International Trade A New Concept - 2257 Words

International trade is focused on the exchange of goods, services and capital across national borders. According to Ball et al. (2012) international trade brings many benefits to the consumer, such as larger variety of products and services, on the other hand also benefits the country’s economy such as creation of jobs, innovation or reduction of poverty. World Trade Organisation (2013:online) proposes that merchandise exports of WTO members totalled US $17.3 trillion in 2012 and export of commercial services totalled US $4.25 trillion in 2012 and suggests that size of the international trade continues to increase. The top five world’s merchandise exporters are Germany, United States, China, Japan and France, in addition world’s top five service exporters are United States, United Kingdom, Germany, Japan and France (Wild et al., 2010). The concept of trade and international trade is not a new concept, it occurred many thousands of years ago (Schmitz and Schmitz, 2014). Figures for international trade- why is it important Make sure you understand the main theories of trade -- neoclassical comparative advantage and new trade theory (and whilst Porter s Diamond Model isn t formally a theory of trade, there are a number of ways in which it overlaps with theories of trade, particularly new trade theory). The reading material, particularly the textbook book chapters I have included on the list, discuss these various theories and the implications for free or managedShow MoreRelatedEssay on International Trade Simulation987 Words   |  4 Pagessummarize the International Trade Simulation, explain the basic concept of International Trade, emphasize the four key points from the reading assignments in the simulation, and apply these concepts to my workplace. Simulation Summary In the International Trade simulation, you are the Trade Representative of a small country called Rodamia. 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