Available Sources of Information about International Trade - Essay Example

The paper "Available Sources of Information about International Trade" is an outstanding example of a business essay. International trade is a trade between nations of the world across international borders; it may be continental or intercontinental. The scope of the trade is wide as it involves so many commodities and services and so many players in the trade. Getting information can therefore be very difficult if one is not aware of the currently available sources of information about world trade (Kerr & Gaisford, 2012). Information can be accessed from national agencies mandated with providing trading data and facilitating trade. International bodies can also give data and statistics regarding international trade.

National agencies

Countries have bodies or agencies mandated with helping businesses from a particular country get up to date information regarding international trade so that they can trade effectively with their counterparts in other countries. The trade agencies also collect this data for policy purposes intended to improve the economic situation in the country and maintain a fair balance of trade between the country and its partners (Kerr & Gaisford, 2012). In Australia, the Australian trade commission is a body that publishes annual documents on trade between Australia and other countries. One can also get information from the agency regarding international trade. Through its website, the agency states that one of its roles in the country is to provide the Australian education sector with market information. With this, the agency hopes to advance Australasia’s trade on the global platform by providing information, advice and service to the players in the sector interested and in much need of the vital information (Australian Trade Commission: Australian Government, 2013).

Consultancy houses reports

Consultancy bodies collect and analyze data for their clients and also to shape policies in particular sectors upon request by industry players. PWC and OECD reports are examples of the most popular publications that give credible well researched and analyzed data on international trade (Kerr & Gaisford, 2012). According to Price Water House Coopers (2013), the level of professionalism and reliance are some of the attributes relied upon to make the reports they produce to be considered credible to give an insider look into global trade.

The houses collect data from government and international agencies and compile it for publications. They are considered credible sources of data even by government agencies. Reports from research houses such as Euromonitor are available but one has to pay for them. They are credible and reliable reports which have been well researched to provide accurate and highly reliable data for industry players and students of international trade (Kerr & Gaisford, 2012).

International trade bodies

Internationally countries and industry players belong to trading bodies for the purposes of protecting their trade agreements and shape policies at the global level for the benefit of all players (Kerr & Gaisford, 2012). Some of these bodies include; the world trade organization, the world shipping council and other industry-specific bodies. The bodies not; only ensure their members trade efficiently and observe all the rules as agreed upon by the member states and players but they also provide much-needed information to the players to help in policy development and decision making. World Trade organization publishes regular reports and avail statistics on international trade which in most cases can be accessed by interested people from their websites and offices all over the world. The world trade organization with more than 100 members is a rich source of information on global trade which can be trusted to provide credible information relating to trade amongst member states (World Trade organization, 2013).

Online sources

The World Wide Web is a major source of information on international trade; there are many websites and online newspapers with data on international trade. The credibility f the information is not well regulated. Some websites are not reliable and as such the data needs to be approached with caution. Only credible and recognized entities can provide accurate and reliable data on the online platform. Newspapers and trade magazines are good sources of information on global trade although the data may not be thoroughly analyzed and well presented to give a clear picture of the trade (Kerr & Gaisford, 2012).

Conclusion

International trade is vital for the sustainability of the world; the world is more interconnected more than ever through trade. There are several bodies at the national and international level mandated with providing information on international trade. The private sector players such as research and consultancy houses also provide credible and well-researched information on global trade. These bodies together with unofficial sources such as newspapers and online sources provide information on international trade. They can be relied on for trading purposes or for study purposes as well as policy formulation.