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Running Head: INTERNATIONAL TRADE OUTLINE
International Trade OUTLINE
Name
Institutional Affiliation
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INTERNATIONAL TRADE OUTLINE
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Abstract
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In contemporary society, participating in international trade has become a norm for
nearly every country in the global environment.
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Countries participate in international trade so as to enjoy benefits such as access to
quality products and enhanced better utilization of natural resources.
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Other benefits include improve economic growth, increase the efficiency of companies,
and improve consumption at a cheaper cost.
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Repercussions of participating in international trade include flooding of domestic market
with substandard goods, increase political and economic risks, and it negatively affects
small companies in the domestic market.
INTERNATIONAL TRADE OUTLINE
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Introduction
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International trade is the exchange of services, goods, and capital between countries.
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In most countries in the world, international trade contributes a significant share of gross
domestic product (GDP).
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International trade has contributed heavily to the rise in the world economy.
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International trade is influenced by factors such as laws, government policies, currency,
judicial system, political relations, and markets.
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International trade offers countries and consumers with an opportunity to access goods,
services, and capital that is not available in their home country.
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This paper encompasses the analysis of recent statistics about international trade, the pros
of international trade, the cons of international trade, and its effects on the economy
Recent Statistics about International Trade
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In 2017, international trade was approximately $34trillion. Imports were estimated to be
17 trillion and exports were also $17trillion.
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Automobile including buses, cars, and trucks contributed 9% of the trade.
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Gas, oil, refined products, and coal contributed 14.4% of the trade.
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In 2017, it was estimated that international trade grew by 10.5% from 2016.
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Statistics have shown that international trade contributes more than 27% to the global
economy.
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Before the 2008 recession, international trade grew 1.9 times faster as compared to the
rate of economic growth (Chaney, 2018).
INTERNATIONAL TRADE OUTLINE
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Pros of International Trade
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International trade boosts economic growth and development.
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It offers domestic companies with more experience in producing for foreign markets
(Feenstra, 2015).
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It also offers consumers with opportunities to access a wide variety of services and
goods.
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International trade enhances proper utilization and efficient allocation of resources.
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It also offers nations with a good marketing power.
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International trade also creates more employment.
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This is because it widens the market for countries' goods (Feenstra, 2015). International
trade also enhances consumption at a cheaper cost.
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International trade also stabilizes the prices of products and services (Costinot et al,
2016).
Cons of International Trade
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International trade contributes to flooding of substandard goods to a country.
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Dependence on foreign products and serv...