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Explained in plain English

Why do countries trade?

Countries trade to get goods and services they can't easily produce themselves, or to get them more cheaply. For example, the UK's aerospace sector exports a lot, earning money and specialising in what it does best, while importing other things it needs. This specialisation makes everyone better off.

Stories that explain this

UK aerospace and defence added £46.8bn to economy last year

Questions this opens up

What is specialisation? Why do countries have different costs? What are trade barriers?

Related explainers

What is a trade surplus? How defence spending affects you What is 'economic contribution'? How do exports help? Global defence spending trends Jobs in aerospace and defence What is a skilled workforce? How do skills boost exports?

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