Global Economic Development to Do Away with Poverty - Essay Example

In other words, several countries have benefited from the trade-in in various ways. To begin with, the goods that are imported may be of lower prices than those produced domestically. Besides, the imported goods often offer advantages other than lower prices such as better quality or design, higher status, and technical features among other reasons. In respect to this, the paper focuses on the countries that have capitalized on international trade and the effects that it has had on their economic growth.

The participation of the Far East countries in international trade is remarkable. Evidently, countries such as China, Japan, and Korea are developing and expanding at a very fast rate. The fast expansion and development are attributed to international trade. It is worth noting that, since the initiation of economic reforms and the adoption of the open-door policy, international trade has resulted in the dramatic growth of a number of countries, China being one of them.

The integration of China as a country into the global economy has been attributed to its sustained economic growth in recent years. It has become a darling to several countries in Europe and in Africa due to its investment programs and the visions it has as a country. The exportation and importation of goods ensured that some of the industries in China had comparative advantages in terms of the level of specialization (Reuvid  & Sherlock, 2011). Additionally, international trade has helped achieve a high growth rate of GDP in China, as well as an enormous inflow of hard currency and a dramatic increase in the employment opportunities that have absorbed the high population. Just like the neighboring countries such as Japan, China’s participation in international trade has also contributed to the improvement in productivity of domestic industries and advancement of technology (Reuvid & Sherlock, 2011). The rate at which China is growing economically has surprised many. The table below shows the top 10 trade partners of China in 2010.

Table1. Top 10 trade partners of China in 2010

Country

Trade volume (Billion $)

Share (%)

European Union

425.58

16.60

United States

333.74

13.00

Japan

266.79

10.40

ASEAN

231.12

9.00

Hong Kong

203.67

8.00

Korea

186.11

7.30

Taiwan

129.22

5.00

Australia

59.66

2.30

Russia

56.83

2.20

India

51.78

2.00

Source: Chinese Statistical Yearbook

In conclusion, though international trade has been of great benefit to a number of countries across the globe, China is a perfect example. Trade has played an integral role in boosting global economic development. Besides, good international relations among countries have been seen in recent years, thanks to international trade. More countries, especially in Africa, are on the verge of joining the trade and this is good news as one of the millennium goals aims at ensuring that poverty is eradicated across the globe.