The Balance of Trade in Goods Flashcards
What does the Balance of Trade in Goods measure?
The difference between the value of exports and imports of tangible goods.
Define Trade Surplus.
Exports > Imports.
Define Trade Deficit.
Imports > Exports.
What were the total exports in 2023?
£393.5 billion.
What were the total imports in 2023?
£598.8 billion.
What was the Trade Deficit in 2023?
£205.3 billion.
How much did the Trade Deficit widen from 2013 to 2023?
From £110.2 billion in 2013.
List the key categories in Trade of Goods.
- Manufactured goods (e.g., machinery, vehicles)
- Non-manufactured goods (e.g., raw materials, food)
What were the 2023 imports from the USA?
£57.9 billion (10% of total).
What were the 2023 exports to the USA?
£60.4 billion (15.3% of total).
What has been the status of the UK regarding primary products since at least 2013?
The UK has been a net importer of primary products
Primary products include food and raw materials.
What significant change occurred in the UK’s energy import status?
The UK now imports energy (oil, coal, gas) after previously being a net exporter due to North Sea oil fields
This shift marks a notable change in the UK’s energy landscape.
In what decade did the UK become a net importer of manufactured goods?
The 1980s
This change contributed to the loss of the UK’s ‘workshop of the world’ status.
What were the main reasons for the UK’s loss of ‘workshop of the world’ status?
- Deindustrialisation
- Rising competition from emerging markets, especially China
These factors significantly impacted the manufacturing sector in the UK.
What was the trade in goods deficit as a percentage of GDP in 2023?
6.9% of GDP (£187.7 billion)
This figure indicates the scale of the trade deficit in the UK economy.
