FOREIGN TRADE AND INTEGRATION OF MARKETS
- Foreign trade is the trade between different countries of the world.
- Foreign trade allows producers to expand their reach beyond their domestic markets, i.e. markets within their own countries.
- Producers can compete in marketplaces outside of their own nation as well as markets in other nations by selling their goods there.
- Advantages of Foreign Trade
- Promotes the exchange of products and services between countries.
- Promotes the movement of people, ideas, and technology .
- Creates an opportunity for the producers to sell their products worldwide.
- As a result of foreign trade, markets in many countries are connected or integrated.
