Impact of Globalisation on Trade and Commerce

Abstract Introduction: Globalization has changed the way trade and business work around the world by connecting countries through the movement of goods, services, technology, and money across borders. Because of fewer trade barriers and new technologies, markets have become bigger, competition has increased, and companies can now set up their operations in places where costs are lower. Objectives of the Study: To look at how the level of international trade, including the export and import of goods and services, has changed over time. Research methodology: The method used is mostly descriptive and analytical. It usually looks at data over a long period, comparing information before and after major economic events, such as in India after 1991, to see how trade patterns have changed. It uses information from sources such as the UN Comtrade database, WTO, IMF, and World Bank to track trade volumes, foreign investments, and changes in tariffs. Data analysis: Globalization has changed the way trade and business operate by linking the economies of different countries. This has led to a huge increase in trade volume, which has grown more than 2,000 times since 1800. Now, countries depend more on global value chains. In 2024, total global trade was around $33 trillion, with services trade increasing by 7%. Globalization has made businesses more efficient, cut manufacturing costs, and given companies access to bigger markets. Findings: Lowering trade barriers, often through organizations like the WTO, has sped up global exports. Recommendation: Businesses should also spread out their reliance on a few suppliers or markets to avoid risks from global economic problems. Conclusion: Globalisation has been a major force for economic growth, but its effects are not shared equally across different areas and countries.