Exports & Imports

No country is completely self-_____________ and able to produce all of the goods

and services they need and want.
Through international trade consumers and governments are able to beneft from
the biggest and cheapest workforce, _____ materials and technology anywhere in
the world.
If there were no international trade
________ consumer choice.
!orkers would fnd it harder to get a ______.
"usinesses would fail.
Exports: are goods and services sold to other countries and are represented by
a #ow of ______________$money% back into that country from the sale of the
e&port.
Imports: are goods and services purchased from other countries and are
represented by a #ow of e&penditure $money% __________ the country in payment
for the import.
Visible Trade:
This involves the trade in ______________ resources $'.g. crude oil and timbers%,
parts and components used to make other goods $'.g. _________________________%
and fnished products $'.g.____________________________%
!hy is trade in these goods and merchandise called (isible Trade)
The Trade Balance:
!hen a country sells visible e&ports it ___________ money. !hen it buys imports,
it _________ out money.
If a country pays out more for imported goods than it earns form the sale of
e&ports its trade balance is said to be in ________________.
If the country earns more from e&ports than it pays out for imports, its trade
balance is said to be in _______________.
The balance of trade measures the #ow of money into and out of a country for
visible imports and e&ports.
Balance of Trade = _________________________________-
________________________________
The balance of trade is calculated in terms of a country*s ________________. If the
balance of payments is in surplus this is said to be a
__________________________________________, while a balance of payment defcit is
said to be an ________________________________________.
+any developed countries have su,ered increasing trade _________ over time as
the manufacturing industries of developing nations have e&panded at the same
time as their own manufacturing industries have been ________________.
Invisible Trade:
This involves trade in ____________ such as
____________________________________________.
!hy is importing and e&porting services called Invisible Trade)
-oing on holiday to another country is called an invisible ____________ because it
creates a #ow of money from a countries economy into the economy of another
country.
.elling a service such as insurance to someone in another country is called an
invisible ___________ because it creates a #ow of money into the economy from
another country*s economy.
The balance on invisibles measures the ________ of money into and out of a
country for the trade in invisible ____________ and imports.
/n invisible trade surplus is
/n invisible trade defcit is
Balance of Invisible trade = _______________________________-
___________________________
World Trade Patterns:
0or many years the trade of raw materials such as ____________ dominated
international trade #ows. 1owever there have been the following changes to
global trade patterns
2. Total world trade volumes have _________________ signifcantly.
3. Trade in manufactured goods has grown in importance and in total
volume.
4. Trade in _________________ goods has fallen. 1owever processed foods now
account for over half of agricultural trade.
5. Trade in goods and services have increased at ______________ rates.
6. /lthough trade in services has increased slightly faster
7. Trade #ows have changed direction with many e&ports now going from
______________ to ______________ nations.
8. !orld trade is still dominated by a small number of countries.
'.g._____________________
______________________________________________________