Why Is International Business Important?
International business is important because it gives domestic companies access to new markets, potentially increasing sales and profitability. Operating internationally can also help a company lower expenses through direct access to cheaper materials and labor.
International business is important to individual companies and the US economy generally. With Internet globalization of the world marketplace, companies are competing with businesses from around the world whether they want to or not. Knowing how to take advantage of international business opportunities can ensure a company’s continued success. Also, a measure of the strength of the US economy is based on the quantity of business exports and imports to and from the international marketplace, making international business extremely important to the quality of life in this country according to the U.S. Department of State.