In the world today, international Trade is a common practice. Every country trades a variety of products to achieve the most cost effective way to manufacture products and support the economy. Each country in the world is dependant on international trade for one product or another, most countries would see a great deficet in the economy, and amount of available products should international trade suddenly stop.
The difference between trade and world output is that trade has always been there although not in the international capacity it is today. World output is simply the amount of products that each country produces for trade. Trade and world output go hand in hand in the aspect that when the output is low it contributes to slow international trade, but when the output is high it propels greater trade. In times of recession all trade will be slow as it is human nature to be concerned with our own financial futures and people will curb their spending habits. If it is a country that is in recession the international trade will be slow because the currency for that country may be weak thus making the imports more expensive than the domestic products.
It is difficult to define the broad pattern of international trade. Most custom agencies will record the destinations of their exports and the sources of their imports but all records may not be accurate. The government may alter records of military equipment being exported or imported and there is no accurate way to record the products on the black market.
Large cargo vessels are needed to support international trade and deliver products. It is easy to assume that the more developed and wealthier countries h ...