international trade

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Related to External trade: International trade, Foreign Trade

international trade

the sale or exchange of goods and services between countries. According to the law of comparative advantage, proposed by the 19th-century political economist Ricardo, a country will ideally produce only those goods and services in the production of which it possesses such advantage that it can produce these more cheaply than other producers. In theory at least, therefore, the international division of labour that results should benefit all nations. However, the extent to which each country benefits depends on the favourableness or otherwise of the TERMS OF TRADE which operate for the commodities and services which it imports and exports. Thus, in recent years many developing nations have experienced adverse and often worsening terms of trade, especially as a result of declining relative prices for food and agricultural raw materials in situations where, in the short run at least, they are unable to shift their output to other areas of production. See DEPENDENCY THEORY, UNEQUAL EXCHANGE, IMPERIALISM.
Collins Dictionary of Sociology, 3rd ed. © HarperCollins Publishers 2000
The following article is from The Great Soviet Encyclopedia (1979). It might be outdated or ideologically biased.

International Trade


the aggregate of the foreign trade of the different countries of the world. International trade arose with the birth of the world market (16th to 18th centuries) and the international division of labor. The development of international trade is closely bound up with the establishment of the capitalist method of production.

The Great Soviet Encyclopedia, 3rd Edition (1970-1979). © 2010 The Gale Group, Inc. All rights reserved.
References in periodicals archive ?
"Promoting external trade in support of national economy is a priority for us at Dubai Customs following the wise vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister and Ruler of Dubai," said Nassim Al Mehairi, manager of Statistics Section at Dubai Customs.
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New Delhi [India], April 18 ( ANI ): With a vision to create a favorable ecosystem for electric mobility between India and Taiwan, the Society of Manufacturers of Electric Vehicles (SMEV) has signed a Memorandum of Understanding (MoU) with Taiwan External Trade Development Council (TAITRA).
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Organised by the Public Authority for SME Development (Riyada), the event was held in coordination with Bureau of Foreign Trade, MOEA Taiwan External Trade Development Council and Taipei Economic and Cultural Office in Muscat in partnership with Omanexpo.
Summary: The emirate's external trade of these items reached 6m tonnes in 2016, with sugar taking the lion's share at 3.08 tonnes
The trade exchange between Macedonia and Germany, which is the biggest external trade partner of Macedonia, will surpass the amount of three billion euro for the first time this year
Los Angeles, CA, August 15, 2016 --( Friday, September 2nd and Saturday September 3rd at the Paramount Picture Studios The Japan External Trade Organization (JETRO) along with The Japan National Tourism Organization (JNTO) will be part of the Japanese "Pavilion" in this year's Los Angeles Times, The Taste.
Chief Executive Officer of Malaysia External Trade Development Corporation (Matrade) Dato' Dzulkifli Mahmud made the call in remarks to KUNA on sidelines of the 13th Malaysian International Halal Showcase (MIHAS) 2016 that kicked off, on Wednesday, in Kuala Lumpur.
Muscat, Dec 16 (ONA) A business delegation from the Governorate of Al Wusta visitedthe External Trade Development Corporation in the Malaysia.
Chairman of the Chamber of Commerce and Industry of Tajikistan Sharif Said met with President of the Japan External Trade Organization (JETRO) Manabu Shimoyashiro, the press service of the Tajikistan's CCI reported.

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