As global trade increases, many goods, even those we use in a daily basis, are produced in other countries and have to be transported in long distances. Do you think the benefits of this trend outweigh the drawbacks?

With the development of international
business
,communities around the world try to purchase things from foreign countries . Unfortunately ,
this
process has come to a point ,where
people
try to buy branded
items
even for there
day
to
day
life .
However
,
this
new trend definitely affects the local producers and at the same time , the cost of living for local
people
will invariably be high . Due to these facts , I believe the drawbacks of
this
phenomenon is much higher than its benefits .
To begin
with , as we can see , international companies has different approaches to reach local markets.
As a result
of their creative marketing campaign and global name , most local
people
will trend to buy these products . Unfortunately ,
this
will affect the local producers and they will get discouraged for the
business
. To illustrate
this
, as per a research report published by a pioneer Indian economic magazine , about 35% of local
business
persons closed their factories during the
last
5 years due to the recent popularity of global bands in India. At the same time , When we purchase more and more international products , our foreign reserve will be a trend to decline, leading the country to a shortage of Dollars.
Furthermore
, as we have to pay more for these global branded
items
it will invariably lead to an increase in the cost of living.
For instance
, according to recent research published by a Sri Lankan university ,
this
year there is about a 25% increase in the cost of living of Sri Lankans compared to
last
year mainly due to purchasing branded
items
for
day
to
day
life . In conclusion , With the development of the global market
people
tend to buy branded
items
even for their daily living . Since
this
could lead to the closing of the local
business
and reduce the foreign reserve of the country ,
this
writer believes that the negative effects of
this
will be far more than its positive effects .
Submitted by mngldissanayaka on

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