What is global trade?
Global trade The simplest definition is international trade, which means the process of trading goods and products between two or more foreign markets. International trade allows countries to expand their markets and gain access to goods and services that might never be available in that country without international trade. As a result of international trade, markets become more competitive, which ultimately leads to more competitive pricing and cheaper goods for the consumer. International trade and foreign trade have been a fundamental factor in the emergence of the global economy. In international trade, supply and demand, and ultimately prices, are affected by global events, as a result of which global economic variables are defined and examined globally. For example, political change in Asia could lead to higher labor costs. This can increase the cost of producing an agricultural product, and increase the price of a product that a European consumer may…