Question: The table below provides information on Hungary for 2003 and 2014. Define trade creation and trade diversion. Obtain trade creation and trade diversion effects of

The table below provides information on Hungary for 2003 and 2014.

  1. Define trade creation and trade diversion.
  2. Obtain trade creation and trade diversion effects of economic
  3. integration (after joining the EU) for Hungary. Explain both the method used for calculation and your results.

Thousands of millions of euros

2003 2014

GDP

Exports

Imports (Total)

Imports from EU

75. 103

42. 94

45. 86

25. 64

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