What is International trade:
International trade is simply the business transactions between two or more countries with the aim of making profit and developing their countries reputation and foster the growth of the economy as a whole. Most countries enjoy the benefits of international trade, which make their country to be self reliance because they have the opportunities to engage in the trading of the resources the have in their country. International trade organization has made is easy for nation to partake in business internationally as long as the meet the standard and requirements that is needed, which is the product to be export or import must meet the standard and must be save for consumption.
The benefits of international trade can not be over emphasize because many countries depend on international trade to sponsor their annual national budget because of their foriegn reserve all comes from international trade for example countries that produce oil and gas mostly depend on the international trade market to grow their economy.
The benefits of international trade help nation and encourage the unity and growth of every sector of the economy, both import and export are part of the international trade policies. Some the benefits of international trade are as follows;
What are the Benefits of international trade?
- Availability of various goods and services
- Production efficiency
- Create employment for your people
- The cost of consumption becomes cheaper
- Control trade prices
- Encourage good relationship among countries
- Revenue generation
- Export and import access
- Market expansion
- Increase the national income of a countries.