International trade has high importance in the economic growth of the country. Even it is not only in benefit of the country's economy but there are number of benefits for the global organization and the overall world's economy as well. Without international trade, it was never possible to reach the success level at which the world is right now.
An international trade is the major source of revenue for the country and so the high percentage of gross domestic product depends on it. Moreover, international trading has also helped in reducing the poverty all over the world.
The main concept of an International Trade can be identified with theory of David Ricardo, an economist: both parties that are individuals, companies or organizations can benefit in trading if goods produced are with different relative costs i.e. one party get goods or services from the other party who can produce it at lower cost thus profiting both.
The nations with well-established international trading infrastructure are stronger and have the power of controlling world economy.
Significance of International Trade for UK Business Organizations
UK is participating in the game of international trading since 1960 and that's what made it a top player. Trading contributes nearly half to the GDP of UK. Moreover, UK has also become the source of increasing GDP of other developing countries. According to the World Bank's International Finance Corporation 2011 report, UK stands at 13th position in trading across borders.
UK being highly industrialized economy deals in export and import of several products and services. Some of the major industries include:
Machine tools
Railroad equipment
Electric power equipment
Ships/aircrafts
Electronics and communication tools
Computers and so on In year 2011, UK made £34,852m exports of nuclear reactors, machinery, boilers and mechanical appliances. £46,560m imports of mineral fuels, mineral oils and their distillation tools and machinery.
The top partners who deal in with UK imports and exports are:
Germany
France
US
China
Norway
Italy
Ireland
Netherlands
(EconomyWatch Content 2010)
It is due to international trading that the world is making fast...
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