Question

Foreign trade is an important component of globalization. Explain

Answer 1

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Answer 2

Foreign trade refers to exchange of goods and services between different countries of the world. It is exemplified by imports and exports.

Globalization on the other hand refers to business operating at global levels.

Foreign trade makes globalization possible while globalization makes foreign trade much simpler. By having goods easily imported into a country,the residents of that country are able to access a variety of goods and thus lead to a higher standard of living. Foreign trade enables countries to earn foreign incomes thus promote trade and globalization. Foreign trade also leads people from one part of the world to interact with others from another part leading to globalization.