International Trade- Development In Today’s World

International business is not new. From millennia ago, people travelled from continent to continent and country to country; they travelled via sea and ground forming “silk route” and naval pathways. The whole basis of international trade is that some countries have an abundance of a certain commodity and another has aplenty and more of another good. The best way to earn money through a country’s produce hence is to resort to inter-country trade.

Expanding digitalization of trade

It is also not new and not a secret that more and more business as well as other activities including day-to-day tasks are now overtaken by digitalization. There are robots who perform daily tasks at shops and homes. You can buy a small robot who can clean the house. Trade has been affected so much that instead of trade fairs and exhibitions buyers can now view the merchandise through an online web portal. Related tasks such as invoicing, shipping and freight management, payment and so much more are totally digitalised and are done much more efficiently.

Big business

Importing and exporting is a big business today. An annual value of 195 billion dollars is spent on exports in Australia making it the 23rd in the largest export economies in the world. Yearly imports are calculated at 187 billion dollars; this of course leaves Australia with a positive balance which is a good omen. Major exports are Iron Ore, gold, wheat, copper ore and coal briquettes. It is surprising at times to see what are traded at such high volumes as generally we do not imagine using gold or iron ores in such huge amounts. However what is to be understood about international trade is that, it doesn’t have to be these items or you don’t have to be a big dealer; highest percentage of exports are done by small scale dealers.

Where to?

So where do these exports go to? It is not hard to believe that China is a biggest buyer of especially iron, coal and gold. Next comes another forerunning Asian country, Japan, to which the major exports are namely, beef, coal and iron ore. Australia even exports to USA; items include aircrafts, beefand spacecraft parts, also not to forget inebriating beverages. Some other countries to which Australia exports include Singapore, Korea, neighboring New Zealand, UK and Thailand. Relating to all these, employment is improved providing jobs in areas such as freight forwarding Darwin, transportation and storage, supply chain management and so on. Today, for even a small time business to engage in international trade is not a new thing. So if you want o get out there, this is the opportunity.

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