International Trade
With the introduction of globalization and privatization, the significance of international trade have increased in the world. As a result, more and more people are getting into such a business. The craze of international trade can be determined from the increasing number of export and import companies worldwide. There is no doubt that the foreign trade is the backbone of any economy. It fuels the economy of the nations by earning lots of foreign exchange for them.
The term 'international trade' is associated with the exchange or trade of various goods and services at global level. The export and import houses are the best example of such a trade. Export house manufactures goods and services at home for buyers in the foreign country. The overseas buyers of exported goods are best known as importers. The money in foreign currency that is earned on imported and exported goods is called foreign exchange. India is majorly involved in international trade with various countries in the world. This country exports various items such as handbags, petroleum products, textile goods, gems & jewelry, engineering goods, chemical and hundreds of other products.
On the other hand, the items that our country imports include fertilizer, chemical, crude oil, steel, machinery, gems stones , jewelry, tools and equipments, cars and much more. Over the last few years, India has witnessed slowdown in the export, but thanks to God, the situation is improving now and in times to come we will have a much better trade.
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