What Are The Pros And Cons Of International Trade
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What is international trade? It is the trading of capital, products, and services over international borders or territories. In many nations, such trade represents a significant amount of gross domestic product (GDP) which contributes to economic growth within a particular country. Economic growth is the percentage increase in national income where consumers and merchants from separate economies may voluntarily trade without the domestic government applying quotas, tariffs, prohibitions or subsidies on their goods and services. For instance, Trinidad and Tobago was dependent on export trade revenues received from oil that represented a major dynamism in the economy. The quadrupling of the oil prices in 1973 placed us in a good position in trade. As the export price raised
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1. International trade destroys infant industries because they are underdeveloped to compete against the international markets and would require protection from the domestic government until they are able to be competitive in the market. For instance, when local poultry industry experienced a difficult time in the market because their prices was considered to be more expensive than that of their competitors. The government placed a tariff of 40 percent on the import of chicken to protect the local industry.
2. International trade contributes to dumping when goods are sold at a lower price than the local market offer below its cost. For example, when exporters from China were dumping aluminum products in Trinidad and Tobago which cause injuries to the domestic industry. The story was published by the Trinidad and Tobago Guardian Newspaper dated 19th of March 2016.
3. Low cost wages within the local industries some companies decline because they can’t compete with foreign markets. For instance, after the down fall of the economy it left workers on the bread line and most individual worked for below average
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