ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Foreign trade refers to the exchange of goods and services between different countries. It comprises both imports and exports. For example, India’s import of arms from Russia and India’s export of refined petroleum to Australia can be considered as foreign trade.

Detailed explanation-2: -In trade, barter (derived from baretor) is a system of exchange in which participants in a transaction directly exchange goods or services for other goods or services without using a medium of exchange, such as money.

Detailed explanation-3: -In international payment and exchange. exchange, international exchange also called foreign exchange, respectively, any payment made by one country to another and the market in which national currencies are bought and sold by those who require them for such payments.

Detailed explanation-4: -International trade refers to the trade between two (or more) countries, though bilateral trade has been a better term.

Detailed explanation-5: -Export Trade. Export trade is when goods manufactured in a specific country are purchased by the residents of another country. Import Trade. Entrepot Trade.