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Reasons for World Trade — Geography Keypoint

Reasons for World Trade

1. UNEVEN DISTRIBUTION OF NATURAL RESOURCES

This is attributed to the inability of countries to produce all their needs; consequently, the desire to have those goods they cannot produce gave rise to international trade. This results from specialization since countries Concentrated in producing goods they can produce at a low cost and exchange their products for others.

2. LEVEL OF TECHNICAL KNOWLEDGE AND EXPERTISE

Some countries are more technologically and scientifically inclined in the supply of trained skilled labour with which to produce mechanized goods than others.

3. DIFFERENCE IN TASTES

A country’s taste for goods they cannot produce can still necessitate exchange of goods.

4. CAPITAL

In this case, there are some countries that are financially well to do to produce goods at a relatively low cost than others.

5. CLIMATIC FACTORS

This is attributed to some agricultural products, which can grow in West African countries but cannot grow in places like Britain and Denmark. For instance crops like coffee, rice, banana etc grow well in tropical areas.

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