Textile Trade Complex: Understanding Global Textile Production, Trade, and Economics, Study notes of Biology

Download Textile Trade Complex: Understanding Global Textile Production, Trade, and Economics and more Study notes Biology in PDF only on Docsity! Textile complex- incorporates firms around the world to accomplish textile fiber production and manufacturing, textile manufacturing, apparel manufacturing, retailing, and product consumption Soft Goods- textiles or other flexible materials Sourcing goods- Determines the most cost-efficient vendor of services, materials, production, or finished goods at a specified quality and service level, for delivery and identified time frame Levels of Trade-  Domestic- in one country  International- in 2 countries  Global- 2 or more countries Integration occurring in trade  Labor (nationally)  Trade & Investment (regionally integrated eg. NAFTA & EU)  Financial (globally integrated) Exports- represent goods shipped for import to another country in exchange for money, or goods, or jobs Imports- make goods available for domestic consumption or materials available for domestic production Trade Balance= exports-imports Trade Surplus- positive trade balance Trade Deficit- negative trade balance Product Development- encompasses the design and engineering of products to be serviceable, producible, salable, and profitable Developing Countires- significantly improved overall economic condition beyond those of newly developing countries//Embraced the production of textile and apparel products as a way to compete in the global market place// No longer the lowest-cost labor source Newly Developed Countried – Nation whose overall economic conditions fall well below the world average GDP per capita and other measures// Apparel production continues to be the vehicle that provides employment where unemployment and poverty rates are high and wages are low