Global Economy: UK Trade Patterns, Deals and Key Drivers for Success

GLOBAL ECONOMY

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Analysing UK trade patterns and overviewing UK trade with the rest of the world...................3
Discussing some of the trade deals of UK and its impact on international trade........................4
Considering the key drivers for the success of international trade..............................................5
Evaluation of the trade deals that effect both UK and International Economies.........................7
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................1
Online References........................................................................................................................1
APPENDIX......................................................................................................................................2

INTRODUCTION
Global economy is also known as world economy that refers to the all economic activities
of the humans of the world. The economic activities that are conducted between the nations and
it includes consumption, exchange of finance , import, export, production, etc (Beliz and et.al.,
2019). In other words global economy means the collection or the total economic output or the
results, its impact or effect and also the movement of all countries. Globalization is helpful in
increasing the awareness and the communication all over the world about the business
opportunities and also gave the high impact on the international market as well as on the
marketers. It also refers to increase in economic integration as well as on economies of scale.
This report shows the trade pattern of UK with the rest of the countries and some of the trade
deals of UK. It also shows the impact of the trade deals on UK and the key drivers that are
important for the success of the international trade.
MAIN BODY
Analysing UK trade patterns and overviewing UK trade with the rest of the world
Trade patterns refers to the country's activities of the import and export of goods and
services and also refers to the capacity of the trade with rest of the countries in the whole world.
The UK exports its goods and services with the approximately 160 nations and one of the main
exports of UK is Cars. UK's largest trading partner is EU and exports 43% products
(Geographical pattern of UK trade, 2020). Among the list of the other countries United States is
the main and largest trading partner of UK. China is the fourth largest source of imports and the
sixth largest export partner of UK and also the United Kingdom is now expanding the trade with
China.
Imports of UK- UK imports several things from the other countries . It is the largest and the
biggest importer of Gold, preserved meat, self propelled rail transport, platinum and unpacked
medicaments in the world (Kang, Ratti and Vespignani, 2020). The top most or the main goods
that are imported by UK are machinery and equipments that also includes computers, gems and
other precious metals. Some other imports are gold, petroleum, vehicles and also the
broadcasting equipments that are imported from Germany, US, France and China.
Exports of UK- United Kingdom exports various types of goods and services to the other
countries and tries to establish and maintains the good and healthy relations in order to facilitates

the import and export services. The main and the major exports of UK are crude petroleum, gold,
cars, packaged medicaments , cars, etc. These exports are generally or mostly with the China,
Netherlands, Germany, France and United States.
Service trade of UK- United Kingdom exports as well as imports some services wit the rest of
the world such as it exports services are cultural and recreational services, sea transport,
professional and technical services, miscellaneous business, etc. and also exports some other
personal services. On the other hand, the services that are imported by UK are business travel,
insurance services, merchandising and some other services related to trade.
Products of UK- There are many specialized products of UK that can be measured by using the
index of RCA. RCA refers to an index that examine or analyse the ratio between the observed
and expected exports of UK in each and every type of product. United Kingdom is specialized in
some products such as railroad ties, hard liquor, sculptures, antiques, stainless steel ingots,
aircraft parts, brochures, paintings etc. Some of the most complex products of UK are
Equipments using alpha, beta and gamma rays, measuring and checking instruments nes,
electricity and radiation measuring instruments, microscopes, stainless steel bar or rod, coiled,
hot rolled, etc. However other products are instruments measuring length, drawing, machines for
testing mechanical properties of material, equipments for chemical and physical analysis, etc.
In this new era of modernization and globalization the fastest growing imports markets
of UK are Australia, Switzerland, Russia where as the largest growing export markets are China,
United States, Azerbaijan.
Discussing some of the trade deals of UK and its impact on international trade
Trade deals refers to the arrangement or the agreement among the different countries in
order to facilitates import and export services globally (Maffioli, 2020). There are three new
trade deals that are recently signed by the United Kingdom are with its largest trading partner
that is European Union, Australia and Japan. Also, in addition to these trade agreements there are
some other deals that are conducted by UK so that it can be able to cover approx. 67 nations of
the world.
 UK- New Zealand deal: The UK has made free trade deal at the time of Brexit with the
New Zealand out of which majority of the deals are roll-over when UK was the member
of EU. It has also signed trade agreements with the other 69 countries including EU
(Brexit: What trade deals has the UK done so far, 2021). Free trade deal is made by UK