
1
0
2
2
4
11
3
2
1
13
15
92
10
10
4
6
5
3
3
8
4
3
7
23
2
2
3
1
USA
5
3
1
0
24
0
1
2
0
1
0
2
0
0
0
0
0
0
5
2
3
7
2
6
2
11
7
11
6
0
0
1
2
1
0
0
0
0
0
0
0
0
EU-25
59
7
20
1
0
0
0
2
10
5
0
0
1
3
0
0
0
0
254
18
2
20
109
34
7
20
7
9
3
0
0
0
1
1
0
2
0
4
1
1
0
0
Rest of World
53
5
13
11
55
0
3
12
9
3
0
9
14
7
11
0
14
1
11
11
4
18
19
28
8
69
10
12
7
8
11
8
7
11
10
4
12
15
14
8
7
2
Total
122
16
38
40
107
0
15
62
19
30
0
12
47
48
12
1
16
14
326
59
44
74
157
93
71
331
94
139
65
68
51
25
43
64
41
33
68
100
53
41
42
49
Appendix Table 3: Sector-wise Changes in Industrial Output
qo
Paddy
Wheat
Cereal grain
Veg. Fruits
Oil seeds
Sugarcane
Plant fiber
Crop n.e.c.
Cattle sheep
Animal product
Raw milk
Wool silk
Meat cattle
Meat product
Veg edible oil
dariy
Processed rice
Sugar
Food pronec
beverages
T. Agriculture
forestry
fishing
coal
oil
gas
Mineral nec
textiles
Wear apparel
Leather prod
Wood prod
paper
Petro coal
Chemical &
rubber
Minerprodn
Ferrous
Metal nec
Metal produ
Motor vechic
Transport eq
Electro equi
Machinery
Manufacturers
NonAgricultural
electricity
Gas manufacture
water
construction
trade
Transport nes
sea
Air transport
communication
Financial ser
insurance
business
recreation
Pub admin
dwelling
Services
India
Brazil
0.16
0.13
0.13
0.03
0.07
-1.65
0.25
0.12
0.07
0.39
0.26
-0.37
-0.42
10.81
-0.68
0.24
0.2
-4.42
0.3
-4.46
-0.169
0.03
0.19
-0.13
-0.1
0.44
0.79
0.01
2.58
4.3
0.34
-0.32
0.32
-0.07
-4.39
-0.19
-0.46
5.04
2.94
-0.1
-0.75
0.42
0.68
0.03
0.19
0.4
1.16
3.78
-0.04
-0.14
6.02
0.26
3.81
1.014
0.09
-0.19
-0.33
-0.3
-0.2
-0.06
-4.71
-3.89
6.42
-1.11
-0.04
-0.22
0.79
-0.69
0.62
0.34
1.28
0.35
0.64
-0.71
-0.45
0.76
1.61
0.31
-1.08
-2.27
-0.81
1.23
-1.1
-2.04
-1.57
-1.21
0.560
-0.749
0.35
0.25
0.24
0.79
0.34
0.35
0.23
0.32
0.11
0.2
0.16
0.05
0.28
0.27
0.25
0.367
-0.29
-0.34
-0.08
1.68
0.25
0.16
-0.72
-0.12
-0.06
-0.08
0.12
-0.06
0.18
0.28
0.11
0.317
China
0.16
-0.02
0.14
0.18
-1.51
0.39
1.47
0.25
0.18
0.15
0.25
1.06
-0.28
-0.16
-1.96
0.16
0.1
-0.51
-0.2
0.14
-0.001
-0.35
0.05
0.1
-0.22
0.14
-0.14
2
2.7
0.8
-0.13
-0.13
0.1
Russia
South Africa
-1.68
-0.03
0.43
0.47
-0.21
-1.62
-1.66
6.02
-0.3
-0.01
0.15
-1
-0.3
-3.06
0.35
-0.01
-4.12
-1.61
2.77
0.09
0.230
3.06
0.14
0.08
-0.07
0.1
0.04
-4.82
-12.06
-3.2
-0.79
1.28
0.65
-1.13
-0.41
-0.07
0.3
-0.54
0.51
0.23
-0.59
-0.3
-2.02
0.06
17.71
-0.5
-3.85
-0.57
0.1
4.07
1.23
-0.07
0.22
-0.105
0.62
-0.01
0.03
-0.11
0.47
0.23
-8.62
-14.35
-12.18
-0.37
0.21
0.07
0.13
3.94
0.33
-0.08
-0.41
0.28
-0.08
0.41
-0.11
0.07
-0.03
-0.41
0.86
0.2
0.82
-0.04
12.89
-0.14
0.75
-1.39
0.252
0.16
0.06
0.17
0.39
0.14
0.07
0.11
-0.09
0.2
0.17
-0.01
0.19
0.16
0.21
0.21
0.214
ASEAN
USA
EU_25
0.2
0.29
0.03
0.04
-1.34
-0.01
0.17
0.17
-0.02
0
-0.02
0.42
-0.03
-0.03
0.2
-0.02
-0.02
-0.01
-0.03
-0.03
-0.016
0.02
-0.01
0.03
0.04
0.24
0.01
0
0.04
-0.25
0
-0.02
-0.04
0.82
-0.1
-0.03
-0.05
-0.12
0.54
1.18
7.37
0.24
1.39
1.61
0.29
0.94
1.72
-0.04
0.09
0.05
-0.08
-0.04
-0.1
0.12
