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Discussion of International Trade

Introduction

Many nations have benefited much from international commerce, and the globe has benefited more than not. International commerce enables countries to extend their markets and access commodities and services that might otherwise be unavailable in their own country. According to Borkakoti, “the pure theory of international trade attempts to determine the causes of trade, that is, to determine why one country, for example, imports machinery and exports textile” (Borkakoti 2017). The market has become more competitive as a result of international commerce. As a result, pricing becomes more competitive, and the consumer receives a lower-cost product. International commerce, on the other hand, has both costs and advantages.

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Advantages

One of the most significant benefits of international trading is the possibility of expanding the client base. Each additional country added to the list might pave the road for improved income and business success. Market diversity is also a crucial benefit of international commerce. Focusing only on the home market may expose sellers to more risk from economic downturns, political crises, natural disasters, and other risk factors. Sellers may offset possible hazards in the primary market by being less reliant on a single market.

Disadvantages

International shipping firms such as FedEx and DHL make it simple to send packages nearly anywhere on the planet. However, one of the disadvantages of international trading is that most customs offices in these destination countries charge extra shipping fees. While each country calculates these tariffs and taxes differently, they are usually based on the value of the goods supplied. The item description may also impact these costs, depending on what it is made of and what it is used for. A corporation must know what the overseas shipping firm will charge the end consumer and its cost. Despite the existence of internet translators, language remains one of the most significant barriers to international trade. While Google Translate may create instructions and conversations in another language, they are not without flaws. There are several examples of poorly translated items with names that have been misinterpreted in another language on the market. Consider hiring a marketing firm in the targeted area or region to analyze all of the company’s materials before launching the product or service.

Conclusion

To sum up, we can say that international trade is one of the essential things in the world today. Without its help, the process of delivering goods from different parts of the world would have slowed down significantly, which in turn would have slowed down the development of a person as such. However, there are peculiarities in international trade that should be taken into account and studied, without which the trade process would, of course, be simplified, but also more dangerous.

Reference

Borkakoti, J. (2017). International trade: causes and consequences. Macmillan International Higher Education.

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StudyCorgi. 2022. "Discussion of International Trade." August 24, 2022. https://studycorgi.com/discussion-of-international-trade/.

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StudyCorgi. (2022) 'Discussion of International Trade'. 24 August.

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