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The Magnitude of International Trade and How It Has Grown - Essay Example

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The paper represents the magnitude of international trade, which has been in existence over the years. The exchange of goods and services across borders has had a significant impact on the participating countries. Several countries have been forced to minimize their rules and regulation concerning trade, in order to promote international trade…
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The Magnitude of International Trade and How It Has Grown
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Download file to see previous pages Growth in international trade changes as the years' progress. According to the world trade organization (WTO) press release (2005), in 2005 the growth in trade was satisfactory due to the many opportunities that had been created for trade. The 2005 statistics indicated that the level of exports had increased by 21% in 2004, whilst the merchandise exports rose by 9% in 2004 compared with a 5% increase in 2003.
These examples indicate the difference in international trade in terms of years. Different factors lead to the world trade development; for instance, in 2004, rapid trade expansion was evident, while the rise in prices of commodities contributed to the strengthening of product groups (WTO press release, 2005). According to Fonseca, Rutgers state university & New Brunswick graduate school (2008, p.9), a country’s export growth is evident when the volume of sales is increased in its trade relationship or by forming new trade relationships. Nevertheless, the world’s trade growth is expected to ease in 2011, and despite the record-breaking of 2010 in export volumes, the financial crisis is evident currently. There is a high level of unemployment in the developed nations; therefore, only 6.5% increase was expected in 2011. However, due to uncertainties such as Japan’s tsunami and earthquake, and their impact on trade, the figure remains uncertain (WTO press release, 2011).
In 2010, the developed nation’s export growth was 13%, whilst the rest of the world export growth was at 16.5%. The figure below indicates a trend in the growth of the world’s merchandise from 2000-2011. ...Download file to see next pagesRead More
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