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However, the entire practice of import and export has been subjected to multiple trade policies and regulations to maintain international harmony and restrain a control over international trade practices. Over time and under specific conditions, the structuring of the trade practices has also evolved (Davis, 1995).
Considering all these aspects, this discussion focuses on analysing the type of commodities imported and exported by Singapore between the periods of 2010 to 2013 to find their alignment with the established international trade practices. The discussion emphasizes multiple crucial facts regarding the international trade practice carried out by Singapore in developing a better competitive advantage. In addition to all these, considerable amount of focus will also be laid on the tariff plans that are being imposed on the goods being imported in Singapore. Supportive facts such as worth of Singapore currency internationally will also be provided in the discussion.
A considerable amount of focus needs to be provided on the fact that majority of the goods that are being imported in Singapore are tax-free excluding some of the liquor based commodities. Moreover, by analysing the trading figures between the periods of 2010 to 2013, it can be identified that the trading pattern appears to have dropped to a certain extent during the period of 2013. The graph projected below will help to understand this difference in an appropriate manner.
The above mentioned two graphs clearly stated about the import and the export patterns of Singapore at the present currency rate i.e. Singapore $1~ $0.80 USD. Respectively, it can be stated that the export rate within the four fiscal years have elevated, which has apparently brought in huge loads of foreign exchange in comparison to that of the imported rates regardless of the fact that the import rates have also elevated much. However, if the evaluation is conducted depending on the types of import and
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There are a number of conditions that should be available for the occurrence of intraindustry trade. The most important condition is that there should be some level of comparative advantage for intraindustry to occur. Research studies indicate that intra-industry occurs mainly because there is product differentiation and that a particular economy is in a position to produce goods of high quality compared to others (Helpman & Krugman, 2005, p.
This implies that service sector is not contributing proportionate to its share in the international trade in GDP of each country. Large amount of services are consumed domestically and not traded internationally. (International Trade…) Same is true for U.S.
44). Once it is expressed, there is no assurance how it is utilized and manipulated (Salvatore 2013, p. 46). To organize this illicit use of expertise several laws like copyright laws, exclusive rights laws e.t.c were outlined all around the globe (Salvatore 2013, p.
Entrepreneurship and technological advancement, in carpet making, are hindered by a lack of financial capital since the population’s income levels are predominantly low. Social capital affects the country’s carpet making process, which revolves around mutual appreciation.
Ricardo compared two goods which is wine and cloth which were produced in Portugal and England, in his study he discovered that Portugal had absolute advantage on the production of both cloth and wine but the two countries would still gain from trading where Portugal will olny produce that product which it is more efficient in production and which it has more comparative advantage while England would produce the other good.
Due to the rapid improvements on communications technology, economic freedom and the continuous promotion of trade liberalization (World Trade Organization, 2008), modern business trend has gradually shifted from multinationalism to globalization.
Other than the
Certainly, there are different factors and other economic activities that need to be understood in order to see deeply the concept of competitiveness. Understanding the concept of competitiveness means one must be able to consider at what point of view it has to be
In free trade, there is no tariff, factor movement and policy harmonization. Without any import duty or any other tax, trading is undertaken. In case of Economic union, there is a presence of everything:
While absolute advantage gives a nation an almost monopoly power over certain goods and services, comparative advantage ensures quality goods readily affordable at low price. According to Ricardo, economic
Based on some opinions, Russia under Putin can now be equated to Spain in terms of economic weight. Previously the globes eighth biggest economy, Russia lost its ranking since the economy shrank in only
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