4.1.3 Pattern of trade

Question 1

Recent pattern of UK trade

Answer 1

Question 2

What countries do developed countries do most of their trade with?

Answer 2

Other developed countries

Question 3

What countries do developing countries do most of their trade with?

Answer 3

Developed countries

Question 4

How has the growth of trading blocs contributed to changes in world trading patterns?

Answer 4

For example, the EU originally had 6 member states in 1950s, and had grown to 28 members by 2013. As a result, there has been increased trade between members.

Question 5

Fact about pattern of trade

Answer 5

• Since 2000 over 50% of uk imports are from the EU, in 2023 it was 52%.

Question 6

Factors that influence the pattern of trade

Answer 6

• Comparative advantages: difference in costs of production between countries affect patterns of trade.
• Impact of emerging economies: E.g China going from barely trading with any countries 50 years ago to being one of the leading exporters today.
• Growth of trading blocs and bilateral trading agreements.
• Changes in relative exchange rate cheaper to import than produce internally. E.g Japanese Yen with Japanese imports.