Glasgow, Exports, Scotland, World trade
Exports
In economics, an export is any good or commodity, transported from one country to another country in a legitimate fashion, typically for use in trade. Export goods or services are provided to foreign consumers by domestic producers. Export is an important part of international trade. Export of commercial quantities of goods normally requires involvement of the customs authorities in both the country of export and the country of import. The advent of small trades over the internet such as through Amazon and e-Bay have largely bypassed the involvement of Customs in many countries due to the low individual values of these trades. Nonetheless, these small exports are still subject to legal restrictions applied by the country of export. An export's counterpart is an import.
Scottish Exports
In 2005, total Scottish exports (excluding intra-UK trade) were provisionally estimated to be £17.5 billion, of which 70% (£12.2 billion) were attributable to manufacturing. Scotland's primary exports include whisky, electronics and financial services. The United States, Netherlands, Germany, France and Spain constitute the country's major export markets. In 2006, the Gross Domestic Product (GDP) of Scotland (excluding oil and gas production from 'Scottish' waters) was just over £86 billion, giving a per capita GDP of £16,900.
Tourism is widely recognised as a key contributor to the Scottish economy. A briefing published in 2002 by the Scottish Parliament Information Centre, (SPICe), for the Scottish Parliament's Enterprise and Life Long Learning Committee, stated that tourism accounted for up to 5% of GDP and 7.5% of employment.
As of May 2009 the unemployment rate in Scotland stood at 6.6%- slightly lower than the UK average and lower than that of the majority of EU countries.
The most recent government figures (for 2006/7) suggest that Scotland would be in budget surplus to the tune of more than £800m if it received its geographical share of North Sea revenues. The net fiscal balance, which is the budget balance plus capital investment, reported a deficit of £2.7 billion (2.1% of GDP) including Scotland's full geographical share of North Sea revenue, or a £10.2bn deficit if the North Sea share is excluded.
International Trade
International trade is exchange of capital, goods, and services across international borders or territories. In most countries, it represents a significant share of gross domestic product (GDP). While international trade has been present throughout much of history (see Silk Road, Amber Road), its economic, social, and political importance has been on the rise in recent centuries.
Industrialization, advanced transportation, globalization, multinational corporations, and outsourcing are all having a major impact on the international trade system. Increasing international trade is crucial to the continuance of globalization. Without international trade, nations would be limited to the goods and services produced within their own borders.
International trade is in principle not different from domestic trade as the motivation and the behavior of parties involved in a trade do not change fundamentally regardless of whether trade is across a border or not. The main difference is that international trade is typically more costly than domestic trade. The reason is that a border typically imposes additional costs such as tariffs, time costs due to border delays and costs associated with country differences such as language, the legal system or culture.