"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."
The study of the exchange of goods and services between countries, including tariffs, subsidies, and trade agreements.
Comparative Advantage: The theory that explains how countries benefit from specializing in the production and export of goods and services that they can produce most efficiently.
Tariffs: Taxes imposed on imported goods, which alter the prices of goods in the importing country and affect the flow of trade.
Free Trade Agreements: Treaties between two or more countries which eliminate tariffs and other barriers to trade, making it easier for countries to export to each other.
World Trade Organization (WTO): An international organization that oversees trade agreements and rules on trade disputes between member countries.
Balance of Payments: A record of a country's economic transactions with the rest of the world, including imports, exports, and financial transactions.
Exchange Rates: The value of a currency compared to other currencies, which affect the prices of imported and exported goods and services.
Protectionism: The use of trade barriers such as tariffs, subsidies, and quotas to protect local industries from foreign competition.
Foreign Direct Investment (FDI): The investment by one country in the economy of another country, which can lead to increases in production, employment, and incomes in both countries.
Intellectual Property Rights: Legal protections for inventions, literary and artistic works, and other creations that encourage innovation and creativity in international trade.
Multinational Corporations (MNCs): Companies that operate in multiple countries, which can bring investment, technology, and job opportunities to host countries.
Import Substitution: A development strategy in which a country tries to produce goods domestically that it previously imported, in order to reduce its import dependence.
Export Processing Zones (EPZs): Special economic zones designed to attract foreign investment and promote exports, through tax incentives, streamlined regulations, and other benefits.
Regional Integration: The process in which countries come together to form regional blocs, such as the European Union or the African Union, to reduce barriers to trade and promote economic integration.
Sanctions: Restrictions or penalties imposed on a country by other countries or international bodies, which can affect its trade and overall economic development.
Trade Deficits and Surpluses: The difference between a country's imports and exports, which reflect its competitiveness and its economic relationships with other countries.
Export trade: This involves a country exporting goods to other countries.
Import trade: This involves a country importing goods from other countries.
Bilateral trade: This is an agreement between two countries allowing trade between them.
Multilateral trade: This involves multiple countries coming together to trade, often facilitated by international organizations like the WTO.
Transit trade: This is the movement of goods through one country to another.
Counter trade: This involves exchanging goods or services for other goods or services instead of currency.
Embargo: This is a ban placed on trade with a particular country or group of countries.
Sanctions: This is a restriction placed on trade with a particular country or group of countries due to political or economic reasons.
Grey market trade: This involves the unauthorized trade of goods that are not legally available for sale in a particular country.
Direct trade: This involves firms or individuals importing and exporting goods directly without the use of intermediaries.
Indirect trade: This involves firms or individuals importing and exporting goods through intermediaries such as agents or brokers.
Barter trade: This involves the exchange of goods and services without the use of money.
Smuggling: This involves the illegal trade of goods across borders.
Intra-firm trade: This involves trade between different branches of the same company or corporation located in different countries.
Inter-industry trade: This involves trade between firms in different industries, such as trade between the automotive and technology industries.
"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..."