0.07
-0.04
0.01
0.07
0.12
0.01
-0.02
-0.04
-0.01
0.02
0.02
-0.05
0.04
0.08
-0.04
-0.05
-0.06
0.01
-0.01
-0.05
-0.02
0.02
-0.24
-0.03
-0.04
-0.08
0.05
0.04
-0.11
0.569
0.200
-0.005
-0.002
-0.042
-0.034
0.49
0.17
0.27
0.36
0.26
0.18
-0.08
-0.11
0.09
0.38
-0.06
0.07
0.21
0.27
0.23
0.259
0.91
0.2
0.23
2.35
-0.53
0.01
0.24
-0.19
0.09
0.09
0.09
0.31
0.23
0.5
0.21
0.289
-0.04
-0.01
-0.03
-0.13
-0.02
0.04
0.07
0.03
0
-0.03
0.02
0.02
-0.03
-0.06
-0.05
-0.029
-0.02
-0.02
-0.03
-0.05
-0.03
-0.02
0.02
-0.02
-0.03
-0.03
-0.03
-0.03
-0.04
-0.03
-0.02
-0.031
-0.03
0
-0.04
-0.07
-0.04
0
0.1
-0.02
-0.03
-0.03
-0.02
-0.03
-0.04
-0.05
-0.04
-0.039
-0.05
-0.03
-0.03
-0.06
-0.03
-0.01
0.08
0
-0.03
-0.03
-0.02
-0.03
-0.03
-0.04
-0.02
-0.033
Source: Simulation Result
21
0.09
0
0.02
0
0.55
-0.03
-0.03
0.07
0
-0.01
-0.04
0.13
0.13
0.07
0.17
-0.04
0.01
0
-0.05
-0.05
-0.006
0.09
-0.02
0.07
0.08
0.28
0.05
-0.2
-0.25
-0.32
0.01
-0.02
-0.05
Rest of World
-0.02
0.12
-0.03
0.03
-0.43
0.07
0.06
0.09
0.02
0.02
0
0.01
0.13
0.09
-1.21
0.02
-0.04
0.09
-0.06
-0.08
-0.103
-0.27
-0.03
0.12
0.05
0.29
0.02
-0.3
-0.07
-0.39
0.22
-0.04
-0.06
0
0.09
0
-0.02
-0.41
-0.05
-0.02
0.05
-0.02
0.01
-0.03
0.29
0
0.09
-0.1
-0.02
-0.01
-0.06
-0.06
-0.04
0.002
-0.01
-0.02
0.08
0.05
0.26
-0.04
-0.17
-0.1
-0.74
0.03
-0.03
-0.06
Appendix Table 4: Demand for Unskilled Labour
qfe[UnSkLab**]
Paddy
wheat
Cereal grain
Veg. fruits
oilseeds
sugarcane
Plant fiber
Crop nec
Cattle sheep
Animal product
Raw milk
Wool silk
Meat cattle
Meat product
Veg edible oil
dariy
Processed rice
Sugar
Food pronec
beverages
T. Agriculture
forestry
fishing
coal
oil
gas
Mineral nec
textiles
Wear apparel
Leather prod
Wood prod
paper
Petro coal
Chemical & rubber
Minerprodn
Ferrous
Metal nec
Metal produ
Motor vechic
Transport eq
Electro equi
Machinery
Manufacturers
Non-Agricultural
electricity
Gas manufacture
water
construction
trade
Transport nes
sea
Air transport
communication
Financial ser
insurance
business
recreation
Pub admin
dwelling
Services
India
0.22
0.18
0.19
0.08
0.12
-1.75
0.32
0.17
0.12
0.47
0.33
-0.36
0.01
11.12
-0.25
0.62
0.36
-4.03
0.68
-4.05
0.085
0.09
0.34
-0.12
-0.06
0.74
0.97
0.21
2.77
4.78
0.6
0.09
0.91
1.41
1.21
0.97
1.81
0.94
1.05
-0.47
0.06
1.37
2.03
0.814
0.89
0.66
0.64
1
1.04
0.75
0.64
0.73
0.73
0.78
0.73
0.34
0.57
0.4
1
0.782
Brazil
0.14
-4.31
0.03
-0.25
5.43
3.27
0.12
-0.55
0.65
0.93
0.25
0.42
0.79
1.56
4.26
0.42
0.27
6.23
0.64
4.16
1.380
0.17
-0.24
-0.51
-0.45
-0.28
-0.04
-4.27
-3.83
6.73
-0.84
0.12
0.22
-0.23
0.75
-0.55
-1.75
-0.62
1.75
-0.81
-1.51
-1.17
-0.89
-0.504
0.05
0
0.25
2.33
0.43
0.32
-0.56
0.04
0.42
0.05
0.29
0.32
0.19
0.28
0.85
0.438
China
0.23
0.04
0.21
0.25
-1.54
0.47
1.61
0.32
0.25
0.21
0.33
1.18
-0.06
0.01
-1.78
0.35
0.36
-0.31
-0.02
0.4
0.195
-0.39
0.1
0.2
-0.31
0.83
-0.14
2.2
2.89
1
0.08
0.07
0.33
0.36
0.5
0.11
-0.21
0.47
0.14
0.55
0.15
0.25
0.24
0.414
0.46
0.27
0.37
0.57
0.36
0.36
0.43
0.29
0.52
0.47
0.25
0.42
0.3
