How has foreign trade been integrating markets of different countries? explain with examples
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Foreign trade had been integrating markets of different countries,as it allows the producers to cross international boundaries in search of cheap raw materials.The manufactured goods and services can now be sold in various market of different countries.With many mncs in the market, the consumer now has a wide range of products coming from different nations to choose from. Foreign trade therefore interlinks various market across the country.
Foe example,Volkswagen,a German automobile company is the biggest German automaker and second largest automaker in he world. It came to India in 2007 and had recorded sales of 32,627 vehicles in the year 2010.
Foe example,Volkswagen,a German automobile company is the biggest German automaker and second largest automaker in he world. It came to India in 2007 and had recorded sales of 32,627 vehicles in the year 2010.
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Explanation:
1. Foreign trade creates an opportunity for the producers to reach beyond the domestic markets, i.e., markets of their own countries.
2. The competition is thus not just within the county, but also from the producers of different countries.
3. The buyers also get benefitted as they now have more choices and a wider range of products to choose from.
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