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International trade: Important branch of economics - Essay Example

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This paper "International trade: Important branch of economics" analyses advantages and disadvantages of international trade and reviews its role in the sustenance of globalisation phenomenon and growth of individual country’s political, cultural and social structure…
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International trade: Important branch of economics
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Download file to see previous pages The country pride is dependent on the development of international trade. The trade of goods and services with foreign countries either improves or damages the exporting country’s reputation. For instance, the quality of the goods and services traded can substantially affect the image of the exporting country. Likewise, the exchange rate plays an important role in attracting foreign exports and deliver the price at which a country can import goods. International trade is also a big player in the investment industry. Higher domestic dollars make foreign investments costly and imports cheaper and vice versa. The international trade directly affects the investment industry.

International trade has substantial advantages. A country can have the goods which are not produced in its country. For example, Pakistan, a developing country imports large amount of industrialized goods which it does not have the ability to produce due to lack of modern technology. As a result, both consumers and trader are benefited. The consumer is able to buy easily due to the fact that the good and service is not produced in its own country. From the exported goods the country is able to utilize to the fullest extent to produce any goods to the benefit of its consumers.

Both the exporters and importers are benefited by the international trade. The political and economic relations are developed among developed, developing and underdeveloped countries. We are able to export the surplus commodity to the country which is in need of that commodity. ...Download file to see next pagesRead More
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