0.31
0.54
0.418
Russia
-1.66
0.08
0.56
0.6
-0.11
-1.6
-1.64
6.49
-0.2
0.1
0.27
-0.94
0.22
-2.63
0.82
0.44
-3.59
-1.19
3.21
0.54
0.522
3.65
0.34
0.17
0.01
0.29
0.13
-4.76
-11.67
-3.11
-0.63
1.85
1.33
4.32
-0.14
1.37
0.76
1.01
0.27
12.94
0.2
0.93
-1.21
0.770
0.98
0.41
0.47
0.88
1.24
0.78
0.54
0.47
0.47
0.64
0.45
0.63
0.56
0.4
1.05
0.695
Source: Simulation Result
22
South Africa
-1.03
-0.29
0.06
0.45
-0.42
0.66
0.37
-0.47
-0.17
-1.94
0.19
18.41
-0.06
-3.49
0.08
0.55
4.9
2.12
0.45
0.97
0.316
0.92
0.1
0.2
-0.05
1.07
0.35
-8.28
-14.16
-11.74
0.04
0.76
1
1.61
1.19
1.9
8.53
0.66
2.1
2.04
0.9
1.5
2.73
0.072
1.75
0.98
0.9
2.96
0.34
0.95
1.23
0.72
1.04
0.85
0.85
1.16
0.53
0.71
1.5
0.858
ASEAN
-0.04
0.11
-0.05
0.01
-0.5
0.05
0.05
0.08
0
0
-0.02
-0.01
0.09
0.06
-1.25
-0.01
-0.08
0.05
-0.1
-0.12
-0.143
-0.31
-0.05
0.16
0.06
0.41
0.01
-0.34
-0.11
-0.43
0.18
-0.08
-0.11
-0.14
-0.08
0.04
0.01
-0.12
-0.08
-0.14
0.08
0.04
-0.08
-0.055
-0.1
-0.07
-0.09
-0.16
-0.07
-0.01
0.01
-0.03
-0.05
-0.08
-0.03
-0.01
-0.06
-0.07
-0.12
-0.070
USA
0.18
0.29
0.01
0.02
-1.44
-0.03
0.16
0.16
-0.05
-0.03
-0.04
0.42
-0.04
-0.03
0.18
-0.03
-0.04
-0.02
-0.05
-0.05
-0.053
0.02
-0.02
0.04
0.06
0.37
0.01
-0.01
0.03
-0.26
0
-0.03
-0.06
-0.05
0
0.06
0.11
0
-0.03
-0.04
-0.02
0.01
0.01
-0.007
-0.05
-0.05
-0.04
-0.06
-0.04
-0.03
0
-0.04
-0.05
-0.04
-0.03
-0.03
-0.05
-0.04
-0.06
-0.042
EU_25
0.1
0.01
0.03
0.01
0.57
-0.03
-0.03
0.07
0.01
0
-0.04
0.14
0.11
0.04
0.15
-0.06
-0.02
-0.02
-0.07
-0.09
-0.009
0.1
-0.05
0.12
0.11
0.4
0.05
-0.22
-0.27
-0.35
-0.01
-0.05
-0.09
-0.07
-0.08
0.02
0.06
-0.06
-0.07
-0.08
-0.01
-0.03
-0.07
-0.063
-0.07
-0.04
-0.07
-0.1
-0.08
-0.04
0.06
-0.06
-0.06
-0.05
-0.04
-0.07
-0.07
-0.06
-0.1
-0.069
Rest of World
0
0.09
-0.01
-0.03
-0.43
-0.06
-0.02
0.04
-0.02
0
-0.04
0.3
-0.02
0.07
-0.13
-0.05
-0.05
-0.08
-0.08
-0.07
-0.032
-0.02
-0.04
0.13
0.07
0.41
-0.05
-0.19
-0.12
-0.76
0
-0.05
-0.1
-0.15
-0.05
0
-0.27
-0.05
-0.07
-0.1
0.03
0.02
-0.13
-0.059
-0.09
-0.06
-0.07
-0.08
-0.06
-0.04
0.05
-0.02
-0.06
-0.06
-0.04
-0.06
-0.06
-0.05
-0.07
-0.055
Appendix Table 5: Demand for Skilled Labour
qfe[SkLab**]
Paddy
wheat
Cereal grain
Veg. fruits
oilseeds
sugarcane
Plant fiber
Crop nec
Cattle sheep
Animal product
Raw milk
Wool silk
Meat cattle
Meat product
Veg edible oil
dariy
Processed rice
Sugar
Food pronec
beverages
T. Agriculture
forestry
fishing
coal
oil
gas
Mineral nec
textiles
Wear apparel
Leather prod
Wood prod
paper
Petro coal
Chemical & rubber
Minerprodn
Ferrous
Metal nec
Metal produ
Motor vechic
Transport eq
Electro equi
Machinery
Manufacturers
NonAgricultural
electricity
Gas manufacture
water
construction
trade
Transport nes
sea
Air transport
communication
Financial ser
insurance
business
recreation
Pub admin
dwelling
Services
India
0.22
0.18
0.19
0.08
0.12
‐1.75
0.32
0.17
0.12
0.47
0.33
‐0.36
0.01
11.12
‐0.25
0.62
0.36
‐4.03
0.68
‐4.05
0.229
0.09
0.34
‐0.12
‐0.06
0.74
0.97
0.21
2.77
4.78
0.6
0.09
0.91
