Ranked as the world’s third largest gold producer, its annual gold production capacity is around 400 tonnes. Using gold as ornament and future investment has been a Turkish tradition. Because of its huge production,…
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In 1984, both in foreign exchange and Turkish currency, gold market was established.
Greater restructuring of the gold sector took place in the nineties when impediments in the way of imports/exports were removed by means of new and better decision making. Milestone was achieved when the Istanbul Gold Exchange was established in 1995 to organize gold trading (Istanbul Minerals and Metals Exporters’ Associations 2011).
Canada and Turkey are very good trading partners. For the year 2012, Canadian total exports to Turkey totaled 512,204 thousand Canadian dollars. The major item exported was Iron. Other commonly traded export items from Canada to Turkey include coal, oil and petroleum, newsprint, nickel, aluminum and motors and engines (Industry Canada 2011).
The imports from Turkey were up to 884,779 thousand Canadian dollars. In top 25 items imported, gold occupies the first position with 143,839 thousand Canadian dollars. Other product groups commonly traded between Turkey and Canada under imports constitute trucks, Iron and its alloys, dry nuts, cruise ships and angles, bars and rods of steel (Industry Canada 2011).
According to figures and statistics from government bodies (Library of Parliament 2011), Turkey is Canada’s 3rd largest export nation (when talking of Middle East) and the 24th largest across the globe. In terms of imports, Turkey stands at 4th position in providing items to Canada. Since 2001 and till 2008, value of Turkey receiving Canadian exports has skyrocketed at a pace of 33% annually.
In terms of investment and services, Canadian imports from Turkey for 2009 were to the tune of $111.0 million and basically comprised of travel services. The exports ran to $174.0 million and included services like government, transportation, travel and commercial.
Demography: As per 2010 figures and facts, population of Turkey is 72.5 million with
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Still if the government plans to impose tariffs over the imported goods, the result would be that other countries will do the same. End result would be increased unemployment in the export competing industries and decreased unemployment in import competing industries.
According to Miller (2003), the study of this particular phenomenon concerning the Anti-Sweatshop Movement of the 1990s, rendered the then economists with the opportunity to obtain an apparent understanding of the working conditions and its potential impacts on the economic development processes.
The country of Germany commands for a relatively large share of mechanical machineries production among the European Union. The production of this type of goods is mainly concentrated in North-Rhine-Westphalia. The production of large machineries and heavy industries is concentrated in this part of the world.
This era of globalization has lead to countries coming closer to each other, this has happened in all aspects including trade. International trade is the exchange of goods or services between economies. It is calculated in the current account of the balance of payment of the economy.
A member of the organization can restrict the importation of a product for a short period of time, with an aim of preventing a serious injury to the domestic industry that produces similar products. According to Brown (2008), such a step is called a safeguard action.
The currency of Rodamia must be either strong or at par with the valuation of other currencies otherwise the consumers of the country will not be able to purchase goods in the global economy. A strong currency boosts the confidence of the consumers and acts as an encouragement to the investors.
Mercantilism was popular during the 16th to 18th century where exports were encouraged. Nations tried exporting more goods and importing less so as to increase the nation’s wealth. Also, a nation’s wealth was reflected by the presence of more precious metals like gold and silver.
Much have been written about the factors contributing to the marked growth of trade between the years 1955 and 2004. Several factors have been mentioned and speculated to have contributed to such growth.
However, I personally believe that the four factors that may have contributed to the growth in merchandise in world trade between 1955 and 2004 are the following, but not necessarily in order: 1) the advent of and significantly rapid advances in information technology; 2) the reduction of, or, in some cases, elimination of, tariffs; 3) the rise in income cost; and, 4) the fall in transporters.
The world’s economy is persistently taking a more global shape and this paper takes a close look at the issues regarding the international trade (Fernald and Greenfield, 2001). A well researched attempt has been made to evaluate the term