As Global Trade Increases Between Countries, Many Daily Necessities Are Produced In Other Countries
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Sample essay
In this commercialized / globalized world, many countries are importing goods from other countries for local consumption. In my opinion, there are both advantages and disadvantages to this practice.
To start with the advantages, the import of goods improves the living standards of people and also keeps prices in check. For example, when goods are imported from abroad, local manufacturers cannot increase their prices beyond a certain level. This benefits the customer. In addition, this practice makes high quality foreign products available in the local market. For example, almost all countries import smart phones made by acclaimed brands like Apple. If these are not imported people in many developing countries will have to be content with whatever is locally available. Importing also increases competition in the market and this will encourage the local manufacturers to innovate to stay competitive. In short there are many benefits to importing goods.
On the flip side, if imported goods flood the local market, it will break the back of the local economy. When retailers can easily import cheap goods from abroad, local manufacturers will be forced to reduce the prices of their products. While this makes goods more affordable for the end user, it can hurt the interests of local businesses and they will be forced to shut shop. Eventually, this will lead to unemployment. Another disadvantage of importing is that it is not good for the environment. When goods have to be transported thousands of miles, more fossil fuels have to be burnt and this leads to the emission of more greenhouse gases.
In short, there are certainly some benefits to importing goods. However, if a product is already available in the local market, its import should be discouraged to protect the interests of the local economy. It is also important to consider the environmental consequences of transporting goods long distances.
