Significance of Balance of Trade in UK Economy during COVID-19 Pandemic

This research proposal aims to determine the concept of balance of trade in the UK economy, examine the impact of COVID-19 on the economies in balance of trade, and analyze the importance of economies of balance of trade in the UK economy. The research methodology includes deductive research approach, descriptive research design, qualitative research method, and probability sampling. Ethical considerations are also taken into account.

Research Methods

Table of Contents
Introduction.................................................................................................................................................3
Research Objectives................................................................................................................................3
Research Questions.................................................................................................................................3
Methodology...............................................................................................................................................3
Ethical consideration...................................................................................................................................4
References...................................................................................................................................................6

Introduction
Balance of trade depicts the difference between exports and imports of a country for a
particular period of time. It is one of the significant element that directly affects the economy of
a country in profound manner. At the time of COVID-19, the business got disrupted as the
government put halt on various trade activities. Here, stop on business activities put a profound
impact on the imports and exports of UK (Baek, Ikponmwosa and Choi, 2019). The present
study is based on analyzing the significance of balance of trade in UK economy during COVID-
19 pandemic. Further, it will also cover the impact of pandemic on the economies of balance of
trade.
Research Objectives
1. To determine the concept of balance of trade in the Economy of UK.
2. To examine the impact of COVID-19 on the economies in balance of trade.
3. To analyse the importance of economies of balance of trade in the UK economy.
Research Questions
1. What is the concept of balance of trade in the Economy of UK?
2. What is the impact of COVID-19 on the economies in balance of trade?
3. What is the importance of economies of balance of trade in the UK economy?
Methodology
To complete the research project, several steps are undertaken. Here, the data is collected,
analyzed as well as interpreted so that the pre-defined research goals can be attained. In addition
to this, research methodology includes numerous elements so that the researcher can accomplish
the project work in timely manner. In this regard, the different elements of research methodology
are elaborated below:
Research approaches: Research approaches are the significant element of the overall
research methodology. These approaches are used to collect the necessary information in timely
manner. Without following suitable research approaches, it is quite complex to complete the

project work in successful way. During research two approaches are followed: deductive and
inductive (Rosskam, 2018). In current context, deductive approach has been chosen. It is useful
in terms of assessing the information in numerical forms. Further, it also helps in analyzing the
existing theory in an efficient manner. This allows the researcher in making detailed and
significant analysis for the success of project work in future period of time.
Research design: Here, research designs are the framework of methods of market
research which are used by researcher. Here, design makes the investigator enable to choose a
suitable method for study in order to get appropriate outcomes in future. While conducting a
research, different designs are used such as descriptive, exploratory, coo relational and more
(VanKooten, 2019). In context of the present research work, descriptive research design has been
selected as it is useful in terms of analyzing the available information in significant manner.
Research methods: Research methods can be understood as the way to collect, analyze
as well as evaluate the information. Through research methods, it is possible to collect suitable
information for completion of project work in timely manner. Here, quantitative and qualitative
are the two major research methods. In case of quantitative method, numerical data is collected
by the investigator. Here, information is also analyzed using numerical tools & techniques. On
other side, qualitative method is based on collection of detailed information from the
respondents. In context of present study, qualitative method has been selected as it is useful in
analyzing the information in detailed manner. Additionally, it helps in getting the authentic and
reliable data directly from the respondents
Participants: Participants are the respondents who take part in research work. Here, they
are selected through sampling techniques. Probability and non-probability are two major
sampling methods. In context of probability sampling equal opportunities is granted to each and
every unit to become a part of sample. These participants will contribute in research work by
providing necessary information.
Ethical consideration
While undertaking the research work, I also followed several ethics in order to complete
the research project in fair manner. In this context, the ethical considerations are mentioned
below:

Respect for the autonomy, privacy, dignity and respect of individuals and
communities: For completing the research, I gathered huge amount of information from
respondents. I collected information by getting proper consent. The consent has been taken by
filling consent form. In addition, all the participants will be treated equally. Also, each unit have
been granted equal opportunity to become a part of sample. In addition, the data of participants
has been maintained securely so that it cannot be misused.
Scientific integrity: Scientific integrity is all about collecting authentic and reliable
information by using different ways. In this context, I will ensure that all the information will be
collected from authentic sources. To make the study reliable, primary information will be
gathered from respondents whereas the secondary data will be collect from authentic websites,
articles, journals and more. By this way, the research will be conducted in authentic manner.
Social responsibility: The research is undertaken to enhance the common good of
society. In this context, I ensure to keep the data confidential. Here, the data of all the
respondents will be maintained in such manner that unauthorized people cannot get access of
such data. Additionally, this research will also help in improving the balance of trade for the
betterment of society.
Maximizing benefits and minimizing harm: To minimize the potential risks, the data
will be kept confidential. In addition, I ensure to maintain dignity and respect of all the
individuals who are involved in research work. The entire society can be benefitted from project
work as it will help in maintaining favorable balance of trade.

References
Books and journals
Baek, J., Ikponmwosa, M.J. and Choi, Y.J., 2019. Crude oil prices and the balance of trade:
Asymmetric evidence from selected OPEC member countries. The Journal of
International Trade & Economic Development, 28(5), pp.533-547.
Dave, V., Sur, S. and Gupta, N., 2021. Current Framework, Ethical Consideration and Future
Challenges of Regulatory Approach for Nano‐Based Products. Nanopharmaceutical
Advanced Delivery Systems, pp.447-472.
Lee, S.R., Lee, H.J. and Nam, S.J., 2021. The Perception of Elementary School Students on the
Scope of Environmental Ethical Consideration: Focused on the Dilemma.
Phakiti, A., De Costa, P., Plonsky, L. and Starfield, S. eds., 2018. The Palgrave handbook of
applied linguistics research methodology (pp. 423-457). London, UK: Palgrave
Macmillan.
Rosskam, E., 2018. Using participatory action research methodology to improve worker health.
In Unhealthy Work (pp. 211-228). Routledge.
VanKooten, C., 2019. A research methodology of interdependence through video as
method. Computers and Composition, 54, p.102514.