CHAP 24 - IRELAND & THE GLOBAL ECONOMY
CHAP 24 - IRELAND & THE GLOBAL ECONOMY
The three measures of international trade
1 BALANCE OF TRADE
2. BALANCE OF INVISIBLE TRADE
3. BALANCE OF PAYMENTS
Q1 Trading data for 2007 (in millions of euro)
|Visible exports |€ 3420 |
|Invisible exports |€ 1840 |
|Visible imports |€ 2880 |
|Invisible imports |€ 2010 |
| | |
|Calculate the | |
|Q1 Balance of trade |visible exports – visible imports |
| |3420 – 2880 = € 540 surplus |
| | |
|Q2 Balance of invisible trade |invisible exports – invisible imports |
| |1840 - 2010 = € 170 deficit |
| | |
| | |
|Q3 Balance of payments |visible exports + invisible exports |
| |3420 + 1840 = € 5260 |
| | |
| | |
| |- visible imports + invisible imports |
| |2880 + 2010 = € 4890 |
| | |
| |Answer: €5260 - €4890 = €370 Suplus |
Q2 Trading data for 2006
|Visible exports |€ 3680 |
|Invisible exports |€ 1480 |
|Visible imports |€ 2280 |
|Invisible imports |€ 2410 |
|Calculate the | |
|Q1 Balance of trade | |
|Q2 Balance of invisible trade | |
|Q3 Balance of payments | |
Q3 Trading data for 2005
|Visible exports |€ 3250 |
|Invisible exports |€ 1580 |
|Visible imports |€ 3280 |
|Invisible imports |€ 1410 |
|Calculate the | |
|Q1 Balance of trade | |
|Q2 Balance of invisible trade | |
|Q3 Balance of payments | |
Q4 Trading data for 2004
|Visible exports |€ 3150 |
|Invisible exports |€ 1980 |
|Visible imports |€ 3180 |
|Invisible imports |€ 1610 |
|Calculate the | |
|Q1 Balance of trade | |
|Q2 Balance of invisible trade | |
|Q3 Balance of payments | |
Q5 Trading data for 2003
|Visible exports |€ 3150 |
|Invisible exports |€ 1780 |
|Visible imports |€ 1280 |
|Invisible imports |€ 1560 |
|Calculate the | |
|Q1 Balance of trade | |
|Q2 Balance of invisible trade | |
|Q3 Balance of payments | |
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