Possible extensions are as follows:
– Shifting a place of focus from general trade to goods and services and their types.
– Updating data to study the effects of current circumstances caused by Covid-19.
– Identifying trade patterns within the EU.
With the analysis of trade as a whole one can overlook some interesting features. Therefore it is advisable to look into details like trade of goods vs. trade of services or different manufacturing groups.
The recent Covid-19 epidemic has had a tremendously negative impact on the EU economy and trade. However, the analysis of the current situation is highly limited at present as publicly available data is delayed (usually for one year or more). Nevertheless, as access to economic data increases in coming months, 2020/2021 circumstances can be also included into the lesson scenario.
One can observe some trade patterns in the intra-EU trade. Looking for trade patterns with statistics can be an intellectually stimulating exercise. Here are some examples of the EU trade patterns:
- The large majority of Eastern European trade is with Western Europe. For Western Europe, however, Eastern Europe is still a minor trade partner.
- The EU dominates trade with Greece and Portugal despite their long EU membership.
