International trade is the exchange of goods and services between countries. This type of trade gives rise to a world economy, in which prices, or supply and demand are affected by global events. Political change in Asia, for example, could result in an increase in the cost of labor, thereby increasing the manufacturing costs for an American sneaker company based in Malaysia, which would then result in an increase in the price that you have to pay to buy the tennis shoes at your local mall. A decrease in the cost of labor, on the other hand, would result in you having to pay less for your new shoes.
Trading globally gives consumers and countries the opportunity to be exposed to goods and services not available in their own countries. Almost every kind of product can be found on the international market: food, clothes, spare parts, oil, jewelry, wine, stocks, currencies and water. Services are also traded: tourism, banking, consulting and transportation. A product that is sold to the global market is an export, and a product that is bought from the global market is an import. Imports and exports are accounted for in a country's current account in the balance of payments.
Global trade allows wealthy countries to use their resources - whether labor, technology or capital - more efficiently. Because countries are endowed with different assets and natural resources (land, labor, capital and technology), some countries may produce the same good more efficiently and therefore sell it more cheaply than other countries. If a country cannot efficiently produce an item, it can obtain the item by trading with another country that can. This is known as specialization in international trade.
As it opens up the opportunity for specialization and therefore more efficient use of resources, international trade has the potential to maximize a country's capacity to produce and acquire goods. What is certain is that the global economy is in a state of continual change, and, as it develops, so too must all of its participants.
Keeping in view the above perspective, the WTC Navi Mumbai has designed and structured several educational programs for the benefit of business community as well as other stakeholders in the Region.
Upgradation of Skills of the Participants is the focus of WTC Navi Mumbai Trade Education Service and this is achieved by sharing the experiences and brainstorming sessions with the Faculty. Ultimately Participants are in the best position to “Professionalise International Trade.”
© WTC Navi Mumbai 2016. All Rights Reserved.
Design & Developed by FYA Group