Wednesday, 22 May 2013

Five Things About International Trade Part One

Heading into the world of international trade? Over the next two days we shall be looking at useful things you need to know before you get started. The first five are:

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  1. Ecommerce – Trading online is more popular than ever thanks to the growth of the Internet. Ecommerce it is now easier than ever to begin trading on an international scale.
  2. WTO – Understand that the World Trade Organisation regulates trading.  It is responsible for ensuring expectations are met for consumers and producers.
  3. Trade in undeveloped countries – Undeveloped countries rely on their produce, such as coffee, cotton or wood as well as tourism and travel whereas richer counties tend to offer more business or financial services.
  4. Mercantilists – They support the increase of exports rather than imports in order to maintain trade surpluses. This helps ensure the host country is able to retain gold and silver received through trade.  This can result in one country gaining and the other experiencing losses.
  5. Tariff - This refers to tax that is usually applied by governments of the country that the goods are being imported to.  The tax on goods is put in place to level out the playing field by protecting domestic industries or raising revenue as a way to create a barrier for entry.
Return tomorrow for five more points you need to know for international trade.

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