Trade openness increasing the availability of labor and capital factors of production, thereby leading to higher total factor productivity. Countries that are open to trade tend to have faster rates of potential GDP growth. Foreign trade also involves risks, but overall the benefits of openness outweigh the risks. For this reason, macroeconomic planning should target to maintain external balance without reducing openness, as well as to achieve economic growth by applying policies that increase openness through the regulation of the external sector. The article analyzes five benefits of trade openness - a country's ability to borrow and lend abroad, as well as current account imbalances, either surpluses or deficits. Paper also presents the effects of trade liberalization on economic growth, factors that increase competitiveness of exports and productivity growth.