Understanding International Trade: Meaning, Need, and Characteristics
International trade involves the exchange of goods, services, and capital across borders. It plays a crucial role in the global economy, impacting GDP and political dynamics. Export promotion is essential to address trade imbalances and promote economic growth. The characteristics of international trade include resource immobility, diverse markets, various currencies, and geopolitical influences.
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International Trade UNIT I
Meaning and Definition of International Trade Foreign trade is exchange of capital, goods, and services across international borders or territories. In most countries, it represents a significant share of gross international trade has been present throughout much of history, its economic, social, and political importance has been on the rise in recent centuries. domestic product (GDP). While According to Wasserman and Haltman, International trade consists of transaction between residents of different countries . According to Anatol Marad, International trade is a trade between nations . According to Eugeworth, International trade means trade between nations .
Need for Export Promotion 1. Unfavourable balance of Trade 2. Increasing Imports 3. Foreign exchange famine 4. Successful execution of Development schemes 5. Self-sufficient and self-generating economy 6. Marketing of New products 7. Changes in the Direction of trade
Characteristics of International Trade 1. Immobility of Resources 2. Heterogeneous Markets 3. Trade among different nations 4. Different types of currencies 5. Political groups 6. Geographical and climatic 7. Problems of balance of payments 8. High transport costs 9. Economic environment
