Introduction
World trade is a critical factor in the modern economy. It allows consumers access to various products that would otherwise be unavailable in their local stores. Below are three products that are available thanks to world trade.
Global Trade Products in Local Stores
The first product made widely accessible through global trade is electronics. Many of us use phones, computers, and other devices manufactured abroad. With world trade, these products would be available in our local stores.
The second product is exotic fruits and vegetables. The world trades a wide range of products that are exclusively produced in specific regions (Krueger, 2020). For example, mangoes, bananas, and avocados are grown in tropical countries and become available as a result of international trade. The third product is fashionable clothing and accessories. World trade enables us to purchase products from all corners of the world, thereby opening up access to a diverse range of styles and trends.
Impact of Global Trade on Local Retail
World trade has both positive and negative effects on local stores. On the one hand, world trade can help local stores expand their product offerings and attract new customers. On the other hand, world trade can create competition for local producers, thereby reducing demand for their products.
Global Events Affecting Product Availability and Prices
One event that can affect the condition and price of goods is an economic crisis in another country. A crisis can lead to a decrease in production and exports of goods from these countries, leading to a sharp increase in prices for them in local stores (Krueger, 2020). The absence of goods or changes in their prices due to events in other countries is quite common. For example, when the crisis occurred in Venezuela, prices for some products, such as coffee and cocoa, increased worldwide. Additionally, when the earthquake occurred in Japan in 2011, prices for electronics and automobiles increased due to disruptions in the supply chain.
Conclusion
Overall, global trade has a significant impact on the availability and prices of goods in local stores. It can help expand the assortment and attract new customers, but also generate rivalry among local producers. Economic crises, natural disasters, and political conflicts can lead to supply disruptions and price fluctuations for goods, which can have a significant impact on the local market.
Reference
Krueger, A. O. (2020). International trade: What everyone needs to know. Oxford University Press.