CARIFORUM and UK EPA Study

Table 10: UK Top 30 Imports by Value 2019 to Q2 2021

3.7 UK Import Demand

The two most important variables, according to economic theory, that make up a country’s import demand function are real income and relative prices. Imports, therefore, show the preferences of that country for certain goods and services and the capacity to consume those goods and services. The changes in these demand trends and characteristics create opportunities and challenges. One of the main challenges to market access has always been the impact of tariffs and quotas. However, in a tariff free and quota free situation, closer to that of the free trade ideal of economic theory,

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