International Trade (Advantages, Disadvantages, Problems & Barriers)

Topic Content:

Advantages of International Trade:

1. It leads to an increase in total world production. 

2. International trade leads to efficient use of a country’s natural resources.

3. It promotes specialization.

4. It leads to an increase in gross domestic productGross Domestic Product (GDP) is a measure of a country's national income, representing the total monetary value of all goods and services produced within a country's borders during a specific period,... More [GDP].

5. It helps to eliminate monopoly.

6. It leads to industrial development.

7. It promotes interdependency which ensures world peace.

8. It increases the availability of a variety of consumable goods.

9. It brings about economic development and an improved standard of living.

Disadvantages of International Trade:

1. It can lead to wrong consumption habits.

2. It leads to the exploitationTo use someone or something unfairly for your own advantage. More of poorer countries.

3.