Foriegn trade and intergration of markets - Concepts - Chapter 4 Class 10 Economics - Globalisation and the Indian Economy - Economics

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.