Trade - Concepts - Chapter 7 Class 10 Geography - Lifelines of National Economy - Geography

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.