It’s easy to take for granted our accessibility to products native to or manufactured in countries on the other side of the world. International trade makes it possible to enjoy a dinner of Kobe beef from Japan, tropical fruits from India and a bottle of wine from France, without having to wait days (or weeks) for all the ingredients to arrive. From the days of the Silk Road between Europe and Asia in the 1200s, international trade has facilitated the exchange of goods and services between nations. As transportation evolved to make doing business internationally more practical, the result has been a global economy where events in one county can impact product supplies, demand and prices in countries thousand of miles away. For consumers, global trade means more business competition, which (despite tariffs and other additional costs that do not apply to domestic trade) typically results in lower prices for the products they want to purchase. It also opens up more markets where countries can sell the goods that are more abundant within their borders. The Cycle of Global Trade Relationships International trade can, over time, change the nature of relationships between two countries. One familiar example is when a poorer nation provides labor and facilities to more developed trading partners, acquiring wealth that can then be channeled into greater domestic productivity. When that happens, it could eventually result in a reversal of roles, where the product importer becomes an exporter. One sees elements of this in the trade relationship between the U.S. and China.
UNCTAD: Global Trade Expected to Rebound in 2024 Amid Geopolitical Uncertainties
The United Nations Conference on Trade and Development (UNCTAD) forecasts a rebound in global trade, expecting it to hover around… Read More
EU, Vietnam Sign Free Trade Agreement
The European Union and Vietnam have signed the final document cementing an expansive free trade agreement deal that erases more… Read More
Schaeffler North America Opens New Plant in Mexico
South Carolina-based automotive components manufacturer Schaeffler Group North America has opened a second production facility in Huejotzingo, Puebla, Mexico. The new… Read More
Dutch Minister Lead Trade Mission to Cuba
The foreign trade and development cooperation minister of the Netherlands, Lilianne Ploumen, recently returned from leading a trade mission to… Read More
Asia Pacific Air Cargo Market Shows Weakness
Preliminary November traffic figures released today by the Association of Asia Pacific Airlines (AAPA) showed air cargo markets remained weak…. Read More
Abercrombie & Fitch Opens First Store in the UAE
Abercrombie & Fitch Co has opened its first store in the United Arab Emirates (UAE) at Dubai’s luxury Mall of Emirates shopping… Read More
Company, Union Join on Petition Against Tire Imports
The United Steelworkers (USW) union has joined with Titan International, Inc. in filing petitions for relief from imports of off-the-road… Read More
USDA Trade Mission Spurs Record Ethanol Exports to China
The U.S. Department of Agriculture (USDA) announced a significant jump in ethanol exports to China this year, following a USDA-led… Read More
No Bridge Too Far for Emirates SkyCargo
Emirates SkyCargo, the freight division of Emirates, has demonstrated its capability to handle all types of cargo, with a load… Read More
Cerveza Fauna Begins Exporting to California
Cerveza Fauna, a Mexican brewer, began export operations to California in late December. The company’s award winning beers hit shelves… Read More
WTO Members Take Important Steps Towards Trade Facilitation Agreement in Nairobi
The World trade Organization’s 10th Ministerial Conference which took place last month in Nairobi, Kenya, yielded important progress toward the… Read More
NuStar and ConocoPhillips Loaded Their First Export Cargo of U.S. Crude Oil After Lifting of Export Ban
On the heels of the U.S. government’s recent lifting of the ban on the export of crude oil produced in… Read More
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