Interesting Facts About International Trade
International trade is the exchange of capital, goods, and services across international borders or territories.
International trade has increased so much people talk of the ‘globalization’ of the world economy. This means that goods are sold around the world.
The balance of world trade is tipped in favour of the world’s richest countries and companies.
Just 200 huge multinational companies control much of world trade.
Just five countries – the USA, Germany, Japan, France and the UK – control almost half world trade.
The 30 richest countries control 82 percent of world trade.
Oil tankers carry crude and refined petroleum. Supertankers can hold around 550 million kilograms of oil.
The 49 poorest countries control just 2 percent of world trade.
Some countries rely mainly on just one export. Ninety-five percent of Nigeria’s earnings come from oil; 75 percent of Botswana’s come from diamonds.
Some countries such as the USA .want ‘free trade’ – that is, no restrictions on trade; other less powerful nations want tariffs (taxes on foreign goods) and quotas (agreed quantities) to protect their home industries.
