Variable

Levels

1st Differencing

2nd Differencing

TRADE

Constant

Trend and Intercept

Constant

Trend and Intercept

Constant

Trend and Intercept

T-Statistic Values

1.514963

−1.766416

−3.163075

−3.528635

−5.144969

−5.014202

Critical Values at 5% level

−2.971853

−3.587527

−2.976263

−3.587527

−2.991878

−3.612199

Probability

0.9989

0.6927

0.0337

0.0563

0.0004

0.0026

Critical Values

−3.5

−3.5

−3.5