Study Specialisation in the Pearson Edexcel A Level Business specification, including the knowledge, application and evaluation needed for exam questions and mark-scheme responses.
Extract A Thailand's economy - 2021 - Thailand is the 22nd largest exporting country in the world - It has a positive trade balance of $34.3bn - The gross domestic product (GDP) of Thailand is $546bn with a population of 69,410,000 - Thailand is the largest exporter of natural rubber in the world - It has a 33.3\% share of the global export market for rubber that is worth $4.63bn annually - Almost half of Thailand's rubber (42.4\%) is exported to China.
Extract B Vietnam's GDP between 2000 and 2020 in billion $
Extract C International trade in developing economies Over the last two decades, developing economies have made a big increase in their share of world trade. By 2019, the value of goods exported from developing countries had increased to 44.3\% of the global total and the value of services exported increased to 30\% of the global total. Several growing countries doubled their share of global trade from 2010 to 2019. - Vietnam tripled its share of world exports of goods from 0.47\% in 2010 to 1.4\% in 2019 and its share of world exports of services grew from 0.19\% to 0.45\% - Thailand almost doubled its share of world services exports from 0.87\% to 1.34\% - United Arab Emirates quadrupled its share of service exports from 0.3\% to 1.2\% - Bangladesh almost doubled its share of total services exports from 0.13\% to 0.2\% and its total goods exports from 0.06\% to 0.1\%.
Extract D Regional Comprehensive Economic Partnership (RCEP) trade deal In November 2020, the RCEP was signed in Hanoi, Vietnam after eight years of negotiations. Its 15 members are Australia, China, Japan, New Zealand, South Korea, plus 10 members of the Association of Southeast Asian Nations (ASEAN): Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. Once agreed by all its members it will form the world's largest trade bloc, covering 30\% of global output and almost one third of the global population.
Explain one advantage for Thailand of specialising in the production of rubber.