The importance of international markets will vary between firms and industries but
most businesses do not operate solely within national boundaries. Businesses which
operate in the export market will obviously need an understanding of international
markets but even the sole proprietor producing for a small local market may well use
imported raw materials or components in the production process and so will be influenced
by changes that take place internationally. Other than people who are totally
self-sufficient, we are all affected directly or indirectly by foreign trade.
This chapter has looked at the international marketplace and in particular the benefits
that derive from international trade. Consideration has also been given to some of
the restrictions that exist to free trade and to the role of the EU in promoting a single
European market for goods and services. Patterns of trade in the UK have been exam-