1.2
- Created by: brodie cook
- Created on: 09-01-19 13:48
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- 1.2
- trade
- the buying and selling of goods and services between countries
- trade involves imports and exports
- modern trade involves the internet
- the UK has a long tradition of trading with other countries
- as an island the UK trade involves ships and coastal settlements
- in return the UK exports manufactured goods
- UK trading partners
- UK's most important partners are members of the EU
- a single market means you can trade without tariffs
- the USA historically was main trading partner
- in recent years trading has increased with china
- trade is importnant with the commonwealth countries
- a trade deficit is where the imports are more than the value of exports
- exports from the UK
- The majority of UK exports go tothe EU.
- 11.8% of UK’s exports by valuego to the USA.
- Exports to China and the UAE areincreasing.
- In 2014 the top 3 exported goodswere machines/engines/pumps,oil and vehicles.
- The fastest growing exports in2014 were gems, precious metalsand coins.
- imports to the uk
- Most items are imported fromChina – clothing and electronics.These are cheaper than thealternatives made in the UK.
- The UK imports a lot from the EUincluding expensive items likecars from Germany.
- Petroleum and petroleumproducts are important imports,providing the UK with fuel and aversaPle raw material for thechemicals industry.
- Top 3 imported goods arepetroleum and products, roadvehicles and manufacturedproducts.
- trade
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