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Question
Analyse the five basis of international trade in the world.
Solution
The following five factors constitute international trade:
- Difference in national resources: The world’s national resources are unevenly distributed because of differences in their physical make up i.e. geology, relief soil and climate.
- Population factors: The size, distribution and diversity of people between countries affect the type and volume of goods traded.
- Stage of economic development: At different stages of economic development of countries, the nature of items traded undergo changes.
- Extent of foreign investment: Foreign investment can boost trade in developing countries which lack in capital required for the development of mining, oil drilling, heavy engineering, lumbering and plantation agriculture.
- Transport: In olden times, lack of adequate and efficient means of transport restricted trade to local areas. Only high value items, e.g. gems, silk and spices were traded over long distances. With expansions of rail, ocean and air transport, better means of refrigeration and preservation, trade has experienced spatial expansion.
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