1.
The Problem with World Trade
When goods made in one country are sold in another, this is called
world trade.
The amount of world trade is staggering – £10 trillion per year.
Without it we in the UK would not have most of the things in our
homes –...
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1.
The Problem with World Trade
When goods made in one country are sold in another, this is called
world trade.
The amount of world trade is staggering – £10 trillion per year.
Without it we in the UK would not have most of the things in our
homes – clothes, food, furnishings.
World trade helps poorer countries as well.
They can sell the goods
they make and the products they farm and mine.
So India can sell its
clothing, Malaysia its furniture, Bolivia its tin, West Africa their
vegetables and Central America their fruit.
With the money that the ELDCs receive, they can afford to buy the
things they need but cannot grow or make themselves eg resources
for schools, equipment for hospitals.
Developing countries export mostly farm produce and minerals, called
primary goods.
They mostly import manufactured goods that they
cannot make, called secondary goods.
Rich countries do the opposite, importing primary products but
exporting secondary goods.
This seems like a perfect relatio
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