Trade and Commerce
Trade and commerce are very important for the economic development of the country. It has helped in the flourishing of agriculture and industry.
Types of Trade
- Internal or domestic trade
- External or International trade.
- Internal Trade: Trade is a crucial occupation of the people of Pakistan. Inland trade is a source of distribution of goods. Their sale and purchase within the country. It keeps the money circulated and its activities run throughout the year. It is a source of employment, welfare, and prosperity of people.
- Different supplies of Provinces:
Punjab: Wheat, rice cotton, cloth, sports goods, stationery, machinery, cement, etc.
Sindh: Cotton cloth, silk cloth, rubber goods, etc.
Baluchistan: Dry and fresh fruits, etc.
- Big trade centers:
Big internal trade centers are in Karachi, Hyderabad, Quetta, Multan, Lahore, Faisalabad, Gujranwala, Sialkot, Rawalpindi, and Peshawar.
- External Trade: The deficient needs of a country are met through purchases from other countries and surplus commodities are sold to other countries. This is called external trade. Different countries are famous for different products. For example, Japan for electronic goods, Pakistan for Carpets, cotton clothes, the USA for heavy industry, etc.
- Exports of Pakistan:
Cotton, Cotton clothes, rice, sugar, carpet, fish, surgical instruments, fruits and vegetables, and some defense products.
- Imports of Pakistan:
Aircraft, heavy machines, chemicals, medicines, iron ore, edible oil, tea, petroleum, electronic and scientific equipment.
- Trade Partners:
USA, UK, European Union, Gulf countries, Saudi Arabia, Japan, China, Sri Lanka, and Bangladesh.
- Ecommerce:
It is an abbreviation for electronic commerce. It refers to trade through a computer over the internet. Ecommerce is a branch of Information Technology (IT). the following are the advantages of eCommerce.
- Deals are finalized accurately in less time.
- It facilitates imports and exports.
- It helps in maintaining the updated correct record of trade and business.
- It helps in establishing contacts with leading business organizations.
- Payments can be made through the internet.
- Shares of the stock exchange of any country can be sold or purchased.
- Trade and business are made easier and quicker.