The reasons for changes in the pattern of trade between the UK and the rest of the world
The UK trades very differently today than it did fifty years ago. Several forces — including globalisation, deindustrialisation, and new trading blocs — have shifted what the UK exports, what it imports, and who its main trading partners are.
Real World
In 1970 the UK's largest export was manufactured goods to Commonwealth nations; by 2023 financial and business services to EU countries dominated, reflecting deindustrialisation, the Single Market, and the UK's shift to a service economy.
Exam Focus
Use specific data points (e.g. share of services in UK exports) to support analysis — vague references to 'more trade' will not secure top marks.
Price Elasticity of Demand
PED = % change in quantity demanded ÷ % change in price
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