Chapter Overview
This chapter provides an overview of international trade—exchange of goods and services across national boundaries. It covers the basis of trade, types (bilateral, multilateral), major trade routes, trade organizations (WTO, IMF), India's trade composition, direction, balance, and trade policy. It also examines challenges and opportunities in globalization and sustainable trade.
Important Keywords
- International Trade: Exchange of goods/services across countries
- Export: Goods/services sold to other countries
- Import: Goods/services bought from other countries
- Balance of Trade: Difference between exports and imports
- Favourable Trade: Exports > Imports
- Unfavourable Trade: Imports > Exports
- Bilateral Trade: Between two nations
- Multilateral Trade: Between multiple nations
- WTO: World Trade Organization regulating global trade
Detailed Notes
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