As global economies become more and more interconnected, international trade continues to be the growth engine for most nations. Any changes in international trade can have a profound impact on the country’s gross domestic product (GDP) which is used to measure the country’s economy health. Need for market expansions, low-cost of productions and abundance of natural resources are some of the factors fostering growth of international trade. With fewer restrictions imposed by countries on cross-border trade, many entrepreneurs and businesses are going global in order to fight the fierce domestic competition and take advantage of international opportunities.
In the recent years however, global trade has slowed down a bit. This could be attributed to weak imports especially in emerging markets, impact of Brexit, slowdown of growth in China, geo political tensions and uncertain economic environment.
Companies will have to gain strong foothold in rapidly growing markets like Asia, Middle East and Africa. However, Asia-Pacific region would witness the fastest growth in international trade by 2020. Conversely, China’s hold on low-cost manufactured goods will come under pressure from other low-cost economies like Vietnam, Bangladesh and Africa. Countries dependent on commodity trading within Latin America, Sub-Saharan Africa and Middle East North Africa (MENA) will experience a minor drop in their share of global trade.
Digitalization has opened a multitude of opportunities to individuals, start-ups, small and medium sized enterprises and large companies. They have turned to e-commerce marketers like Amazon, Alibaba and others to trade in goods & service globally. Digital platforms have enabled companies to sell products in the fast growing markets, leverage international social media connections to market and sell their products apart from reducing cost required to build international brick-and-mortar stores.
ASDReport.com provides a plethora of reports on international trade industry. Numerous reports are available on e-commerce, export and import among others.