International trade is defined as the exchange of services and goods between different countries. The trade gives rise to a global market whereby the prices, demand and supply of commodities is affected by directly by the global events.
Benefits of international trade
International trade is mutually exclusive. It facilitates selling of what a country does not need and buying from other countries what it needs. Through offering a wide market, it is able to provide citizens of a particular country with a variety of products and goods and at better prices. This is because, with increased supply, the prices of goods go down. International trade helps in job creation, attraction of investors and new technologies (Connoly, 2008).
Negative effects of international trade
Although international trade has its benefits, it also has its disadvantages. It brings about culture identity issues. This is because it is a major world export. It also conflicts with social welfare issues. Managing environmental issues with international trade is a big problem. In cases of countries with rich minerals such as oil, gold, and diamonds, political issues are always on the rise (Connolly, 2010).
Some people are opposed to the process of globalization regardless of the benefits it has brought to their countries. This is because of scale of change, the long standing problems such as environment deterioration are intensified. It also perpetuates capitalism, which promotes inequity in the society. They further argue that the benefits of globalization are a myth , and they need exposure(Connoly, 2008).
How does one prepare for a career in international trade?
Avoiding international trade is inevitable. For this reason, everyone ought to be prepared on how to handle such an exciting opportunity once it presents itself. For maximum preparation, one needs to develop real expertise in business. This is because most companies have numerous fields in the field of business. Through studying business, ensure acquiring of international culture, politics, and economics. Learning of extra languages is always advantageous (James, 2010).
In conclusion, international trade in the current century is inevitable. Thus organizations and businesses should find for solutions to cope up with the negative effects associated with the trade since benefits by far out do the disadvantages.
James, C., Berry, M., Thompson, N., & Obney, B. (2010). International trade: 2004-2009. Bethesda, MD: UPA collection from LexisNexis.
Connolly, S. (2010). International trade. London: Franklin Watts.