Topic: EconomicsGlobalization

Last updated: January 25, 2019

International Trade defined as trade between two or more partners from different countries in the exchange of goods and services. In order to explain and understand what International Trade is, it is clearly means of buying and selling products between different countries. This type of trade gives progress to a world economy, in which prices, supply and demand affected and influenced by global events.

International trade is the globalization of the world, it is authorize and enables countries to get and attain products and services from other countries probably and easily. It gives consumers and countries the opportunity to be exposed to goods and services not available in their own countries. International trade has been in existing throughout history and has an economic impact of the participating countries. Almost every kind of product can be found on the international market: food, clothes, spare parts, oil, jewelry, wine, stocks, currencies, and water. Services are also traded: tourism, banking, consulting and transportation.

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A product that is sold to the global market is an export, and a product that is bought from the global market is an import. Imports and exports are accounted for in a country’s current account in the balance of payments.


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