In today’s society, international trade massively exhibits export and import activities, even for daily primary products, supported by technological advancements. Personally, I agree that this trend encompasses numerous merits, such as economic growth and development, market access, and diversification. This essay will dig deeper into why global economic advantages overcome possible drawbacks.
First, global commerce may encourage nations to specialise in goods and service production, positively impacting economic growth. A country will be able to optimise its natural and human resources on specific output, leading to efficiency, productivity, and innovation. Take Indonesia, an agricultural country, as an example. This country has vast agricultural land, and most of its inhabitants are farmers producing good-quality rice. Therefore, the Indonesian government fosters farmers to make the best rice more and more through the provision of agricultural tools and machinery, prompting Indonesia to rank third in producing rice.
Second, market access and diversification are other benefits the population may receive from the global economy. This advantage enables the country to supply access to broader goods and services, providing more excellent choice, quality, and affordability. As an illustration, people nowadays have opportunities to purchase their favourite smartphones with different features distributed by multiple manufacturing hubs like China.
On the other hand, international trade could witness possible limitations, such as economic inequalities between high—and low-income countries. Consequently, currency fluctuations and unequal distributions may emerge, widening the gap in standards of life. However, this drawback seems minor in comparison to the benefits.
In summary, global commerce has benefited not only economic growth and development but also market access and diversification. By contrast, this trade may disadvantage equality between rich and poor countries. I believe international trade merits exceed their limitations, highlighting how crucial this commerce is to exist. Thus, all parties should collaborate to tackle global market drawbacks and minimize potential risks.
