Describe the nature of composition of internation trade.

Answer

The nature of the goods and services imported and exported by countries have undergone changes during the last century.

Trade in service sector is quite different from trade in the products of primary and manufacturing as the service can be expanded infinitely, consumed by many, are weightless and once produced, can be easily replicated and thus, are capable of generating more profit than producing goods.
The table given the below shows the different types of services and the share of those services traded in the international market.

Relevant Services	Share in %
Commercial services excluding
travel and construction services	35%
Travel	10–15
Construction services	50
Labour flow	1-2

Sponsor Area

Some More Questions From International Trade Chapter

Mock Test Series

Sponsor Area

NCERT Book Store

NCERT Sample Papers

Sponsor Area

Describe the nature of composition of internation trade.

Some More Questions From International Trade Chapter

What benefits do nations get by forming trading blocs?

How are ports helpful for trade? Give a classification of ports on the basis of their location.

How do nations gain from international trade?

What are out ports? Define with examples.