International Trade

 We live in an age of globalisation, where different nations across the world trade goods and services. This has therefore seen the development of international trade and international trade agreements. As global trade has grown, the economies of different countries have become reliant on exports and good international relations and many supply chains also rely on raw materials from different countries even before the finished product is ready to ship. Some of the largest and most successful global companies have managed to build a strong customer base by understanding different trends in supply and demand across the world. However, international trade has seen various challenges over the past few years including the Coronavirus pandemic, political tensions between China and the USA, Brexit, the war in Ukraine, and the impact of the climate crisis on raw materials. 

International trade is important because countries rely on other countries for the import of goods that can’t be readily found domestically. If a country specialises in the exports of goods, it may have more supply of certain raw materials than there is demand in its own markets. Or it may have a certain expertise, for example, in technology or manufacturing that leads to demand in the international market. International trade creates the global marketplace upon which the world economy relies for prosperity.

The International Trade Centre (ITC) provides trade statistics on imports and exports classified by product groups across 200 countries. It’s a useful free resource to understand the specialisations of certain countries and to help solidify trade development strategies. The ITC is particularly focused on introducing small businesses in developing countries to international markets and supporting the United Nations Global Goals including ending poverty and protecting the planet.