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1、Chapter1GrowthandDirectionofInternationalTradeGrowthandDirectionofInternationalTradeInternationaltradeistheexchangeofgoodsandservicesacrossnationalboundaries.Itisthemosttraditionalformofinternationalbusinessactivityandhasplayedamajorroleinshapingworldhistory.Itisalsothefirsttypeoffo
2、reignbusinessoperationundertakenbymostcompaniesbecauseim-portingorexportingrequirestheleastcommitmentof,andriskto,thecom-pany’sresources.Forexample,acompanycouldproduceforexportbyusingitsexcessproductioncapacity.Thisisaninexpensivewayoftestingaprod-uct’sacceptanceinthemarketbeforein
3、vestinginlocalproductionfacilities.Acompanycouldalsouseintermediaries,whowilltakeonimport-exportfunctionsforafee,thuseliminatingtheneedtocommitadditionalresourcestohirepersonnelormaintainadepartmenttocarryoutforeignsalesorpur-chases(DanielsandRadebaugh,2004).Internationaltradeinserv
4、iceshasgrownoverthepastdecadeatanannualrateofabout18percentcomparedtothatofapproximately9percentformerchandisetrade.Tradeinservicesconstitutes25percentofoverallworldtradein2004(WTO,2004a).Insomecountries,suchasPanamaandtheNetherlands,servicesaccountforabout40percentormoreoftotalmer-
5、chandisetrade.Typicalserviceexportsincludetransportation,tourism,banking,advertising,construction,retailing,andmasscommunication.IMPORTANCEOFINTERNATIONALTRADETOTHEGLOBALECONOMYInternationaltradeallowsmanufacturersanddistributorstoseekoutprod-ucts,services,andcomponentsproducedinfor
6、eigncountries.CompaniesExport-ImportTheory,Practices,andProcedures,SecondEdition78EXPORT-IMPORTTHEORY,PRACTICES,ANDPROCEDURESacquirethembecauseofcostadvantagesorinordertolearnaboutadvancedtechnicalmethodsusedabroad;forexample,methodsthathelpreducethecostofproductionlowerpricesandint
7、urn,inducemoreconsumptionthusproducingincreasedprofit.Tradealsoenablesfirmstoacquireresourcesthatarenotavailableathome.Besidesprovidingconsumerswithavarietyofgoodsandservices,internationaltradeincreasesincomesandemployment.In1990,thenumberofU.S.jobssupportedbymerchandiseexportstoall
8、foreignmarketsreach
