Introduction
In today’s global economy, consumers are used to seeing products from all over the world in their local grocery stores and retail stores. In general terms, international trade is a means by which countries can develop a specialization, increase the productivity of their resources, and thus increase overall output. Two mechanisms, such as export and import, which function together, must be examined to learn more about the world economy and all international trade.
Main body
Export and import were chosen as the topic area to explore for the critique because they represent the two main mechanisms of any country’s external and internal economy. These are two areas of international trade that allow us to judge the country’s economic development. The result of exports is the global division of labor, and the material basis is revenue. Imports, in turn, meet the population’s needs in some types of goods, reduce the cost of independent production, and allow getting scarce raw materials.
To further examine the topic area the article by Sakyi et al. (2017) was chosen. In this article, the authors explore the impact of trade and trade facilitation on economic growth in Africa. African countries are major suppliers to the world market of fuel, mineral and agricultural raw materials, and non-ferrous and precious metals (Sakyi et al., 2017). Three indicators were used to simplify international trade procedures: trade, export, and import costs. The study concludes that facilitating trade processes is essential for a country’s economic growth.
Conclusion
To conclude, it must be noted that exports and imports are an integral part of the economy of any country. In the example of African countries, we can say that they directly affect the economic development and well-being of the nation. In general terms, international trade is a means by which countries can develop a specialization, increase the productivity of their resources, and thus increase overall output.
Reference
Sakyi, D., Villaverde, J., Maza, A., & Bonuedi, I. (2017). The effects of trade and trade facilitation on economic growth in Africa. African Development Review, 29(2), 350-361.