However since 1975 U.K has attempted to decrease these deficits from about US$-3437500272 to a surplus net exports US$ 13346502440 until 1980(see table 2).Interestingly, UK managed to accomplish this positive outcome by evaluating industry performance in home and overseas markets (Hitiris&Bedrossian,1987).
2.1.2 International events and domestic policies adapted during …show more content…
China still an emerging nation (according to IMF) spends more than what UK spends on imports and exports even more than UK.
This report specifically focused on UKs trade patterns and how it was affected by some events, policies and so on. From the research conducted throughout this report U.Ks amalgamation with EU appears to be unjustified since UK has been recording repetitive deficits on its external balance on trade since 1998.What more towards this is that ever since UK joined EU it has recorded mostly trade deficits rather than surpluses. The main motive behind U.K’s amalgamation with EU is seemingly very meaningless.
Also note that the number of regional trade arrangements have grown so much thought out the globe that it can be said that UK could have lost some of its potential low-cost importers. Hence there are so much of deficits on net exports. For instance long ago UK was Canada’s largest trading partner but now both are in separate trading blocs, the former in EU and the latter in