The impact of preferential trading areas and international direct investment on the development of UK trade

In 1950 Britain was a paradigm of an industrial power exporting manufactures in exchange for food and raw materials. Her position can be seen in Table 7.1. In 1950 four-fifths of her exports were manufactures: machinery and transport equipment, categorized as finished manufactures, accounted for 35 per cent, and the 34 per cent of semi-manufactures included textiles 16 per cent, and chemicals 6 1/2 per cent. The UK and the US each accounted for just over a quarter of world exports of manufactures (Mansell 1980). ¹