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The value of world trade falls by around 5.6 percent. Figures 2 and 3 show the effects onforeign exchange revenue from exports of goods and services and the terms of trade (i.e.the relative price of aggregate exports to aggregate imports) for the 28 DC regions in themodel. Table 7 shows in addition the changes in real export and import volumes.Figure 4 exhibits the implications for aggregate welfare by DC region as measured by thepercentage change in real final absorption (i.e. the sum of real private consumption, realgovernment consumption and real investment).
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