| In the past, where did the UK have a Comparative Advantage? What about Developing Nations? | -The UK had a Comparative Advantage in Manufactured Goods, and Developing Nations had a Comparative Advantage in Primary Goods |
| Currently, what does the UK have a Comparative Advantage in, and what about Developing Nations? | -Developed Nations like Britain have a Comparative Advantage in High Value, Technological Advanced, Capital-Intensive Products. Sounds nerdy
-Developing Nations has a Comparative Advantage in Low Value, Labour Intensive Products |
| Who do Developed Nations Trade with? What about Developing Nations? | -Most Trade with Developed Nations are between other Developed Nations (UK with EU and USA)
-Developing Nations also do most of their Trade with Developed Nations (Mexico with USA and Canada) |
| How has Trade Blocs impacted the World Trading Patterns? | -Trade Blocs allow Increased Trade between Member States. For example, the EU had grown from 6 to 27 Member States which had allowed Excessive Trade between Developing and Developed Member States |
| Who are the top 10 Exporters? (Billions) | 1. China ($3600)
2. United States ($3000)
3. Germany ($2000)
4. United Kingdom ($1000)
5. France ($1000)
6. Netherlands ($944)
7. Japan ($921)
8. Singapore ($870)
9. South Korea ($820)
10. India ($767) |
| What are China's and India's Main Export of Goods? | -China: High Tech Industry. Now the Largest Exporter of High-Tech Goods. Also Electronic Equipment and Machinery
-India: Fuels and Materials. Also Services, such as IT Services |
| What does the UK Export? | -In terms of Services, it is the Second Largest Exporter of Services globally. Its Financial Services are one Example
-In terms of Goods, it exports Cars, Fuels and Pharmaceuticals. |
| Where does the UK Export too? | -EU is the Largest UK Exporting Market, by quite a Margin
-Then the USA following up at a comfortable Second Place
-Then China, Switzerland, Kapan and Hong Kong |
| Where does the UK Import? | -EU again is the Largest UK Importing Market, by a Great Margin
-Then USA, China, Norway, Japan, Switzerland, India, and more |
| Overall, give the UK Pattern of Trade since 2000 | The general Pattern is that Exports have fallen and Imports have rose
-The Decline in British Exports can be seen in similarities with most other Industrialized Nations and is due to the Competition arising from Emerging Nations like China
-UK Imports have risen, due to goods being more Cheaper abroad from less Developed Nations. But also other factors too: Germany is the UK's Biggest Importer.
-UK Exports to Emerging Nations like China, whose Economies are Quickly Rising, are Growing Fast. But as a % of GDP, it is roughly 5% |
