Economic Development - Trade

Volume of English trade

• Increased during the first half of the 16th century

• Continued rise in cloth exports - however market for raw wool declnied

• Woollen cloth exports almost doubled during Henry VIII’s reign

• Accompanied by significant increass in hides and tin export

• Increase in import of wine - suggests spending power of upper classes increased

Export routes

• From London to Antwerp - then sent to Central Europe and Baltic customers

• Increasing proportion of exported cloth was routed through London - had a negative impact on other ports, especially Bristol

• Broadcloths continued to be exported, but the biggest change in cloth industry was the increase in cheaper fabrics such as kersey

Profits of the cloth trade

• Didn’t always find their way into English profits

• 70% of cloth exports were transported by English merchants from the 1550s

• The woollen industry grew in the first half of the sixteenth centurt to keep pace with increasing demands of exports and profit rates

Effectiveness of the woollen industry

• Ability of cloth trade to supply its markets depended on effectiveness of the woollen industry

• Woollen industry grew in first half of 16th century

• Work and employment in the cloth industry was not always secure and could lead to poverty

• However entrepreneurial clothiers could aquire wealth from the industry

Mining industry

• Some growth in the mining industry

• Cornish tin remained a prize export

• Lead in the Pennines and coal mining in the northeast was growing in importance

• Newcastle supplied an increasingly important London market by the sea

• Blast furnaces produced increasing amount of iron ore in Kent

• However upsurge in iron ore smelting is later - only just started in Henry’s reign