International trade is an important part of the UK economy. British firms and consumers rely on being able to buy goods and services from abroad, and firms sell their goods and services outside the UK. In 2018, exports of goods and services amounted to 29% of GDP, and imports were 30.3% of GDP. Exports of goods made up 15.1% of GDP, with almost half (48.3%) going into the EU. Furthermore, 54.6% of imports of goods came from the EU.
An important influence on firms’ ability to sell abroad is the relative competitiveness of goods produced in the UK compared with foreign producers. Similarly, the volume of imports is affected by relative international competitiveness. But what factors influence competitiveness, and how can we measure this?
Your organisation does not have access to this article.
Sign up today to give your students the edge they need to achieve their best grades with subject expertise
Subscribe
