Abstract
This article considers changes in the nature of the balance of trade between 1985 and 2008. The first section examines the theories behind trade and the position of the UK relative to its trading partners. Periods of deficit and surplus between these dates are then analysed individually, drawing comparisons. Lastly, the composition of the balance of trade in each period and the fundamental reasons driving either the surplus or deficit are discussed. The analysis concludes that there are some fundamental similarities between the causes of each trade deficit, although there have also been large structural changes in the composition of UK exports and imports due to developments in the global economy.
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Fender, V. The changing nature of the UK's trade deficits, 1985-2008. Econ Lab Market Rev 4, 18–24 (2010). https://doi.org/10.1057/elmr.2010.5
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DOI: https://doi.org/10.1057/elmr.2010.5