As a matter of fact, international trade has been in existence since time immemonial. One is not mistaken to have said that International Trade is as old as man’s existence on earth.
What is then International Trade?
International Trade is exchange of capital, goods and services across international boarders or territory or it can be said to be a trade between two independent countries. Example Nigeria and United State of America, Ghana and Zimbabowa etc, such trade represent a significant share of gross domestic product (GDP). Meanwhile International Trade have been present throughout much of history.
International Trade economics, social and political importance have being on the rise in recent centuries. In other words, international trade can be defined as economic transactions that are made between nations. Among the items traded international trade include; consumer goods – such as radio set, clothing; capital goods- such as machinery and raw material etc. International trade transactions are facilitate by international financial payment in which the private banking system of the trading nations plays important role.
International trade is highly significant why because nations are been endowed different natural and human resources that pave way for international trade and specialization. Therefore the theory of international trade and commercial policy is one of the oldest branches of economic thought. From the ancient Greek to the present government officials, intellectual and economics have proponeded the terminal of trade between countries and have asked wheather international trade brings benefits or harm to nations involved and equally try to find out the best pattern of trade policy,
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