Question

define foreign trades ​

Answer 1

Answer:

Foreign trade is exchange of capital, goods, and services across international borders or territories. In most countries, it represents a significant share of gross domestic product (GDP).

Explanation:

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Answer 2

FOREIGN TRADE

At the time of independence raw material was exported from India to Britain in abundance, on the other hand finished goods from Britain were imported into India.

Notably our balance of trade was favourable (exports > imports)

After independence India’s foreign trade recorded a noticeable change such as.

(i) Decline in percentage share of agricultural exports.

(ii) Increase in percentage share of manufactured goods in total exports.

(iii) Change in direction of export trade and import trade.

(iv) Decline of Britain as main trading Partner