TRADE
- Trade is the exchange of goods between people, states, and countries.
- International trade refers to trading between two countries .
- Local trade occurs in cities, towns, and villages , whereas state-level trade occurs between two or more states .
- A c ountry's advancement in international trade is an indicator of its economic prosperity.
- Export and import are the components of the trade .
- The balance of trade of a country is the difference between its export and import .
- A favorable balance of trade exists when the value of exports exceeds the value of imports.
- An unfavorable trade balance occurs when the value of imports exceeds the value of exports.
- Agriculture and allied products, ores, minerals, gems, and jewelry are among the commodities exported from India
- Petroleum and petroleum products, pearls, chemicals, and machinery are among the commodities imported into India.