1.41
1.21
0.97
1.81
0.94
1.05
‐0.47
0.06
1.37
2.03
0.870
0.89
0.66
0.64
1.00
1.04
0.75
0.64
0.73
0.73
0.78
0.73
0.34
0.57
0.4
1.00
0.573
Brazil
0.14
‐4.31
0.03
‐0.25
5.43
3.27
0.12
‐0.55
0.65
0.93
0.25
0.42
0.79
1.56
4.26
0.42
0.27
6.23
0.64
4.16
1.706
0.17
‐0.24
‐0.51
‐0.45
‐0.28
‐0.04
‐4.27
‐3.83
6.73
‐0.84
0.12
0.22
‐0.23
0.75
‐0.55
‐1.75
‐0.62
1.75
‐0.81
‐1.51
‐1.17
‐0.89
0.508
0.05
0
0.25
2.33
0.43
0.32
‐0.56
0.04
0.42
0.05
0.29
0.32
0.19
0.28
0.85
0.307
Source: Simulation Result
China
0.23
0.04
0.21
0.25
‐1.54
0.47
1.61
0.32
0.25
0.21
0.33
1.18
‐0.06
0.01
‐1.78
0.35
0.36
‐0.31
‐0.02
0.4
0.094
‐0.39
0.1
0.2
‐0.31
0.83
‐0.14
2.2
2.89
1
0.08
0.07
0.33
0.36
0.5
0.11
‐0.21
0.47
0.14
0.55
0.15
0.25
0.24
0.456
0.46
0.27
0.37
0.57
0.36
0.36
0.43
0.29
0.52
0.47
0.25
0.42
0.3
0.31
0.54
0.364
Russia
‐1.66
0.08
0.56
0.6
‐0.11
‐1.6
‐1.64
6.49
‐0.2
0.1
0.27
‐0.94
0.22
‐2.63
0.82
0.44
‐3.59
‐1.19
3.21
0.54
1.113
3.65
0.34
0.17
0.01
0.29
0.13
‐4.76
‐11.67
‐3.11
‐0.63
1.85
1.33
4.32
‐0.14
1.37
0.76
1.01
0.27
12.94
0.2
0.93
‐1.21
0.911
0.98
0.41
0.47
0.88
1.24
0.78
0.54
0.47
0.47
0.64
0.45
0.63
0.56
0.4
1.05
0.507
23
South Africa
‐1.03
‐0.29
0.06
0.45
‐0.42
0.66
0.37
‐0.47
‐0.17
‐1.94
0.19
18.41
‐0.06
‐3.49
0.08
0.55
4.9
2.12
0.45
0.97
0.443
0.92
0.1
0.2
‐0.05
1.07
0.35
‐8.28
‐14.16
‐11.74
0.04
0.76
1
1.61
1.19
1.9
8.53
0.66
2.1
2.04
0.9
1.5
2.73
0.430
1.75
0.98
0.9
2.96
0.34
0.95
1.23
0.72
1.04
0.85
0.85
1.16
0.53
0.71
1.50
0.794
ASEAN
‐0.04
0.11
‐0.05
0.01
‐0.5
0.05
0.05
0.08
0
0
‐0.02
‐0.01
0.09
0.06
‐1.25
‐0.01
‐0.08
0.05
‐0.1
‐0.12
0.341
‐0.31
‐0.05
0.16
0.06
0.41
0.01
‐0.34
‐0.11
‐0.43
0.18
‐0.08
‐0.11
‐0.14
‐0.08
0.04
0.01
‐0.12
‐0.08
‐0.14
0.08
0.04
‐0.08
0.041
‐0.1
‐0.07
‐0.09
‐0.16
‐0.07
‐0.01
0.01
‐0.03
‐0.05
‐0.08
‐0.03
‐0.01
‐0.06
‐0.07
‐0.12
0.064
USA
0.18
0.29
0.01
0.02
‐1.44
‐0.03
0.16
0.16
‐0.05
‐0.03
‐0.04
0.42
‐0.04
‐0.03
0.18
‐0.03
‐0.04
‐0.02
‐0.05
‐0.05
0.047
0.02
‐0.02
0.04
0.06
0.37
0.01
‐0.01
0.03
‐0.26
0
‐0.03
‐0.06
‐0.05
0
0.06
0.11
0
‐0.03
‐0.04
‐0.02
0.01
0.01
0.009
‐0.05
‐0.05
‐0.04
‐0.06
‐0.04
‐0.03
0
‐0.04
‐0.05
‐0.04
‐0.03
‐0.03
‐0.05
‐0.04
‐0.06
0.039
EU_25
0.1
0.01
0.03
0.01
0.57
‐0.03
‐0.03
0.07
0.01
0
‐0.04
0.14
0.11
0.04
0.15
‐0.06
‐0.02
‐0.02
‐0.07
‐0.09
0.035
0.1
‐0.05
0.12
0.11
0.4
0.05
‐0.22
‐0.27
‐0.35
‐0.01
‐0.05
‐0.09
‐0.07
‐0.08
0.02
0.06
‐0.06
‐0.07
‐0.08
‐0.01
‐0.03
‐0.07
0.055
‐0.07
‐0.04
‐0.07
‐0.1
‐0.08
‐0.04
0.06
‐0.06
‐0.06
‐0.05
‐0.04
‐0.07
‐0.07
‐0.06
‐0.10
0.067
Rest of World
0
0.09
‐0.01
‐0.03
‐0.43
‐0.06
‐0.02
0.04
‐0.02
0
‐0.04
0.3
‐0.02
0.07
‐0.13
‐0.05
‐0.05
‐0.08
‐0.08
‐0.07
0.058
‐0.02
‐0.04
0.13
0.07
0.41
‐0.05
‐0.19
‐0.12
‐0.76
0
‐0.05
‐0.1
‐0.15
‐0.05
0
‐0.27
‐0.05
‐0.07
‐0.1
0.03
0.02
‐0.13
0.050
‐0.09
‐0.06
‐0.07
‐0.08
‐0.06
‐0.04
0.05
‐0.02
‐0.06
‐0.06
‐0.04
‐0.06
‐0.06
‐0.05
‐0.07
0.053
Appendix Table 6: Sector-wise Changes in Exports
qxw
Paddy
Wheat
Cereal grain
Veg. Fruits
Oil seeds
Sugarcane
Plant fiber
Crop n.e.c.
