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International Trade
Question
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Mention the three important aspects of international trade.

Answer

Three important aspects of international trade are:

(i) Volume of trade: It means the actual tonnage of goods traded usually measured by the total volume and the value of goods exchanged.

(ii) Composition of trade: It includes the type of goods and services which enter the world trade.

(iii) Direction of trade: The nature of international trade which has changed with the passage of time.

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Some More Questions From International Trade Chapter

Most of the world’s great ports are classified as:

Which one of the following continents has the maximum flow of global trade?

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What is the basic function of the World Trade Organisation?

Why is it deterimental for a nation to have negative balance of payments?

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What are out ports? Define with examples.