Am going to be discussing the importance of international trade in our modern, commercial world as producers in various nations make profit from market expansion than limited selling within their own region, the importance economic integrations between different state, nation and how the importance of global marketing integrates across various countries in business organisation International trade is the exchange of capital goods and services between countries, trade that gives rises to countries economy, which enhances domestic competitiveness, increases on sales and profits. It represents a significant share of gross domestic products which has served as a platform for globalisation, and industrialisation in many developed and developing countries. International trade has help bring in new resources and market competition which has helped to allocate economic resources among countries for example the rising costs, especially oil, and deterioration in cash-flows hampered growth in the first three months of the year, with most firms reporting they expected turnover and profit growth to slow. High cost of oil has leads to high fuel and petrol prices which eat into a company’s profit and growth. Some of the importances of international trade are
It enhances domestic competitiveness on firms export prosperity, wellbeing which helps balance import of energy, raw materials, industrial research, innovation, infrastructure, technology development and market productivity standards on goods and services.
It helps promote economic growth through production, distribution and consumption of goods/services, which has help increase the standard of living, income and globalisation.
It stabilizes seasonal market fluctuation.
Economic integration: is the trade unification between different states, nations by partial or full abolishment of custom tariffs on trades which take place within the borders of each states and nation (Wikipedia) for instance if countries...
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