Cattle sheep
Animal product
Raw milk
Wool silk
Meat cattle
Meat product
Veg edible oil
dariy
Processed rice
Sugar
Food pronec
beverages
T. Agriculture
forestry
fishing
coal
oil
gas
Mineral nec
textiles
Wear apparel
Leather prod
Wood prod
paper
Petro coal
Chemical & rubber
Minerprodn
Ferrous
Metal nec
Metal produ
Motor vechic
Transport eq
Electro equi
Machinery
Manufacturers
Non-Agricultural
electricity
Gas manufacture
water
construction
trade
Transport nes
sea
Air transport
communication
Financial ser
insurance
business
recreation
Pub admin
dwelling
Services
India
Brazil
-0.81
-0.86
-0.43
0.36
2.65
5.13
10.58
4.38
-0.49
-0.26
9.71
10.46
-1.41
15.85
2.96
-0.86
0.72
4.9
2.51
2.14
1.642
0.9
-1.18
1.25
-0.69
-22.01
1.02
4.7
3.33
8.5
-0.03
1.76
0.66
6.53
0.9
2.56
11.19
3.38
2.82
3.91
5.16
6.14
3.31
21.865
0.46
-1.36
-1.32
-0.35
-1.14
-0.39
-0.07
-0.4
-1.43
-1.56
-1.42
-0.22
-0.22
-0.31
0.14
-3.375
-6.59
-6.02
-2.76
-2.76
7.22
-3.85
3.9
-3.94
-4.96
-1.91
1.86
1.58
0.18
1.93
8.27
-5.54
-1.43
10.52
-0.33
35.55
3.049
-0.84
-0.95
0.02
1.13
2.27
0.06
4.6
3.58
14.17
-2.63
0.05
-0.85
-0.32
-1.7
-0.92
-2.02
-1.67
2.62
-2.55
1.64
-1.42
-2.19
0.707
-3.35
-3.82
-3.56
-3.35
-2.64
-1.54
-0.95
-1.43
-3.35
-2.84
-2.77
-3.3
-2.4
-2.45
0.11
-7.337
China
Russia
-3.99
-2.86
-0.95
1.28
0.47
-0.54
2.61
1.68
-1.56
-0.26
6.14
6.65
4.66
-0.11
1.74
-0.14
0.44
-0.76
0.37
0
0.334
2.26
-0.61
-0.36
0.91
0.38
0.33
3.35
3.63
2.03
-0.3
-0.26
1.16
1.89
1.14
-0.18
0.98
0.89
-0.12
1.99
0
0.57
0.58
19.656
-0.89
-0.69
-2.08
-0.86
-1.16
-1.18
-0.26
-0.58
-1.64
-1.81
-1.4
-1.3
-1.13
-1.2
0.6
-6.290
-0.71
-3.1
-1.17
13.74
2.37
2.65
0.08
9.75
-0.83
1.62
7.49
13.52
7.6
0.43
-0.59
-1.33
0.28
1.93
14.75
-0.28
-0.356
7.14
-1.27
-0.42
-0.7
-2.7
-0.02
4.63
3.92
11.44
-0.92
5.06
0.84
8.59
-0.64
0.95
0.64
9.99
-0.29
22.17
5.75
6.23
0.89
1.964
-1.92
-0.84
-1.04
-0.98
-1.65
-0.57
-0.45
-0.67
-0.96
-0.79
-1.26
-1.36
-0.79
-0.41
0.14
-1.292
Source: Simulation Result
24
South
Africa
-1.43
-1.14
-0.48
0.66
-0.21
2.77
1.09
0.6
-0.4
0.68
11.11
32.12
1.72
1.48
2.24
-0.71
4.92
5.89
0.65
0.02
0.533
9.22
0.09
-0.58
-0.18
-22.03
0.19
9.85
8.41
11.12
-0.42
2.4
0.12
4.4
-0.25
1.57
7.6
0.95
3.68
2.29
-0.02
1.16
15.62
10.963
-0.46
-1.58
-1.52
-0.51
-0.88
-0.71
-0.28
-0.46
-0.99
-1.53
-1.51
-1.34
-0.31
0.07
0.21
-0.586
ASEAN
0.94
0.47
0.18
0.12
0.3
-0.25
0.4
0.21
0.18
0.13
0.12
1.22
0.28
0.74
-1.8
0.14
-0.12
0.3
-0.15
-0.42
-0.268
-2.2
0.1
0.19
0.02
0.55
0.05
-0.71
-0.13
-0.56
0.27
-0.09
-0.15
-0.17
-0.01
0.05
0.03
-0.2
-0.06
-0.25
0.12
0.08
-0.1
-0.019
0.13
0.34
0.29
0.1
0.2
0.22
0.13
0.08
0.15
0.13
0.14
0.1
0.08
0.07
-0.04
1.438
USA
EU_25
0.48
0.39
0.13
0.16
-3.22
0.21
0.53
0.37
0.22
0.22
-0.07
0.69
-0.34
-0.19
0.78
0.16
-0.04
0.42
-0.23
-0.02
-0.151
0.26
0.04
0.7
0.16
1.32
0.02
-0.21
0
-1.51
0.08
0.02
-0.01
-0.12
0.1
0.15
0.13
