World Trade is also known as International Trade. World Trade can be defined as the exchange of goods and services between countries at the international level. World Trade is responsible for generating and maintaining the world economy and is different from the domestic trade because business factors such as prices, demand and supply depend on the global situations and happenings.
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The benefits of World Trade are varied and felt in many different ways. From the point of view of the consumer, World Trade makes it possible to find and purchase many commodities that are not available or manufactured inside the country or region. In the same manner, the consumer is able to select from a range of goods that are manufactured in different countries and buy the most suitable and cost-effective product. With regard to the market, there is more competition generated by World Trade with goods coming in from different countries and this healthy competition would lead to more competitive prices and other benefits too.
The manufacturing companies are also benefitted by World Trade as they manufacture their goods in locations where the raw materials are easily available, and at a cheaper rate. Also, the overheads such as labour charges could also be less in other countries and reduce the production costs.
The commodities and services that are sold in the global market are the exports and those that are purchased from the global markets are the imports. The exports and imports of a country go to make up the current account of the balance of payments of the country.
Global Trade and Domestic Trade are both dependent on the fundamental trade principles. However, Global Trade is affected by various factors such as: the tariffs and custom duties levied for cross-border exchanges make the goods costlier; the time delays that are typical to the transport and border checks; the differences in the legal systems, the language and cultural differences, the variances in the currency exchange rates and the long and intricate documentation processes, the factors of outsourcing and so on.
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