1.2

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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.

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