current pattern of international trade Flashcards
what is inter regional trade
flow of international trade among major world regions
what agreement was made between the USA and EU
trans Atlantic trade agreement - worlds largest trading partners - value of merchandise, services and capital
in 2014 how much of global trade did the trans Atlantic trade account for
30% of global trade flows
what does the agreement create
contributes to growth and employment on both sides of the Atlantic
what is the main export
US to UK
aircraft/spacecraft
$9.1 billion
what is the main export
UK to US
machines, engines, pumps
$9.3 billion
what is intra regional trade
flow of international trade within a region
why is trade in the EU complex
due to outcome of changing patterns and trends of trade flows in many diverse products - between the 28 member states
what did UK rely on EU for
75% of £12.8 billion food and non alcoholic exports
what is merchandise
inward and outward flow of physical goods
who dominates the merchandise trade
Europe - $6430 billion
Asia
what is a big contributor to merchandise trade
comparative advantage + cheap labour costs
what is capital trade
purchases and sales of financial assets across national borders
why is capital trade complex
due to many diverse elements - increase in MNC’s + FDI
mainly occur between AC’s
Economic factors of trade (6)
physical infrastructure - transport
technology - communications
transport costs
cost of production
FDI
Speed of border formalities
