Trade Foreign of Asian and European countries have benefited from the decline in oil prices, according to recent report by the United States Department of the Treasury.
Since mid-2014 began the fall in oil prices from 100 usd to 30 usd per barrel in December 2015, which were attributed to a phenomenon of oversupply of the product that passenger was believed by industrial countries affected and whose GDP depends largely on the production and export of crude oil, however, this phenomenon has not stopped guessing and trade foreign in these economies.
But amid this scenario, some countries that use oil as an input to produce goods and services, such as petrochemicals, including the development of plastics and cosmetics, pharmaceutical, conveyor, messaging among others, have been highly benefited in its trade foreign.
Some economies have made the decision to reconfigure its model of economic policy and have passed to import to export, one such example is China, which is accelerating the process of internal change to produce more and increase exports. The country imported 36% of its gross product about ten years ago, and in 2015 this level decreased to 26%, which is certainly an important indicator that should be considered by their external suppliers.
Like, the United States is one of the countries that imports oil, despite its recent growth exploration and production of oil shale that has become a major producer, has been benefited from lower oil prices making transmit its people a better price for a gallon of gasoline for cars, approximately $ 2 usd, which has improved its trade balance.
European countries spent in 2015 about 140 billion dollars less than in 2014 for the purchase of crude oil. Germany, the largest economy in Europe, economized about approximately $ 50 billion; Spain saved around 20 billion, and between Italy and France usd 30 billion.
Moreover, Asian countries saved 350 billion dollars during the second half of 2015. China spent 120 billion less than in the first half of the year, Japan was able to reduce crude oil buying 80 billion, India at about 44 billion and South Korea in about 36 trillion, according to the document published by the Treasury Department of the United States.
According to the above, we can say that the economies that import oil for the development and production of goods and services export, have been highly benefited from the fall in oil prices since they have managed to increase their productivity and trade foreign, to buy a much cheaper price barrel and maintaining marketing according to the demand of a growing global market.