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Philippines and International Trade

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Philippines and International Trade

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  • September 2010
  • 279 Words
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What is International trade? International trade is defined as trade between two or more partners from different countries in the exchange of goods and services. In order to understand International trade, we need to first know and understand what trade is, which is the buying and selling of products between different countries. International Trade simply globalization the world and enable countries to obtain products and services from other countries effortlessly and expediently. International trade has been in existence throughout history and has an economic impact on the participating countries. Trade in most countries has a share of the Gross Domestic Product (GDP) and helps to boost the country’s overall economy on a yearly basis. International Trade for the Philippines is available only to chosen business and companies and is declining, because we import more goods than we export, which affects our country's economy. Economic development in Philippine economy has been because of high government spending. A hard working service sector and large allowance from millions of Filipinos working abroad played an important role in Philippine economic development. Since the former president Macapagal-Arroyo came into power in 2001 there has been an economic growth of 5%. Still, the Philippines need a further increase in growth rate in order to sustain economic growth. More economic development is required to lessen poverty in the country and address imbalances in distribution of income. It also stresses on high population growth. This paper discusses the uncertain economic status of the Philippines, in terms of its stand in the world market, and its relationship with other countries. The need for new investors and lessen unemployment will be the point of discussion.