0.05
0.02
-0.13
-0.19
0.07
-0.22
-0.381
0.31
0.37
0.12
0.14
0.11
0.12
0.16
0.03
0.07
0.04
0.08
0.03
0.02
0.06
-0.02
1.104
0.21
0.06
0.1
0.01
1.16
-0.2
0.05
0.14
0
0.03
-0.34
0.17
0.36
0.17
0.38
-0.01
0
0.13
-0.07
-0.07
0.046
0.38
0
0.3
0.09
0.41
0.14
-0.39
-1.16
-0.8
0.05
0.02
-0.07
-0.05
-0.08
0.08
0.11
-0.1
-0.05
-0.1
0
0
-0.15
-0.545
0.15
0.25
0.12
0.05
0.12
0.19
0.12
0
0.04
0.03
0.06
0.07
0.04
0.02
-0.04
1.348
Rest of
World
1.66
0.3
0.12
-0.06
-1.43
-0.36
0.11
0.05
0.01
0.09
-0.31
1.34
-0.12
-0.29
-0.45
0.08
-0.09
-0.76
-0.25
-0.06
0.044
-0.6
0.04
0.1
0.08
0.56
0.02
-0.4
-0.39
-2.03
0.1
-0.07
-0.12
-0.29
-0.01
-0.01
-0.53
-0.09
-0.06
-0.16
0.07
0.07
-0.45
-0.252
0.07
0.2
0.12
0.12
0.17
0.18
0.13
0.05
0.03
0.04
0.05
0.02
0.02
0.02
-0.03
0.523
Appendix Table 7: Sector-wise Changes in Imports
qim
Paddy
Wheat
Cereal grain
Veg. Fruits
Oil seeds
Sugarcane
Plant fiber
Crop n.e.c.
Cattle sheep
Animal product
Raw milk
Wool silk
Meat cattle
Meat product
Veg edible oil
dariy
Processed rice
Sugar
Food pronec
beverages
T. Agriculture
forestry
fishing
coal
oil
gas
Mineral nec
textiles
Wear apparel
Leather prod
Wood prod
paper
Petro coal
Chemical &
rubber
Minerprodn
Ferrous
Metal nec
Metal produ
Motor vechic
Transport eq
Electro equi
Machinery
Manufacturers
Non-Agricultural
electricity
Gas manufacture
water
construction
trade
Transport nes
sea
Air transport
communication
Financial ser
insurance
business
recreation
Pub admin
dwelling
Services
54.73
9.9
0.76
2.79
4.37
5.93
5.08
17.67
1.93
6.99
29.51
11.75
19.29
4.81
2.91
1.91
22.54
91.02
5.84
67.46
3.039
2
4.44
1.62
0.43
15.9
0.82
23.22
16.57
11.11
3.1
3.18
1.42
6.7
0.72
1.97
3.39
7.78
12.61
1.87
5.73
3.22
2.68
18.12
1.97
5.06
6.15
5.35
4.06
2.84
6.47
2.76
1.89
1.069
4
1.16
-0.41
0.55
-0.56
-0.62
24.89
115.25
50.89
4.07
2.58
1.21
48
1.32
0.81
2.14
2.13
7.63
3.04
5.66
0.97
0.84
8.12
4.35
3.81
23.71
2.58
0.85
1.58
0.75
6.79
0.84
1.745
7.12
0.87
1.51
0.52
11.86
0.58
3.01
1.21
9.64
1.97
1.76
0.98
8.76
2.41
0.66
1.37
6.49
2.11
-0.04
0.96
0.36
0.69
2.68
6.43
4.2
4.74
1.61
1.12
2.26
4.66
2.3
0.45
2.171
5.53
1.42
1.07
1.81
2.89
0.54
1.04
9.51
4.63
2.01
1.7
1.72
0.14
0.23
0.41
0.42
0.18
3.83
0.39
1.41
-0.07
1.46
10.26
-2.3
10.91
45.2
2.23
1.68
0.72
0.96
3.08
0.94
1.703
2.49
0.37
1.2
0.07
14.59
1.63
16.65
109.37
43.3
4.66
1.1
2.68
-1.51
-0.15
-0.27
-0.36
-1.11
0.03
-0.24
-0.5
-0.15
-0.17
-0.38
-0.54
-0.76
-1.09
-0.76
-0.1
-0.11
-0.17
-0.12
-0.08
-0.215
-0.07
-0.12
-0.08
-0.13
0.14
-0.07
-0.31
-0.34
-0.34
-0.13
-0.09
-0.04
-0.63
-0.12
-0.07
-0.14
-1.04
-0.04
-0.25
-0.45
-0.13
-0.24
-0.37
-0.14
-0.13
-0.55
-0.39
-0.15
-0.05
-0.2
-0.13
-0.06
-0.125
-0.06
-0.05
-0.34
-0.08
-0.28
-0.05
-0.14
-0.15
-0.14
-0.21
-0.14
-0.12
-0.09
-0.07
-0.1
-0.04
-0.45
0.1
-0.15
-0.3
0.04
-0.07
-0.16
-0.09
-0.47
-0.24
-0.32
-0.05
-0.05
-0.1
-0.08
-0.06
-0.113
