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Worldworx Travel> Global Information> Industry
Global Information: Industry
Industry involves the production of items to be traded, sold and used throughout the world. There are several different types of industry and these can be broken down.

Primary industries normally involve the collection of natural resources. Examples of primary industries include farming, fishing, forestry, mining and quarrying. Products of primary industries are known as either primary products or raw materials. The countries of the developing world rely heavily on primary industry and this sector can often account for as much as 50% of a country's total exports. In richer countries the reverse is the case and primary products often rate as low as 2% of richer country's exports. 

Secondary industries take the raw materials produced by the primary industries and transform them into products. This process is known as manufacture and processing. Tertiary industries such as tourism or banking do not produce goods. Instead they offer a service to the public. It is a well known fact that tourism is the world's largest industry. Internet businesses are also considered tertiary industries. Tertiary industries have almost completely cancelled out manufacturing in the world's richer countries. The World Trade Organization was formed in 1995 to help ensure free trade throughout the world. 

World industry is largely represented by manufacturing and services. These account for three quarters of world trade. The 40 poorest countries in the developing world only contribute 5% of the total world trade. Many countries rely solely on one commodity for export. This can become dangerous for a country that say relies on oil, as prices may fall at any given time.
 

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