General idea of International trade!
International trade is important in most countries of the world. But the imprtance of international trade is not the same for all countries. No country in the world is self-sufficient. The different products needs in a country and it comes from the different countries. Again different products from one country goes to different countries of the world. The trade of goods and services between two sovereign countries is called international trade. All the products that the country can produce at relatively low cost specializes in production and the surplus of these products supply to other countries. A country that sells goods and services to other countries It is called export.
A country imports goods and services that it buys from other countries. There are some imports that one country can produce but other countries can produce at relatively low cost.
There is a general idea of the importance of international trade in the economy.
International trade is not so important in the national economies of big countries.
The domestic market of countries like America, Japan etc. is much bigger where diversified products there is huge demand, the economy is very diverse. Where a wide variety of products are produced.
Posted with STEMGeeks