International trade
International Trade
International trade (pronunciation: /ˌɪntərˈnæʃənəl treɪd/) is the exchange of goods and services across international borders or territories.
Etymology
The term "international trade" is derived from the words "inter-", a prefix meaning "between" and "nation", which refers to a large body of people united by common descent, history, culture, or language, inhabiting a particular country or territory. "Trade" comes from the Old North French word "trade", which means "path" or "track".
Definition
In most countries, international trade represents a significant share of Gross Domestic Product (GDP). While international trade has been present throughout much of history, its economic, social, and political importance has been on the rise in recent centuries.
Related Terms
- Export: The selling of goods and services produced in one country to other countries.
- Import: The buying of goods and services from foreign sources and bringing them back into the home country.
- Trade Balance: The difference between a country's imports and its exports.
- Trade Barrier: A measure that makes trade between two or more countries difficult.
- Free Trade: International trade left to its natural course without tariffs, quotas, or other restrictions.
- Trade Agreement: A wide-ranging tax, tariff and trade treaty that often includes investment guarantees.
- World Trade Organization (WTO): An intergovernmental organization that is concerned with the regulation of international trade between nations.
See Also
External links
- Medical encyclopedia article on International trade
- Wikipedia's article - International trade
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