The rise in international trade has led to the manufacturing of many products in foreign countries, including those we rely on daily, and have to be transported over long distances. Although the main disadvantage of international trade is that it results in price inflation, I believe that the availability of products, essential for our daily use outweighs this drawback.
One noticeable disadvantage of purchasing goods from overseas is the price inflation associated with them. Moving these products into the country by air or water costs a significant amount of money. For example, a study by the University of Cambridge showed that the importation of goods costs twice as much as the original product cost. As a result, additional costs are incurred, causing the products to be much more expensive than usual. There is no doubt that these products would be much less expensive if they were manufactured domestically, eliminating the need for foreign transportation.
A significant advantage of international trade is that it provides us with an unlimited variety of products, that are not being manufactured in our country. These items facilitate our day-to-day activities and help improve our lives. For example, phones, computers, televisions, laptops, and exercise machines are made available through frequent importation from other countries. As a result of this availability, we gain access to items that help improve our health, support our finances, grow our businesses, and develop different skills, expanding our knowledge in various aspects of life. Without the importation of these products from overseas, it would be challenging to achieve this improvement in our quality of life.
In conclusion, a significant benefit of international trade is that it provides access to products we use daily, which improve our quality of life and outweigh the price inflation associated with imported goods.