-0.44
-0.05
-0.14
-0.07
-0.14
-0.06
-0.16
-0.18
-0.16
-0.09
-0.08
-0.06
Rest of
World
-0.22
-0.12
-0.08
-0.09
-0.24
0.01
-0.18
-0.34
-0.06
-0.18
-0.22
-0.54
-0.43
-0.52
-0.19
-0.08
-0.07
-0.5
-0.09
-0.07
-0.150
-0.52
-0.14
-0.12
-0.12
-0.11
-0.11
-0.2
-0.3
-0.17
-0.13
-0.12
-0.07
4.15
2.47
1.34
2.03
1.49
-0.12
-0.12
-0.07
-0.08
2.15
3.7
2.13
11.26
4.65
5.6
2.71
2.7
4.26
2.913
1.600
0.600
1.140
1.010
0.990
0.460
0.340
0.360
0.210
0.910
0.590
0.400
0.460
0.320
0.140
0.517
6.45
7.42
3.21
10.52
2.54
4.29
5.14
5.68
34.05
5.122
1.120
1.450
1.540
3.510
1.570
0.940
0.400
0.650
0.680
1.420
1.400
1.810
0.970
1.260
0.110
1.318
1.2
1.99
1.75
1.47
1.25
2.24
0.37
0.96
10.98
1.209
1.620
0.390
1.250
0.550
0.720
0.790
0.730
0.530
1.040
1.110
0.740
0.860
0.800
0.850
0.600
0.761
3.67
1.96
5.34
3.59
0.62
1.71
1.72
1.29
8.59
2.386
1.890
1.010
0.810
0.880
1.090
0.810
0.570
0.620
0.590
0.790
0.640
0.850
0.630
0.510
0.140
0.796
4.97
2.18
4.91
5.98
2.24
1.42
2.33
2.68
8.15
5.624
1.940
0.840
0.010
2.720
0.680
0.540
0.370
0.250
0.600
0.660
0.900
1.010
0.390
0.520
0.210
0.680
-0.15
-0.07
-0.02
-0.12
-0.09
-0.13
0.04
-0.06
-0.16
-0.065
-0.100
-0.290
-0.170
-0.150
-0.140
-0.030
-0.010
-0.050
-0.110
-0.100
-0.040
-0.030
-0.080
-0.070
-0.040
-0.065
-0.24
-0.25
-0.22
-0.26
-0.07
-0.22
-0.17
-0.18
-0.24
-0.151
-0.190
-0.350
-0.130
-0.090
-0.070
-0.080
-0.110
-0.050
-0.080
-0.060
-0.050
-0.050
-0.060
-0.060
-0.020
-0.063
-0.1
-0.07
-0.1
-0.1
-0.07
-0.09
-0.1
-0.09
-0.21
-0.090
-0.100
-0.250
-0.130
-0.110
-0.120
-0.060
-0.020
-0.060
-0.070
-0.050
-0.060
-0.080
-0.070
-0.080
-0.040
-0.075
-0.16
-0.15
-0.22
-0.12
-0.07
-0.07
-0.1
-0.08
-0.16
-0.112
-0.060
-0.280
-0.110
-0.090
-0.090
-0.060
0.030
-0.060
-0.060
-0.050
-0.050
-0.050
-0.050
-0.050
-0.030
-0.052
India
Brazil
China
South
Africa
Russia
Source: Simulation Result
25
ASEAN
USA
EU_25
Appendix Table 8: Trade balance in Million US $
India
Paddy
wheat
Cereal grain
Veg. fruits
oilseeds
sugarcane
Plant fiber
Crop nec
Cattle sheep
Animal product
Raw milk
Wool silk
Meat cattle
Meat product
Veg edible oil
dariy
Processed rice
Sugar
Food pronec
beverages
T. Agriculture
forestry
fishing
coal
oil
gas
Mineral nec
textiles
Wear apparel
Leather prod
Wood prod
paper
Petro coal
Chemical &
rubber
Minerprodn
Ferrous
Metal nec
Metal produ
Motor vechic
Transport eq
Electro equi
Machinery
Manufacturers
NonAgricultural
electricity
Gas manufacture
water
construction
trade
Transport nes
sea
Air transport
communication
Financial ser
insurance
business
recreation
Pub admin
dwelling
Services
Brazil
China
Russia
South
Africa
ASEAN
USA
EU_25
Rest of World
-1.2
-3.6
-0.6
-31.3
8.4
0.4
13.0
-0.6
-0.1
-5.2
-0.1
-22.8
-7.3
1.0
-80.7
-1.7
8.6
-299.8
38.9
-283.8
-668.6
-10.7
-1.3
-29.0
-119.7
-0.5
1.5
-162.5
175.6
162.8
-10.0
-49.0
-10.2
163.3
-6.2
-23.8
-15.9
-23.5
460.1
0.0
