No country can survive without international trade in modern times explain
Answers
Today, the world is called a global village, thanks to faster communication, quicker and improved modes of travel, inter-continental trade and freer movement of people from one corner of the globe to another.
Each country is blessed with some resource or the other. For instance, petroleum in the Arabic region, Jute in Bangladesh and India, Coffee in African countries, Ruby in Myanmar, Gold and Diamond in South Africa and so on. Therefore, international trade is the only recourse left to countries to import products they do not have and export those products they have in excess or in abundance. Hence, in today's day and age, no country can survive without carrying out international trade.
> International Trade provides:-
> Trade between two countries.
> Carried through sea, air or land routes.
> An index of economic prosperity of a country.
>Balance of Trade: Difference between the exports and imports of a country.
Therefore no country can survive without international trade in the present globe
Explanation:
Yes, no countries in the world are self-sufficient in all its needs. Goods produced by one nation are required in the other nation and vice versa. The difference in needs, resources requirements and development among nations create conditions for international trade. International trade helps in exchange of surplus goods with those of deficit countries through foreign trade. India has adopted the policy of Liberalization in 1991, because the economic development growth rate was very slow and India lacks behind in the terms of technology. International trade helps India to improve advanced technology of other countries to improve its own production process. Foreign trade has helped India to improve its productivity of manufactured goods. International trade contributes to India’s economic growth and raised the income level of people. It also increases the foreign exchange reserve.