"International trade is the exchange of capital, goods, and services across international borders or territories because there is a need or want of goods or services."
International trade is the exchange of goods and services across national borders. Topics include comparative advantage, trade policies, exchange rates, and the impacts of globalization. Understanding international trade can help individuals and firms make strategic decisions about where to operate and how to compete in the global marketplace.
Comparative Advantage: This is the main economic theory that explains why countries trade with each other, despite having different levels of productivity and resources.
Tariffs and Trade Barriers: Taxes on imported goods can make them more expensive, but also reduce their demand, whereas trade barriers are restrictions on imported goods or services that can be an obstacle in international trade.
Balance of Payments: It is a record of all the transactions made between a country and the rest of the world, including imports, exports, and capital flows.
Foreign Exchange Rates: This determines the value of one currency in terms of another currency and can greatly affect international trade.
Free Trade Agreements: These are arrangements entered into by countries to promote free trade by reducing or eliminating barriers like tariffs.
Globalization: The integration of economies and cultures across national borders, and its impact on international trade.
World Trade Organization (WTO): An international organization that promotes free trade while also regulating and resolving trade disputes between member countries.
Trade Negotiations: These are a process of reaching a mutual agreement between countries on trade-related issues, including tariffs, standards, and quotas.
International Monetary Fund (IMF): International organization that promotes international monetary cooperation and exchange rate stability while providing loans to member countries in need.
Export-Import Financing: These include different financing methods and services, like export credit insurance and working capital loans, which facilitate and support international trade.
Protectionism: Policies aimed at protecting domestic industries from foreign competition, like import tariffs and subsidies.
Trade in Services: It includes industries ranging from banking and insurance to telecommunications and transportation, with specific trade-related policy issues.
Intellectual Property Rights (IPR): Legal rights that protect the creations of intellectual property owners, like patents, trademarks, and copyrights.
Foreign Direct Investment (FDI): Investment made in a foreign country, either in a business or a physical asset, to acquire control or significant influence over it.
Regional Integration: Economic and political agreements between countries of a particular region to encourage trade, investment, and cooperation.
Import-Export Regulations: These pertain to the laws and regulations that govern the export and import of goods, inputs, and services, including tariffs, quotas, and license requirements.
Technology Transfer: The movement of technology from one country to another can facilitate international trade and the development of new industries.
Political Economy of Trade: The ways in which domestic politics, international institutions, and forces like labor and environmental standards influence trade policies.
Trade Disputes and Conflict Resolution: Ways in which disputes and conflicts over trade can be resolved through legal, diplomatic, and other means.
Trade-related Development Assistance: Aid given to developing countries to improve their trade-related infrastructure, human capital, and policy framework to promote greater participation in international trade.
Export Trade: Selling goods or services from one country to another.
Import Trade: Purchasing goods or services from another country for use in the home country.
Re-Export Trade: When an imported good is exported to another country without any processing or modification.
Countertrade: Process of trade where goods and services are exchanged for other goods and services as part of a commercial deal.
Bilateral Trade: Trade between two countries based on mutual agreements.
Multilateral Trade: Trade between three or more countries based on mutually beneficial agreements and objectives.
Intra-Firm Trade: Trade between different branches of a multinational company located in different countries.
Inter-Firm Trade: Trade between two or more firms located in different countries that have a business relationship but are not part of the same multinational company.
Barter Trade: Exchanging goods or services for other goods or services rather than using money.
Gray Market Trade: Importing of goods from overseas that are not authorized for sale by the manufacturer but are sold in the home country at a discounted price.
Direct Trade: Trading of goods between buyers and sellers without the participation of intermediaries such as traders, wholesalers or retailers.
Indirect Trade: Trade that involves intermediaries such as traders, wholesalers or retailers.
Transit Trade: Trading of goods that pass through one country to another country without being consumed or processed in the transit country.
Triangular Trade: Trade between three countries where goods are exported from one country to a second country, then exported to a third country.
Aid Trade: Trade that involves economic assistance to a developing country to help it improve its economy.
Offshore Trade: Trade involving offshore financial centers and tax havens.
Tourism Trade: Trade that involves the provision of services to tourists.
Service Trade: Trade in services such as financial services, legal services, engineering services and many other services.
"In most countries, such trade represents a significant share of gross domestic product (GDP)."
"While international trade has existed throughout history..."
"...factors like currency, government policies, economy, judicial system, laws, and markets influence trade."
"...for example Uttarapatha, Silk Road, Amber Road, scramble for Africa, Atlantic slave trade, salt roads..."
"...its economic, social, and political importance has been on the rise in recent centuries."
"Carrying out trade at an international level is a complex process when compared to domestic trade."
"To ease and justify the process of trade between countries of different economic standing..."
"...some international economic organizations were formed, such as the World Trade Organization... These organizations work towards the facilitation and growth of international trade."
"Statistical services of intergovernmental and supranational organizations and governmental statistical agencies publish official statistics on international trade."
"...factors like currency, government policies, economy, judicial system, laws, and markets influence trade."
"Such trade represents a significant share of gross domestic product (GDP)."
"...for example Uttarapatha, Silk Road, Amber Road, scramble for Africa, Atlantic slave trade, salt roads..."
"...its economic, social, and political importance has been on the rise..."
"Carrying out trade at an international level is a complex process..."
"These organizations work towards the facilitation and growth of international trade."
"Statistical services of intergovernmental and supranational organizations and governmental statistical agencies publish official statistics on international trade."
"Factors like currency, government policies, economy, judicial system, laws, and markets influence trade."
"...process of trade between countries of different economic standing..."
"...its economic, social, and political importance has been on the rise..."