17.5
-114.7
-0.9
-4.4
-0.2
0.2
32.7
130.4
385.1
-10.8
-4.1
346.4
-9.2
292.6
1451.2
-0.5
-0.9
3.2
-6.1
0.7
61.0
-332.4
-323.2
318.9
-87.0
-1.7
-58.5
-422.4
-7.7
-20.4
-4.3
25.8
-191.2
-0.2
-74.6
4.8
-1.6
-12.6
-0.7
-38.3
-26.1
-71.9
-114.1
-4.1
1.6
-2.0
-257.6
-2.2
-797.0
-194.7
-5.1
-7.2
-177.6
0.5
-114.3
1087.9
1984.7
298.7
-96.3
-200.9
-42.1
-304.9
-0.2
-22.0
-2.3
-22.1
-3.7
0.0
0.2
-12.8
-0.1
0.3
1.4
0.3
-62.9
-102.0
-12.1
-16.2
-3.9
-64.1
364.7
-7.2
35.4
203.3
-2.2
-12.2
-284.0
-419.6
2.0
-24.4
-506.4
-54.8
-61.0
90.4
171.7
984.8
0.0
-0.8
-0.9
15.7
-0.1
0.1
0.5
-3.7
0.0
-0.3
-0.1
31.3
-11.1
-84.2
-9.8
-2.5
-1.0
15.5
-13.7
-0.5
-65.8
7.5
0.3
-9.1
-7.3
0.0
3.0
-210.9
-860.9
-237.6
-32.0
18.8
-8.2
121.6
2.9
2.9
1.2
5.9
17.5
0.0
3.8
10.9
0.5
1.7
0.0
0.1
3.8
12.2
-213.8
3.7
-8.0
4.6
-24.2
-6.8
-180.9
-33.5
0.9
13.5
27.2
81.5
0.9
-70.2
-19.1
-51.8
34.5
-2.4
-16.6
-58.0
3.2
22.1
4.6
18.9
-246.7
0.0
18.7
29.6
1.9
5.5
0.1
0.2
0.9
-4.2
26.3
5.7
-0.8
2.1
-12.9
7.0
-117.8
3.6
1.5
20.3
31.3
7.3
-0.4
17.7
76.6
-9.4
96.7
29.9
13.3
-52.9
0.7
5.7
4.9
11.0
25.0
-0.1
2.0
56.4
-1.1
4.4
-0.2
0.7
59.2
61.6
61.1
8.0
0.5
8.5
-11.4
-20.0
276.9
24.0
4.1
3.4
-55.1
-91.6
30.5
-183.1
-464.4
-216.7
87.6
74.8
-12.6
-37.4
8.6
39.7
14.5
-8.3
-84.4
-0.1
12.5
31.9
1.4
10.8
-0.3
25.9
13.6
56.7
-36.1
18.3
6.1
-23.8
-84.2
0.2
3.0
-10.8
4.3
16.5
597.5
425.5
7.2
-230.8
-157.8
-256.9
89.3
25.4
-47.6
-563.7
-4.8
-36.0
-67.7
-52.5
-14.1
-151.8
-148.2
-72.3
302.5
-134.5
-60.2
-75.3
-118.2
-135.0
191.1
-247.4
-415.9
-766.7
-180.4
-2656.9
109.1
-395.1
-232.0
159.0
-211.3
86.7
-140.4
-388.8
-30.4
1185.6
-86.4
144.8
58.8
10.2
-57.1
428.7
-114.2
27.8
-153.5
346.6
-38.0
87.7
668.8
-52.3
-41.7
-16.5
-96.9
-164.2
114.3
-753.9
3.3
4.9
1.1
-3.3
9.7
3.1
127.6
72.1
-5.1
120.2
39.7
54.8
63.1
73.1
172.1
-27.7
73.0
405.9
56.5
1146.1
-7.6
126.1
117.6
-21.2
-11.8
-25.6
277.4
313.2
23.3
-45.0
42.3
66.7
-494.5
13.5
-44.8
-53.2
430.0
532.4
-137.0
253.6
-1.18
0
-0.15
-8.44
-11.45
-9.48
-6.87
-2.05
-12.72
-24.03
-10.71
-47.14
-2.82
-5
0
-142.04
-19.51
-0.31
-0.62
-1.77
-35.12
-19.89
-19.17
-16.08
-8.7
-19.4
-16.76
-231.11
-12.42
-39.01
0
-439.87
-4.74
-0.95
-2.09
-17.17
-315.42
-124.74
-0.88
-30.11
-20.93
-19.35
-37.59
-134.65
-50.97
-69.66
0
-829.25
-17.89
-16.61
-0.67
-38.6
-38.21
-60.73
-11.13
-26.56
-9.23
-12.42
-8.82
-101.24
-15.29
-16.07
0
-373.47
-9.88
-0.01
-0.59
-0.85
-15.03
-13.29
-1.54
-6.18
-3.36
-6.11
-7.67
-11.35
-4.97
-3.27
0
-84.1
0.18
2.04
0.32
4.74
30.66
34.19
18.05
9.87
4.49
6.04
4.96
26.1
7.41
5.29
0
154.34
5.79
2.05
0.58
5.73
27.91
59.27
16.1
18.87
8.42
7.43
22.86
35.48
3.35
37.55
0
251.39
35.75
6.48
1.91
31.35
173.03
263.43
143.05
34.93
30.21
49.7
31.87
374.56
51.25
47.19
0
1274.71
11.46
7.32
1.31
25.01
183.55
195.39
106.48
51.12
11.82
18.1
21.85
89.06
24.44
42.96
0
789.87
Source: Simulation Result
26