Interesting Facts about International Trade

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• 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.