Explain about foreign trade ....
Answers
Explanation:
Every country in the world in some way or the other relies on their imports. .Thus, a country produces the commodity which they have a comparative advantage while importing the other commodities. This exchange of commodities by countries is considered as the foreign trade of the country.
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Answer:
I HAVE GIVEN SOME EXTRA POINTS.
Explanation:
Foreign trade is all about imports and exports. The backbone of any trade between nations is those products and services which are being traded to some other location outside a particular country's borders. Some nations are adept at producing certain products at a cost-effective price. Perhaps it is because they have the labor supply or abundant natural resources which make up the raw materials needed. No matter what the reason, the ability of some nations to produce what other nations want is what makes international trade work.
GLOBALIZATION AND INDIAN FOREIGN TRADE.
Globalization is hardly a new force affecting India. To think so is to ignore a diverse andpluralistic long-standing civilization that was shaped by a long list of "invading" (globalizing)cultures that became what we now know as India. India, knowing its past as a globalizer,sees itself as one of the great nations of the world. But today, India has yet to build on theonetime greatness of its civilization to earn international influence and respect. India sees itself as equally important as Russia, China and the U.S., believing it has much to offer therest of the world.
BENEFITS OF INTERNATIONAL TRADE.
With the help of modern production techniques, highly advanced transportation systems,transnational corporations, outsourcing of manufacturing and services, and rapidindustrialization, the international trade system is growing and spreading very fast. International trade has flourished over the years due to the many benefits it has offered todifferent countries across the globe. International trade is the exchange of services, goods,and capital among various countries and regions, without much hindrance.
IMPORTANCE OF INTERNATIONAL TRADE.
The international trade accounts for a good part of a country’s gross domestic product. It is also one of important sources of revenue for a developing country
Enhances the domestic competitiveness
Takes advantage of international trade technology
Expands sales potential of the existing products
Maintains cost competitiveness in the domestic market
Enhances potential for expansion of business
Gains a global market share
Reduces dependence on existing markets
GLOBALIZATION IN INDIA
The process of globalization has been an integral part of the recent economic progress made byIndia. It has played a major role in export-led growth, leading to the enlargement of the jobmarket in India. It has been advantageous for companies that have ventured in the India’s contemerorymarket.
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