What is International Trade?
International Trade is exchange of capital goods and services across International borders or territories because there is a need or want of goods or services.
The Importance of International Trade:
International Trade between different countries is an important factor in raising living standard, providing employment and enabling consumers to enjoy a greater variety of goods.
- Make use of abundant raw material.
- Comparative advantage.
- Global growth and economic development.
- Greater choice for consumers.
- Specialization and economics of scale greater efficiency.