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International trade plays crucial roles in the evolution of carbon emissions given the prevalence of complex global supply chains. Production reallocation across countries promotes the cross-border trade of emission-embodied products and is closely related to emission transfer or carbon trade balance, which is defined as the difference between territorial and consumption emissions. One important issue addressed in this study is how carbon trade balances relate to carbon emissions under a globalized world with fragmented production. By applying a panel-pooled mean group-autoregressive distributive lag (PMG-ARDL) model, we evaluate the long-run relevance between carbon emissions and carbon trade balances while considering the short-run dynamics over 58 countries during the period of 1990–2014. The main results reveal a positive relationship between carbon trade balances and carbon emissions for …