| Quarter | Balance of Trade in Goods (£ billion) | Balance of Trade in Services (£ billion) | Balance of Total UK Trade (£ billion) |
|---|---|---|---|
| Q1 2022 | -15.4 | 12.1 | -3.3 |
| Q2 2022 | -16.2 | 12.5 | -3.7 |
| Q3 2022 | -17.0 | 12.8 | -4.2 |
| Q4 2022 | -18.5 | 13.0 | -5.5 |
| Q1 2023 | -12.1 | 13.5 | 1.4 |
Explain one likely reason for the transition of the United Kingdom's total trade balance from a deficit in Q4 2022 to a surplus in Q1 2023.
103 exam-style questions on Edexcel A A Level Economics 4.1 International economics, covering 4.1.1 Globalisation, 4.1.2 Specialisation and trade, 4.1.3 Pattern of trade, 4.1.4 Terms of trade, 4.1.5 Trading blocs and the World Trade Organisation (WTO), 4.1.6 Restrictions on free trade, 4.1.7 Balance of payments, 4.1.8 Exchange rates, and 4.1.9 International competitiveness. Each one has a worked solution and a mark scheme showing where the marks go.