Why International Business Is Important?

Topics: International trade, General Agreement on Tariffs and Trade, World Trade Organization Pages: 3 (815 words) Published: September 12, 2013
International Business Environment Assignment: Questions & Answers

Prepared for:
Dr. Abu Yousuf Md. Abdullah
Course: International Business Environment

Prepared by:

Asif Iqbal
Section: A Roll: 35
BBA 19th Batch

Institute of Business Administration, University of Dhaka
September 5, 2013

Why Is International Business Important?
International business is important as it gives businesses greater scope to sell the goods or services they produce. When a business is reliant on just the home market, it is really wide open to failure should this market decline. Selling internationally greatly decreases the chances of such failure as it is unusual for all markets to decline at the same time. As an example, UK manufacturers who sell into Europe have seen some markets drop due to the Eurozone crisis but have successfully increased sales to China and India where demand for British goods, particularly luxury goods has risen sharply. Why Is Import And Export Equally Important?

No matter how rich a country is, how small or big it is, no nation is self-sufficient. It will never be totally independent from the rest and have everything it needs. Every country, no matter how powerful it is, needs raw materials from other countries to produce products that it needs or that is needed by other countries. In short, every country is involved in import export transactions.

It is also now highly possible for small countries to go beyond the borders of their countries and reach out to a wider marketplace that can bring in products and supplies that they need. The businesses in these countries can benefit from having lower product costs and have a competitive edge over bigger countries. The demand for more imported products is growing exponentially and businesses are taking these import export opportunities seriously. There are new international markets open for both importers and exporters that have brought in a lot of opportunities...
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