international trade and Finance Speech
Surplus is the excess production of a good and occurs when there is more supply then demand. The United States imports many goods from Hong Kong. One major item the United States imports from Hong Kong is toys and sports equipment. In 2011, the United States imported $145 million dollars’ worth of toys and sports equipment from Hong Kong (“U.s. – hong,” 2012).
The quantity of toys and sports equipment being imported from Hong Kong exceeds the demand for these goods in the United States. Typically, a surplus means a financial loss for a business. This is a result of anticipating a high demand when the demand is truly much lower. The surplus can benefit consumers because the price of goods decrease. When the price decreases it may create a higher demand and get the products off the shelves sooner.
International trade takes place any time there is an exchange of money, goods, or services across international border. For example, when the United States imports goods from China in exchange for money, international trade is taking place. International trade is typically a benefit to both parties. Not every country has all the necessary resources to produce every product or service. International trade allows countries to be part of the global economy and the economy prospers from these trades. International trade increases the GDP. GDP stands for gross domestic product. GDP gives an insight on the health of a county’s economy. International trade increases the GDP because counties profit by trading goods and services they have for goods and services unavailable or limited to them. Domestic markets are also effected by international trade. Domestic markets, or local markets, increase due to international trade because money is pumped into the local economy because the money earned goes into other businesses. International trade can also be negative for local markets because some imports are less expensive then local goods which makes local goods unneeded. International trade has little effect directly on university students. However, international trade allows for many goods to be sold for less, which helps students save money. The effect of international trade can be great for some and harmful for some. All in all, international trade helps stimulate the economy which is beneficial.
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Tariffs and quotas are protective measures used in international trade to regulate trade. Quotas limits the number of goods and services in trade and assist in regulating volume. Tariffs place taxes on imports and exports that go in and out of a country. Since tariffs and quotas are set in place by the government, every choice they make affects international trade and relations. If the governments place a high tariff on goods, it is unlikely some counties will demand that product. Governments want to remain competitive with taxes in order for other countries to remain loyal. Quotas are necessary but must be carefully implemented. In a country is unable to get the amount of goods they want, due to the quota, they may be tempted to do business elsewhere. Governments should take international trade and relations into careful consideration when implanting tariffs and quotas.
Foreign exchange rates are the conversion rate of one countries currency in comparison to another. Foreign exchange rates are determined by local demand, local supply, a country’s trade balance, and the strength of its economy.
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The United States does not restrict all goods coming in from China because our economy prospers from these imported goods. Many of the goods we received from China, we profit from. If we were to restrict all imports from China, the United States would be required to spend more time and money for the same goods and services. This is also the reason why the United States does not minimize the amount of imports coming from other countries. While it can be important for the economy to export more than you import, it is also important to save time and money. For example, the United States can buy a pair of shoes from China for five dollars and turn around and sell the pair of shoes for one-hundred dollars. Labor is much less in many other countries, and where there is a higher supply then demand for materials, materials are also less expensive. When choosing what to import, the amount of time and money that would be spent for the same goods is a huge factor. The United States relies on many products from many other countries, which is not always good, but it is a benefit to the economy because the United States gains profit from the imported goods.
References
U.s. – hong kong trade facts. (2012, April 20).
Retrieved from http://www.ustr.gov/countries-
regions/china-mongolia-taiwan/hong-kong
