ABSTRACT
Exports of goods and services accounted for 28 per cent of GDP in the United Kingdom in 1995. This is a substantial proportion and illustrates the great importance of trade to the UK economy. The equivalent figure in 1950 was 23 per cent, and while the percentage varies across the economic cycle there is no evidence that the United Kingdom is becoming any less dependent on international trade; indeed it may be more so. The United Kingdom’s relative dependence on international trade means that assessing the determinants of performance is vital.
