trade flows Flashcards
1
Q
what is the difference between the ‘value’ and ‘volume’ of trade
A
the value is the monetary value of the trade whereas the volume of the trade is number/amount of the good
2
Q
which category of countries provide the greatest value and volume of trade?
A
developed countries
3
Q
what was the value of trade for both goods and services in 2020?
A
US$22 trillion
4
Q
what happened to the value and volume of world trade in 2020?
A
declined significantly
5
Q
what has been the trend in the value of trade for emerging economies
A
expanding
6
Q
who are the BRICS?
A
the BRICS are Brazil, Russia, India, China and South Africa and are the world’s leading emerging economies
