International trade encompasses the exchange of goods and services across national borders, profoundly shaping global economies. It involves imports, exports,...
International trade is the exchange of goods and services between different countries, driven by factors like comparative advantage and specialization.
It boosts economic growth, increases product variety, lowers costs, fosters innovation, and allows countries to specialize in efficient production.
Common barriers include tariffs (taxes on imports), quotas (quantity limits), subsidies, and non-tariff barriers like regulations and import licensing.
Imports are goods and services purchased by residents of a country from foreign entities, while exports are goods and services sold by residents of a country to foreign entities.