Okay, as to what's been said about Elves - personally, I don't think the Elves in Rivendell actively participated in any trade that much, except maybe in some fine equipment. But the economy of the Elves, especially of the likes of Rivendell who seem to do nothing than wander around the woods and sing and yet they seem economically pretty self-sufficient, is an interesting question by itself (I've already been debating on that subject once with a fellow 'Downer).
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Just for the sake of completion I will copypaste here what I said about the major trade routes on the abovementioned thread, concerning the possibilities of trade between Erebor and Gondor:
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...actually, curious, isn't it, just from the economic point of view: it would make sense for the Gondorians to actually maintain contact with Erebor, and the Northernmen in Dale and Lake-Town (as in old times anyway). It would be nice to have a route around the eastern borders of Mirkwood. But alas, such journey was probably impossible by the end of the Third Age, as the threat would be far too big. Easterlings and Dol Guldur - not a nice view. The only ones who would come to Erebor from south would be the messengers of Sauron... just as they did.
But it makes a lot more sense, in the light of this, that there were basically only two major trade routes in M-E, that is the west-east one from let's say Lindon to Erebor and the other NW-SE from Lindon as far as Gondor. And now it is clear to me at last why they form this sort of "incomplete triangle": as the third part of the triangle, i.e. Gondor-Erebor, just wouldn't work now.
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Adding to this: I believe most of the prized goods were consumed in the close parts, though of course the important things continued further (with exceeding prices). By the time of Bilbo's journey, Thranduil's halls were probably the furthest stop for Dorwinion wine. After the fall of the Dragon, it could have become a more spread commodity.
That brings me to think, by the way, once again how important economically the year of the Dragon's fall was. The Kingdom under the Mountain was reestablished, the goblins were diminished, the path through all the Mirkwood was renewed and the way to Eriador was open, which was just something tremendous. Actually, at that time the East (Dale and Erebor) was far more economically prosperring than the West, which suddenly fell in the rank as total wilderness (if Arnor had been there still, things would have been different).