International trade - Wikipedia, the free encyclopedia. International trade is the exchange of capital, goods, and services across international borders or territories. While international trade has existed throughout history (for example Uttarapatha, Silk Road, Amber Road, salt roads), its economic, social, and political importance has been on the rise in recent centuries. Characteristic of global trade. Almost every kind of product can be found on the international market: food, clothes, spare parts, oil, jewelry, wine, stocks, currencies and water. Services are also traded: tourism, banking, consulting and transportation. A product that is sold to the global market is an export, and a product that is bought from the global market is an import. Imports and exports are accounted for in a country's current account in the balance of payments. Increasing international trade is crucial to the continuance of globalization. Without international trade, nations would be limited to the goods and services produced within their own borders. International trade is, in principle, not different from domestic trade as the motivation and the behavior of parties involved in a trade do not change fundamentally regardless of whether trade is across a border or not. The main difference is that international trade is typically more costly than domestic trade. The reason is that a border typically imposes additional costs such as tariffs, time costs due to border delays and costs associated with country differences such as language, the legal system or culture. Updated: September 5, 2012 Page: 1 of 9 International Transportation and Trade Program DESCRIPTION: This program introduces the student to air, ocean, truck. Another difference between domestic and international trade is that factors of production such as capital and labor are typically more mobile within a country than across countries. Thus international trade is mostly restricted to trade in goods and services, and only to a lesser extent to trade in capital, labor or other factors of production. Trade in goods and services can serve as a substitute for trade in factors of production. Instead of importing a factor of production, a country can import goods that make intensive use of that factor of production and thus embody it. An example is the import of labor- intensive goods by the United States from China. Instead of importing Chinese labor, the United States imports goods that were produced with Chinese labor. One report in 2. 01. Electrical, electronic equipment$1,8. Bcit International Trade ProgramMachinery, nuclear reactors, boilers, etc. Vehicles other than railway$1,0. Plastics and articles thereof$4. Optical, photo, technical, medical, etc. Source: International Trade Centre. The Review of Economic Studies. The Review of Economic Studies. Samuelson, Paul (2. Journal of Economic Literature. The definitions and methodological concepts applied for the various statistical collections on international trade often differ in terms of definition (e. Metadata providing information on definitions and methods are often published along with the data. Other data sources. International Trade Program; Get Involved. Job and Contract Opportunities; Volunteer Your Expertise; Donate to Support Women Entrepreneurs; Sponsor an Event; Subscribe.
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