international trade


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Related to international trade: World Trade Organization

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.

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.

References in periodicals archive ?
--To analyze scientific literature in order to gain knowledge about the international trade theories;
Over 1000 exporters, global trade banks and freight forwarders rely on Trade Technologies' software and outsourced letter of credit services to process over $9 billion dollars of international trade transactions each year.
Warren Rudman had the opportunity to win a $1 million economic development grant for the state, which he wanted to put toward international trade. Based on what she seen firsthand of what companies needed, Wivell applied for and won the grant, which proposed an international trade resource center that would house all the necessary resources under one roof.
For more information on the Peel International Trade Centre, and to see the full results, log on to www.peelitc.co.uk
Sabir bin Said al Harbi, Director General of Statistics at the National Economy Ministry delivered a speech at the beginning of the ceremony where he pointed out that the organization of this workshop stems from the Sultanate's belief in the growing importance of international trade in services.
"At a time like this when the world is going through a financial crisis, international trade has received a wider focus," said HSBC Bahrain trade and supply chain head Ranjith Wanniarachchi.
In addition to describing these domestic laws, this report summarizes the constitutional authorities of Congress and the executive branch over international trade. Finally, the report identifies many of the federal agencies and entities charged with overseeing the development of new trade agreements and the administration and enforcement of federal trade laws.
Latterly, at WMCC, he has been responsible for the delivery of international trade services throughout the West Midlands.
''Australia believes raising the conservation status of the species as a means to deliver better international fisheries management, is the best way of ensuring sustainable harvest and management of Atlantic bluefin tuna into the future, rather than simply banning international trade alone,'' Garrett said.
International trade in commodities implies long-distance transfers of water in virtual form, where virtual water is understood as the volume of water that has been used to produce a commodity and that is thus virtually embedded in it," the report points out.
ROME: The World Wildlife Fund welcomed on Thursday a proposal to ban international trade in endangered Atlantic bluefin tuna submitted by the Principality of Monaco, which recommends listing the species on Appendix I of the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES).AaThat Atlantic bluefin tuna stocks are declining dramatically was confirmed last week by scientists for the International Commission for the Conservation of Atlantic Tunas (ICCAT) -- the organization responsible for ensuring the sustainable commercial exploitation of this fish -- at their annual meeting in Madrid, Spain.Aa
StadiArena has been named Exporter of the Year at the West Midlands International Trade Awards this week.

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