The exchange of goods among people, states and countries are referred to as a trade.
Importance:
(i) International trade of a country is an index to its economic prosperity.
(ii) It is considered the economic barometer for a country.
(iii) As the resources are space-bound, no country can survive without international trade.
(iv) Countries have trade relations with the major trading blocks.
(v) Exchange of commodities and goods have been superseded by the exchange of information and knowledge.
