Posted: February 19th, 2022
The advantages of national trade include decreased competition, there is no competition in your country, and if there is less. The product being produced I well known to be of high quality, and hence people are willing to buy it (Rothaermel 2001 22:687-699). Moreover, you can have the opportunity to specialise in a specific product. National markets can open up for a new line of products and services, but also it can allow you to specialise in the processing of a specific product.
With the different strengths and weaknesses of international trade, it is appropriate to ensure that before venturing into a particular market, either locally or internationally, it is important to have researched it. Knowing how the particular market works and how different competitors work. International markets will enable the business to thrive effectively. With the knowledge of handling different markets, rules, and regulations in different countries, one can move to international trade (Gans et al., 2002 33:571-586). Some countries will not accept the commodity immediately, but once its effectiveness and awareness have spread among the citizens, it will be possible to thrive and achieve maximum profits.
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