The Terms of Trade | 贸易条件（贸易比率）

📚 The Terms of Trade | 贸易条件（贸易比率）

The terms of trade are one of the most examinable topics in Cambridge A-Level Economics. They measure the relationship between a country’s export prices and import prices, affecting real income, the current account, and the wider macroeconomic performance. A strong answer must go beyond the formula to explain why changes occur and why an ‘improvement’ is not always good news.

贸易条件是剑桥 A-Level 经济学中最常考的主题之一。它衡量一国出口价格与进口价格之间的关系，影响实际收入、经常账户以及更广泛的宏观经济表现。高分答案不能只写公式，还要解释变化的原因，以及为什么“改善”并不总是好消息。

1. What Are the Terms of Trade? | 什么是贸易条件？

In international economics, the terms of trade (TOT) show the ratio of a country’s average export prices to its average import prices. They are sometimes called the commodity terms of trade or net barter terms of trade because they indicate how many units of imports can be obtained for one unit of exports.

在国际经济学中，贸易条件（TOT）表示一国平均出口价格与平均进口价格之比。它有时被称为商品贸易条件或净易货贸易条件，因为它表明一单位出口可以换回多少单位进口。

If export prices rise faster than import prices, the terms of trade improve. If import prices rise faster than export prices, the terms of trade deteriorate. The index is normally set to 100 in a base year.

如果出口价格比进口价格上涨得更快，贸易条件改善；如果进口价格比出口价格上涨得更快，贸易条件恶化。该指数通常以基年设为 100。

Terms of Trade = (Export Price Index ÷ Import Price Index) × 100

2. Calculating the Terms of Trade Index | 贸易条件指数的计算

Since the terms of trade compare two price levels, they are usually expressed as an index number. The formula compares the export price index with the import price index over the same period.

由于贸易条件比较的是两个价格水平，因此通常以指数形式表示。该公式将同一时期的出口价格指数与进口价格指数进行比较。

For example, if the export price index is 120 and the import price index is 100, the terms of trade equal 120. This means export prices are 20% higher relative to import prices than in the base year.

例如，如果出口价格指数为 120，进口价格指数为 100，则贸易条件为 120。这意味着与基年相比，出口价格相对于进口价格高出 20%。

If the export price index is 84 and the import price index is 105, the terms of trade equal 80. A country would need to sell more exports to buy the same volume of imports.

如果出口价格指数为 84，进口价格指数为 105，则贸易条件为 80。该国需要出售更多出口品才能购买同样数量的进口品。