If you walk into a market and find the products like American food items, Chinese toys, Pakistani garments, and much more you are enjoying the shopping experience of international trade.
International trade allows the countries to exchange their goods giving access to the local people to get benefitted from the products from all over the world. International trading leads to competitive prices making the cheaper products more available for the consumers than ever before.
Import and export
The process of selling a product in an international market is known as export and the process of buying a product from a foreign market is known as an import. When any country lacks resources and relies on foreign supply is considered as trade and more options could be available in the domestic market due to importing those products. Better quality is also a plus point with imported products and can lead to improvement of quality of products available in the local market due to comparison. There are so many items that are commonly included in trade such as televisions, food products, clothes, cosmetics, machinery, and many more.
Export assists in the economic boom of a country with the currency exchange. Surplus products can be sent to the foreign market to get benefit from sales such as; surplus food production. Instead of wasting the food product exporting them to a foreign marketplace assist you to earn a good return. Except surplus production companies can start selling their products in the foreign market to get exposed to larger marketplace areas with the greater quantity of sales and sales throughout the year. Because in the local market there could be very low demand in the offseason leading to business loss but in international business, there is no specific season for any product due to expanded market.
International trade is the best way to allow the country to make the best possible items of excellent first-class quality through using the available sources in the lowest maximum budget. Because if producing products domestically cost you more, then why don’t you just import the product to save the cost? There are such a lot of products available within the worldwide market whose imports fee you manner less than producing that item on your country.
The benefits of international trade
The benefits of international trade include:
- The Exchange of goods and services between countries is known as international trade
- Due to import and export, people get exposure to the goods not available in their own country or may be available but at a higher price
- Good employment rate leading to less poverty level and promotes economic growth
- Due to more competition in the market, domestic market products can be available at a good price with really good quality because people have the option to compare
- International trade makes cash-flow management easy
Top Import products of Jordan
Here is the list of all the import products country wise
Overall top import product of Jordan
- Mineral fuel
- Cereals
- Machinery
- Electronic equipment
Fastest growing import products of Jordan
- Artificial hair, feather
- Zinc, cement
- Cork
- Machinery
- Coffee, tea
- Spices
- Salt
- Sulpha, stone
- Explosives
- Ships, boats,
- Railways, trim equipment
Top Jordanian imports from china
It includes 13.6% of its overall imports
- Crochet or knitted fabrics
- Machinery
- Iron and steel products
- Organic chemicals
- Paper
- Iron and steel
- Plastics
- Furniture
- Lightings
Top Jordanian imports from the US
It includes 8.7% of its overall imports
- Mineral fuels
- Vehicles
- Aircrafts
- Cereals
- Technical and medical equipment
- Fruits and nuts
- Other food products
- Medicine
Top Jordanian imports from UAE
It includes 4.1% of its overall imports
- Gems
- Copper
- Plastics
- Dairy products
- Honey
- Eggs
- Aluminum
- Cosmetics
- Perfumes
- Paper
- Mineral fuels
Top Jordanian imports from Turkey
It includes 3.8% of its overall imports
- Plastic
- Vehicles
- Gems and precious metals
- Paper
- Electronic equipment
- Steel and iron products
- Machinery
- Knitted clothes
Top Jordanian imports from Italy
It includes 3.1% of its overall imports
- Fruits and nuts
- Medicinal products
- Machinery
- Mineral fuel and oil
- Steel and iron products
- Medicinal items
- Gems and precious metal
- Technical and medical equipment
Top Jordanian imports from India
It includes 2.8% of its overall imports
- Cereals
- Organic chemicals
- Coffee, tea
- Spices
- Meat
- Sugar
- Plastics
- Steel and iron products
Top Jordanian imports from Japan
It includes 2.8% of its overall imports
- Man-made staple fibers
- Rubber
- Aluminum
- Chemical goods
- Machinery
- Vehicles
- Technical and medical equipment
- Electronic equipment
Knowledge of international trading
Countries do import-export to satisfy the need of consumers with the products not available in the domestic market due to lack of resources, or lack of capacity to produce goods. In the present world, trading is the backbone of the global economy and is responsible for the modern industrialized world and prosperity.
There are several reasons to import products from another country, due to product quality or price. We can highlight the example of Japan; they do not have their oil reserves but are still the 4th largest oil consumption country in the world. Import helps to fulfill the need for products and resources that any country lacks on its own. Whereas exporting of products helps in the reduction of waste to surplus production.
Origin of comparative advantage
This topic was discussed in Ricardo’s Book on the Principles of Political Economy and Taxation, published in 1817. England and Portugal both used to get benefit from each other through trading. Back then England was able to manufacture cloth at cheaper prices whereas Portugal was able to produce wine at a low price. So they stopped making attempts to produce the good at a higher price and started import-export.
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