Supply chain can benefit from increased trade

Reference no: EM133707604

Question: Yes, it can be said that trade in manufactured goods is more important than trade in services. Over time the industrialization process has been essential to economic development. The manufacturing industries lead in the creation of jobs, infrastructure development, and advances in technology. Manufacturers involve significant value addition by transforming raw materials into finished products which leads to higher productivity and economic growth. The manufacturing sector is also often at the forefront of technological innovation and many countries aim to achieve a trade surplus, where the value of exports exceeds the value of imports, which can help stabilize a country. Another argument is that manufacturing can provide a wide range of employment opportunities from low-skilled to highly-skilled jobs which will help develop a country's labor force. Lastly, many countries that are part of a supply chain can benefit from increased trade, investment, and economic integration which can lead to knowledge transfer and capacity building.

Reference no: EM133707604

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