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The economy of the United Kingdom is the sixth-largest national economy in the world measured by nominal GDP and eighth-largest measured by purchasing power parity (PPP), and the second-largest in Europe measured by both nominal GDP and PPP after Germany in both cases (in 2012). The UK's GDP per capita is the 22nd highest in the world in nominal terms and the 22nd highest measured by PPP. The British economy encompasses (in descending order of size) the economies of England, Scotland, Wales and Northern Ireland. The UK has one of the world's most globalised economies. London is the world's largest financial centre alongside New York and has the largest city GDP in Europe.
Introduction 3
Export, import and trade balance of United Kingdom 4
1.1 Main exports and imports of United Kingdom 5
1.2 Major trade partners of United Kingdom. 5
2. Export, import and trade balance of Hungary 7
Main exports and imports of Hungary8
1.2 Major trade partners of Hungary8
Conclusion 10
References11
Content
Introduction 3
1.1 Main exports and imports of United Kingdom 5
1.2 Major trade partners of United Kingdom. 5
2. Export, import and trade balance of Hungary 7
1.2 Major trade partners of Hungary8
Conclusion 10
References11
Introduction
The economy of the United Kingdom is the sixth-largest national economy in the world measured by nominal GDP and eighth-
The economy of Hungary is a medium-sized, high-income, structurally, politically and institutionally open economy in Central Europe and is part of theEuropean Union's (EU) single market. The economy of Hungary experienced market liberalization in the early 1990s as part of the transition from a socialist economy to a market economy, similarly to most countries in the former Eastern Bloc. Hungary is a member of the Organisation for Economic Co-operation and Development (OECD) since 1995, a member of the World Trade Organization (WTO) since 1996, and a member of the European Union since 2004.
The private sector accounts for more than 80% of the Hungarian GDP. Foreign ownership of and investment in Hungarian firms are widespread, with cumulative foreign direct investment worth more than $70 billion.
The Object of research. The object of research is the international trade of the United Kingdom and Hungary.
The Subject of research. The subject of research is the dynamics of the main indicators of the international trade (export, import) of the United Kingdom and Hungary.
The Purpose of research. The main goal of research is calculate exports and imports of the United Kingdom and Hungary for the 2001-2012, and determine key country partners.
Picture 1. International trade in goods of the United Kingdom (Million EUR) [2]
Analyzing the data from picture 1 in 2001-20012, we can conclude that the dynamics of exports and imports in the UK is rather stable.
However, the main decline in exports was in 2003-2004. This is due to the change of government in the state, which has led to many strikes and protests that have reduced exports.
There was a significant drop in 2009, which related to the global financial crisis.
However, due to the successful anti-crisis policy, we see an increase in export indicators from 2010-2012.
The main decline in imports was in 2003-2004. It has been stated previously associated with the change of government in the state, which has led to many strikes and protests that have reduced the amount of imports.
Also, there is decline in imports was in 2009, which is associated with the global crisis. However, from 2010-2012, we see growth rates of imports.
Picture 2. Trade balance of the United Kingdom in million ECU/EURO [2]
What is important is the fact that during the whole period of 2001-2012 we can note that balance of trade of the United Kingdom consists of imported exporting more than is exporting, i.e. a trade surplus a negative.
According to the international trade center in 2012 the world market of United Kingdom was a major supplier of aviation equipment (share in world exports) -28%) turbojet engine (27%) navigation equipment (26%) as well as art objects (37%), alcohol (36%), books (17%), diamonds (14%).
At the same time, in 2012 the country imported significant volumes of such products as aircraft engines (13%), aircraft (12%), cars (8%), television cameras (7%), devices for information processing (7%). Also UK - importer of wine (21% of total imports), heterocyclic organic compounds (32%), diamonds (12%), jewelery (11%), arts.
1.2 Major trade partners of United Kingdom.
In 2012 the largest UK partners were the European Union (56.3% of turnover) and the U.S. (9.14%).
Among European countries, the UK main trading partners were Germany (14.2% of UK turnover), France (8.2%) and the Netherlands (6.5%). The country is also actively in foreign trade with a number of Asia-Pacific - China (3.3%), Japan (2.6%), Hong Kong (2.1%), and Singapore (1.2%).
In 2012 imports of goods most dynamic among the main trading partners of Russia also stood out, increased supply reached 46.2% (in British currency). Positive dynamics was noted in imports from Norway (41.2%), of Denmark (25.7%), China (24.1%), Africa (19.8%), Hong Kong (14%), Germany, Netherlands, Japan . The slight reduction in the supply of products to the UK market occurred in Ireland (1.3%) and Canada (0.8%).
Picture 3. International trade in goods of the Hungary (Million EUR) [2]
Analyzing the data from picture 1 in 2001-20012, we can conclude that the dynamics of exports and imports in the Hungary is increasing.
Indicators exports increased sharply from 2001-2008. However, in 2009 the export performance dropped significantly. This is due to the global crisis.
However, due to the successful anti-crisis policy we see a rapid increase in export indicators in 2010-2012.
Indicators exports increased from 2001-2008. Also, there is decline in imports was in 2009, which is associated with the global crisis. However, from 2010-2012, we see growth rates of imports.
Picture 4. Trade balance of the Hungary in million ECU/EURO [2]
What is important is the fact that during the whole period of 2001-2008 we can note that balance of trade of the Hungary consists of imported more than is exporting, i.e. a trade surplus a negative. But from 2009-2012 shows rapid increase exports over imports, i.e. a trade surplus takes place.
According to the international trade center in 2012 the world market of Hungary was a major supplier of Transmission apparatus for radio, telephone and TV (11%), monitors and projectors; reception apparatus for television (7%), cars (4%), parts and accessories of the motor vehicles (4%), automatic data processing machines (3%).
In 2012 the country imported significant volumes of such products as telephones (5%), parts of radios, telephones and TVs (5%), electronic integrated circuits (5%), medicaments, packaged (3%), parts and accessories of the motor vehicles (3%).
2.2 Major trade partners of Hungary.
In 2012 the largest Hungary partners were the Germany (24%) and the United Kingdom (6%).
Major trade partners in exports were Germany (24%), Romania (6%), United Kingdom (6%), Italy (5%), France (5%).
Major trade partners in imports were Germany (26%), China (9%), Austria (6%), Slovak Republic (5%), Italy (5%).
Conclusion
After analyzing the international trade of United Kingdom and Hungary, we can conclude that the economy of these countries is developing steadily. Indicators of the foreign trade have been growing constantly since 2001 except for the period of the global economic crisis (2009) and also from 2003-2004 in the UK has been a decline due to large number of strikes.
The common in these countries is that they are both members of European Union, which gives them access to major markets in Europe. Also a large percent of services in total GDP. Can also be observed developed tourism and manufacturing.
After overcoming the global crisis through effective anti-crisis policy of Great Britain and Hungary began to rapidly develop. Also, these two countries have a common trade connection. Of course the UK economy is more powerful. But from 2009-2012 Hungary shows rapid increase exports over imports, i.e. a trade surplus takes place. So both countries have great potential for the future developing.
References
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