In recent years, we have seen international trade flourishing globally. Offering benefits to people from all corners of the world, international trade is the exchange of services, goods, and capital amongst different countries and is an essential and rapidly growing revenue source for almost all countries.
Assisted by modern production techniques such as 3D printing and computerised engineering, diverse and flexible courier services, transnational banking, measured outsourcing, and rapid growth in connectivity, international trading is seeing a rapid growth in exporting, and will continue to rise in 2017.
Reaching new markets
The increased connectivity and internet age have made it possible for new markets to be reached, making exporting much easier. It’s self perpetuating: the more international trade is done, the more options for expansion. With access to new markets, exporters can see a more stable sales pattern, since global availability traverses seasonal purchasing.
Made international banking easier
Currency conversion and international trade transactions have collectively led to an improved international banking system. Since it has never been easier to transfer money between different countries, it has become easier to export to different countries. Easier exporting essentially means more exporting.
Domestic competition stabilised
Since international trading is geared toward exporting, there will be increased competition in services such as transport and logistics. As such, these services will improve their delivery options, whilst keeping prices competitive. This means ultimately better delivery services for the consumer and for the various companies exporting. The access to new audiences means less dependency on your own country’s economy, since there will be interest year round.
International trading and its rapid growth also means growth in productivity. When companies and their employees know that they appeal to a global audience, it can breathe new life into productivity. Setting targets and seeing trade increase gives job satisfaction and engenders a dedication to improving standards.
In addition to seeing an increase in market movement, international trading will ultimately reduce all costs associated with export. From the relationships between currencies to the associated costs in delivery services, such as air freight and shipping, significant costs will be saved through the increasingly busy international trade.