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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