International trade in modern times

• As technology has developed land routes are much less common and
international trade usually occurs via land and via sea

• MNCs have a large impact on modern international trade, due to their high
demand internationally, and because of their advantage over other firms in their
industry

• China is the biggest exporter in the international market right now with exports
valued at $1.58 trillion

• USA is the largest importer, with 13.4% of global imports going to them

• Pakistans exports are valued at $24.7 billion, with the most common being
textiles, followed by cotton
 International trade in olden times

• A barter system was used in the olden times where objects were traded for
each other, for example farmers traded apples to workers in different
professions for necessities such as clothes etc

• International trade used to take place via horseback and carriages, people used
to travel by road from country to country to trade goods

• Types of trade in olden times include mercantilism where a country used to

export more than they imported to maximize gold and silver reserves

• Liberalism was common in the 1700s and 1800s in which their was an
opposition against custom duties and custom levies were introduced in
increasing amounts

• Protectionism became common again in the 1900s, imports were limited as

tariffs, quotas etc placed

• Trade routes such as the ‘Silk Road’ (connected the east and the west) and the
‘ Old Salt Road’ (connected Germany to other parts of europe, used for the
transport of salt) were used