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Britain had a deficit in its trade in goods balance of £34bn in 2002 - Examine the likely causes of this deficit.
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Daniel Colton Britain has had a consistently growing deficit in trade of goods since 1982. Before then, deficits only existed in times of economic strength that boosted the UK's marginal propensity to import. Since 1982, economic boom has only served to increase the deficit, which continued to exist even through the recession of 1990 to 1992. This £34bn deficit in 2002, as well as the deficits for years before, can be largely put down to trade in manufactured goods. Of this £34bn, £26bn is due to the net imports of finished manufactured goods. This loss in competitive advantage in these goods is shown by the fact manufactured goods has fallen as a percentage of the UK's total exports by 9.5% from 17% in 1960 to 7.5% in 1984. Manufactured goods are not the only sector to create the deficit; the second biggest deficit is created by £9bn net imports of tobacco,...
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