Examine the bar chart above showing the value of European Union (EU) trade with selected countries in 2018 and answer each of the following questions - Leaving Cert Geography - Question 8A - 2021
Question 8A
Examine the bar chart above showing the value of European Union (EU) trade with selected countries in 2018 and answer each of the following questions.
(i) Which of ... show full transcript
Worked Solution & Example Answer:Examine the bar chart above showing the value of European Union (EU) trade with selected countries in 2018 and answer each of the following questions - Leaving Cert Geography - Question 8A - 2021
Step 1
Which of the selected countries above received the highest value of exports from the EU in 2018?
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Answer
The country that received the highest value of exports from the EU in 2018 is China, with exports amounting to €2,138 billion.
Step 2
From which of the selected countries above did the EU receive the lowest value of imports in 2018?
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The EU received the lowest value of imports in 2018 from Russia, which is the lowest among the countries listed.
Step 3
Calculate the total value of imports into the EU in 2018 (€ billion) from the countries in the bar chart above.
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The calculated total value of imports into the EU in 2018 from the countries in the bar chart is €5,698 billion.
Step 4
Name one country that the EU had a trade surplus with in 2018.
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One country that the EU had a trade surplus with in 2018 is Canada.
Step 5
Name one country that the EU had a trade deficit with in 2018.
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One country that the EU had a trade deficit with in 2018 is the United States.
Step 6
Explain briefly one disadvantage of having a trade deficit.
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One disadvantage of having a trade deficit is that it can lead to increased national debt as a country may need to borrow to pay for its imports.
Step 7
Explain briefly one advantage of having a large number of export partners.
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One advantage of having a large number of export partners is that it diversifies market risk, decreasing reliance on any single market for revenue.
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