Global trade is a rather beneficial aspect for the economy. It provides people with extra job opportunities, exposes people to previously unknown brands, diversifies the kinds of goods being sold. However, it can be negatively affected by various crises, such as earthquakes, hurricanes, tsunamis and the COVID-19 pandemic. The following text will mention three products that can be bought as a result of global trade and an event that affected the prices.
There are many products that can be purchased as a result of this occurrence. American consumers are commonly known for their interest in diversity of goods, high quality and convenience (Russell, 2022). Some of the groceries that the US imports from other countries are tropical fruits, coffee and cocoa. As a result, due to global trade, it is easier to purchase the latter two products and bananas at a local store.
COVID-19 has been notorious for affecting not only people’s health, but the economy as well. For some products, such as shellfish, the prices have decreased, while others, e. g., meat, became more expensive (Mead, 2020). I have noticed the effect the pandemic has had on the prices myself, as the prices for some of the meat products that I used to buy became significantly higher. This required me to spend more money on the same goods that were previously almost 20 percent cheaper.
To be sincere, I do not notice disappearing products as frequently as I notice some of them becoming more expensive. International and foreign Crises similar to COVID-19 have a strong impact on the economy, sometimes rather devastating. The aftermath of prices increasing results in specific products being harder to afford and forcing consumers to search for cheaper versions of the same goods. Thus, such events explain why they need to pay attention to disasters and viral outbreaks.
In conclusion, some of the goods imported to the US are tropical fruit, coffee and cocoa. Due to global trade, I can easily purchase the latter two products and bananas. COVID-19 has had a severe impact on product prices, and I noticed that some meat goods became more expensive. While I do not notice missing products frequently, I am aware of prices rising or dropping due to various foreign or international crises. This forces consumers like myself to search for cheaper alternatives and pay attention to such events.
References
Mead, D. (2020). The impact of the COVID-19 pandemic on food price indexes and data collection. U.S. Bureau of Labor Statistics. Web.
Russell, D. (2022). U.S. food imports. USDA ERS. Web.