International pattern of trade refers to the trade patterns between two individual countries who indulge in the activities of importing and exporting goods and services with each other. The economy of the world have grown meticulously over the time period. The serious boom in the world economy came after the World War 2. The growth in the global economy reflected in the growth in the international market as well. The global growth was largely accompanied by the change which inherited the trade patterns. It hugely reflects the ongoing changes and the diversification in the global economy structure. The rise in regional trading blocs, the increased in the participation of the early communist countries and the emergence of India and China resulted in the change.
The global trade patterns are tracked with the very changing pathways in the exchange of the services, capital and goods among two or more nations. In the past years, the se of regional trading blocs which eventually reduced the economic pattern in many countries. It resulted in the increased participation of some of the old communist countries and also the rising stars of the economy world, India and China. In most of the countries, the international trade represents a significant part of that country’s economy. It shares a major part of the gross domestic product or the GDP of the country’s economy. The economic, political and social importance of the international trade has simplified with time.
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Global trading of goods and services and capital gives the buyers and the sellers a wide reach and exposure to the new market and products. Product and services of all kinds are available in this market. The products and services ranges from foods, cloths, jewelry, oil, spare parts, currencies, stocks and water. Services which are traded in the global market are banking, transportation, tourism and consulting services. A singe good which is sold in the international market is called as an export whereas a good which is being bought from the international market is called as an import. The exports and imports also are being accounted for a particular country’s current account which is mentioned in the balance of payments. The advanced technology and the rapid rise in the industrialization are helmed responsible for the gradual growth of international trade patterns. This includes multinational corporations, outsourcing linkage, transportation and globalization. These all have a major impact on the consulting international trade system. For the continuance of globalization, the international trade should be increasing. If there is no international trade, all the countries which indulge in these trades would get limited source of goods and services for the consumption for their citizens. The production would only be limited to that what they produce within the borders. International trade as principle is not much different from the domestic trade as the main motivation and the also the relevant behavior of all the parties which are involved in a trade do not change intentionally regardless of whether the trade is across a border or not. International trade is usually more costly than the trade which is domestically done. It is more costly because of the various customs and duties which are to be filed before exporting ay product to another country. It also takes much more time than the domestic trade. These are the major differences. Another major difference between the international trade and the domestic trade is the factors of production, which are labor and capital. These are typically much more mobile when operated within a country than complying across countries. As a result, international trade is mostly restricted to trade in goods and services only, and that also to a lesser extent to trade for the implied labor or capital or other factors of production present. Trade in goods and services can also serve as a substitute for exchange in factors of production.
Countries sometimes are in need for something which is either not produced in their own country or some raw materials which are used in for producing something but is not found on the particular country. Countries trade businesses with each other when even on their own circumstances they doesn’t have the capacity to satisfy their own desires and wants. Exploiting the domestic scarce resources and also developing the relations between the countries, these countries develop an extra bit of surplus and also helps in impressing their national economy. The development and the prosperity of the modern industrialized country relation. Imports are moreover cheaper which makes the customers to buy the products or the services from abroad. They are usually be more easily available and have a simply more appealing than domestically produced products. In most of the instances, no domestic alternatives usually exist in the frame, and hence, as a result importing is very essential. This is highlighted in today’s scenario as in the case of Japan, which has actually no oil reserves of its very own and yet it is the world’s fourth largest consumer of oil and as a result it must import its resources to the other countries well.
Specialization is a very fundamental principle which is associated with the trade and also results from the other principle which is division of labor. It is concluded, given that each and every employee who is working has given a specialized role in the production and is doing it for many years.
The division of labor is one major principle which is helmed with the international trade patterns. It means the breaking down of the production into much smaller task which are all interconnected into one. Ten after these tasks are distributed to the specialized workers, the tasks are then completed within some deadline. When applied internationally, a division of labor means that countries produce just a small range of goods or services, and may contribute only a small part to finished products sold in global markets.
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