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Trade in the contemporary world - OCR A-Level Geography

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Chapter 6: Trade in the contemporary world - OCR A-Level Geography (Answered) 2025/2026. 100% Verified. 6.1 What are the contemporary patterns of International trade? Key idea International trade involves flows of merchandise, services and capital which vary spatially. How patterns of interna...

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  • March 22, 2025
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  • 2024/2025
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Chapter 6: Trade in the contemporary
world - OCR A-Level Geography
(Answered) 2025/2026. 100% Verified.
6.1 What are the contemporary patterns of International trade?

Key idea ⮕ International trade involves flows of merchandise, services and capital which vary
spatially.

How patterns of international trade can be measured

Patterns of international trade can be measured in different ways. These include national statistics
for merchandise, services and capital, such as value of exports or percentage share of world imports.

International organisations involved in regulating trade at the global scale such as the World Trade
Organization (WTO), the United Nations Conference on Trade and Development (UNCTAD), the
International Monetary Fund (IMF) and the Organisation for Economic Co-operation and
Development (OECD) provide a wealth of trade and trade-related data.

World Trade Organization

Can be denoted as WTO. Administers the rules governing trade between its 144 members. Helps
producers, importers, and exporters conduct their business and ensure that trade flows smoothly.

An understanding of the terms 'merchandise', 'services' and 'capital' as components of international
trade

Flows of merchandise, services and capital occur at different scales within the global trade system,
between countries, regions and continents. There are spatial variations in the international trade of
these items in terms of direction of flow and in volume, composition and value.

Merchandise

The WTO defines the international trade of merchandise in simple terms as all inward and outward
movement of goods through a country.
Pages 190-192.

Services

Commercial services include transport and travel services and a range of other services in the fields
of communications, construction, insurance, finance and ICT plus government services.
At the global scale the pattern of trade in services replicates that of merchandise. It is dominated by
the more advanced economies, and the less developed countries tend to be net importers.
Europe is the largest net exporter of commercial services, which demonstrates the importance of its
trade with other global regions. However, much of this type of trade in Europe is intra-regional.
Pages 192-193.

Capital

, International flows of capital are the result of purchases and sales of real and financial assets across
national borders. Financial assets are the so-called intangibles such as currency, stocks and bonds,
which can be traded on the world's financial markets. In effect the term 'capital' refers to the
financial side of international trade.
One way of considering this is that finance flows in the opposite direction to the merchandise and
services that are purchased. Flows of capital in the global trade system are more complex than is
suggested.
Pages 193-195.

'Real assets'

Include physical or tangible items that are traded, such as commodities, minerals, land and real
estate.

Foreign Direct Investment

FDI is a key element of international economic integration; it creates direct, stable and long-lasting
links between economies, and is one of the driving forces of economic globalisation.

Current spatial patterns in the direction and components of international trade

In addition to the global patterns of trade in merchandise, services and capital, international trade
patterns can be illustrated and explained at inter-regional and intra-regional scales.

Inter-regional trade

The flow of international trade among major world regions such as Europe, North America and Asia.

Intra-regional trade

The flow of international trade within one of the major world regions such as Europe or Asia. Most
international trade is intra-regional.

Intra-regional trade within the EU

In the EU, intra-regional trade is complex. This complexity is the outcome of changing patterns and
trends of trade flows in many divers merchandise, services and capital products between 28
member states.

Inter-regional trade between Europe and North America

There is a long-established transatlantic trade relationship between Europe and North America. The
EU and USA are the world's largest trading partners by value of merchandise, service and capital.

Factors that influence patterns of international trade

-Economic
-Political
-Social
-Environmental

Economic (Factors that influence patterns of international trade)

-Physical infrastructure including transport
-Technology including communications
-Transport costs

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