Trade Flows

Question 1

What is the difference between the ‘value’ and ‘volume’ of trade?

Answer 1

value - the dollar amount

volume - the quantity of good or services

Question 2

Which category of countries provide the greatest value and volume of trade?

Answer 2

developed/advanced nations (USA, EU, Australia etc.)

Question 3

What was the value of trade for both goods and services in 2020?

Answer 3

world trade comprising almost 60% of global GDP

Question 4

What happened to the value and volume of world trade in 2020?

Answer 4

Long term, there has been a strong increase in the value of world trade over the last 40 years but because of the pandemic in 2020 it had a small decline

Question 5

What has been the trend in the value of trade for emerging economies?

Answer 5

Emerging nations play an important role in overall global growth and development. There has been a significant increase in trade flows from these countries - mainly from China

Question 6

Who are the BRICS?

Answer 6

4 majoring emerging countries (South Africa was added later) has been the key driver of growth for world trade
B - Brazil
R - Russia 
I - India 
C - China
S - South Africa