It’s easy to take for granted our accessibility to products native to or manufactured in countries on the other side of the world. International trade makes it possible to enjoy a dinner of Kobe beef from Japan, tropical fruits from India and a bottle of wine from France, without having to wait days (or weeks) for all the ingredients to arrive. From the days of the Silk Road between Europe and Asia in the 1200s, international trade has facilitated the exchange of goods and services between nations. As transportation evolved to make doing business internationally more practical, the result has been a global economy where events in one county can impact product supplies, demand and prices in countries thousand of miles away. For consumers, global trade means more business competition, which (despite tariffs and other additional costs that do not apply to domestic trade) typically results in lower prices for the products they want to purchase. It also opens up more markets where countries can sell the goods that are more abundant within their borders. The Cycle of Global Trade Relationships International trade can, over time, change the nature of relationships between two countries. One familiar example is when a poorer nation provides labor and facilities to more developed trading partners, acquiring wealth that can then be channeled into greater domestic productivity. When that happens, it could eventually result in a reversal of roles, where the product importer becomes an exporter. One sees elements of this in the trade relationship between the U.S. and China.
Reimagining Africa’s Economic Growth: Insights from Okonjo-Iweala
Ngozi Okonjo-Iweala, Director-General of the World Trade Organization, emphasized the imperative for Africa to bolster trade and investment in value-added… Read More
Commerce Finds Solar Cells and Modules from Cambodia, Malaysia, Thailand, and Vietnam Circumventing AD/CVD Orders
On December 2, 2022, the Department of Commerce (“Commerce”) announced its preliminary circumvention determination with respect to certain solar cells… Read More
U.S. Lemon and Lime Price Surges 17% to $931 per Ton
U.S. Lemon And Lime Import Price per Ton August 2022 In August 2022, the lemon and lime price per ton… Read More
Venezuela, Colombia Open Binational Bridge to Boost Trade
Venezuela and Colombia officials opened the Atanasio Girardot international bridge on Sunday, allowing vehicles carrying both passengers and cargo to… Read More
Malaysia Sees Trade as Vehicle to Forge Closer Bilateral Ties with US
Two newly arrived Malaysian diplomats in New York underscore the importance of forging closer ties with the US, and underscore… Read More
Mexico, Canada Win Trade Panel’s Nod over US on Car-Content Rules
Mexico and Canada won a trade dispute with the US over cars shipped across regional borders, potentially giving manufacturers more… Read More
Dutch Resist US Call to Ban more Chip Equipment Sales to China
The Netherlands will defend its economic interests when it comes to the sales of chip equipment to China, a senior… Read More
What is Cross-Border E-Commerce? Everything You Should Know
Introduction to Cross-Border E-Commerce International e-commerce or xborder e-commerce is the commercial practice of selling a product online to customers… Read More
World Needs Maritime Trade to Brave Rough Seas of Crises
Secretary-General Rebeca Grynspan calls on the shipping industry to help get food and fertilizers from the Black Sea to global… Read More
Winter is Coming
Europe is in a rush for natural gas. The Russian invasion of Ukraine resulted in European-imposed sanctions on imported Russian… Read More
Global Trade Hits Record $7.7 Trillion in First Quarter of 2022
But the positive trend for international trade may soon come to an end amid tightening policies and geopolitical frictions. The… Read More
Demand Moves from the Fridge to the Freezer
The chill is on. Factories worldwide are reporting plunging demand for a range of products. Central bankers and policymakers had… Read More
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