Translate the article into Russian orally. Trade is just as important today as it was in the past, not least because arguments about it pervade the heated debate about Britain’s EUmembership
An Island of Traders
Trade is just as important today as it was in the past, not least because arguments about it pervade the heated debate about Britain’s EUmembership. In 2012 the sum of British goods and services traded was £1 trillion ($1.5 trillion). At around 70% of GDP this is well above the OECDaverage, and the share of trade in the American economy (around 25%). Although some trade more – in Germany the ratio is 90% – Britain is comparatively open.
The biggest chunk of trade is in goods, which make up 80% of global trade and 62% of Britain's exports. Today's bestsellers include machines, pharmaceuticals and cars. When added to the next biggest – oil – these account for half of Britain's exports. But Britain still buys more than it sells. In 2012 car exports were worth £21 billion, with Land Rovers and Minis strong sellers, though cars worth £23 billion were bought from abroad. And while £40 billion of oil went overseas, £54 billion came in as imports. In total, the deficit ran to £106 billion in 2012.
Britain's trade with other European countries is vital: seven of the ten main exports destinations are also in theEU. But non-EU trade is becoming more significant. The four leading foreign homes for BMW's Mini, made in Oxford, are America, Germany, China and France. That pattern explains why the export of goods to EU and non-EU members is almost identical. TheEU’s50% share of British exports points to a relatively fast erosion: ten years ago it was above 60%.
At country level, trading partners form three groups. The leading destination for British exports is America and there is a large trade surplus with Ireland. France sits in the middle. As both a big seller to and buyer from Britain, trade is large but balanced. The final group includes Germany, the Netherlands and China, where the trade gap creates Britain's biggest deficits.
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Worries about persistent trade shortfalls are offset a little by services surpluses. Banking, law firms,IT and other consultancies are selling well in non-EU countries. And because these countries are growing fastest, the services surplus is getting bigger. This means that Britain's EUtrade is being nudged further down the list. Yet the fact that links with the Americas and Asia are becoming closer is just a return to the commercial liaisons of the past.
The Economist, May 18th 2013
USEFUL TERMS AND EXPRESSIONS
· to pervade– пронизывать, наполнять, распространяться
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· to nudge– подтолкнуть
· liaison— связь (связи), взаимодействие
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Translate the article into Russian orally.
EU Berates China over Steel Subsidies
The European Commission has concluded that China is providing illegal subsidies to its steel manufacturers, paving the way for European companies to seek higher import tariffs on a wide range of Chinese products.
The EU executive arm said Beijing was helping makers of organic coated steel – used in construction and to make household appliances – to obtain materials at below market prices, according to a report obtained by the Financial Times.
The report comes amid high tensions between China and the EU across a range of industries from solar panels to telecommunications equipment. It recommends hitting imports of Chinese coated steel with countervailing duties of up to 50 per cent. Last year, the commission imposed provisional anti-dumping duties of up to 58 per cent on Chinese steel producers over a related complaint.
The move should provide relief to European steelmakers such as ArcelorMittal and ThyssenKrupp which have seen demand sag because of the economic crisis and have also lost market share to Chinese rivals.
The findings could have wider repercussions for a host of European industries if they establish that China provides rolled steel – a key ingredient in making coated steel – to manufacturers at heavily subsidised prices.
The report said China provided the subsidies mainly through export restrictions that artificially lower prices of rolled steel for domestic manufacturers. The EU and US have already challenged this practice at the World Trade Organisation for a host of other raw materials.
Beijing has repeatedly denied that its subsidies are illegal, and has pointed instead to a range of support schemes employed by Brussels and European governments to support European companies.
The Financial Times, January 14th, 2013
USEFUL TERMS AND EXPRESSIONS
· to berate– ругать, бранить
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· topavetheway– прокладывать путь, готовить почву
· arm– подразделение, отдел, управление
· executive arm-исполнительный орган
· organiccoatedsteel– сталь с органическим напылением
· rolled steel – стальной прокат
· amid – на фоне, в условиях, среди, между
· household appliance – бытовой прибор
· duty– таможенная пошлина
· countervailing duty – компенсационная пошлина
· provisional duty – временная пошлина
· repercussion – последствия, влияние
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