Question

What are the benefits of foreign trade to producers and consumers?

Answer 1

 The benefits of foreign trade to producers and consumers are: 

• It created an opportunity for the producers to reach beyond the domestic markets, i.e., markets of their own countries. 
• It gave consumers a wider choice of good quality goods. 
• It helps every country to make optimum utilisation of its natural resources. 
• It integrates markets and allows international exchange of ideas. 
• It brings in new technology and expertise. Producers use it for production and are able to compete in the international market.