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The UK's International Trading Position UK's international trade competitiveness and the performance of UK's imports and exports since 1993 Introduction Many goods and services are traded internationally, e.g. international markets in oil, motor vehicles and insurance. There are many reasons why trade takes place. Availability, some goods can only be produced in certain locations around the world, e.g. Saudi Arabia is rich in supply of oil whilst there are no oil reserves in Japan. Price, some countries are able to produce at a lower cost, this may be because the availability of resources, skills of the labour force or quality of the physical capital in the economy. Product differentiation, many traded goods are similar but not identical, international trade allows consumers a much wider choice of the product they buy. If one country has lower costs of production than another it's said to have an absolute advantage in the production of that...

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