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Examples of foreign trade include televisions and clothing, capital goods like machinery and raw materials. Other trading items involve services, including payments for foreign patents and travel-related services.
Give a brief account on foreign trade.
A need or desire for commodities or services leads to the exchange of capital, goods, and services across international borders or territories is regarded as international trade. In most countries, such trade represents a sizable portion of the GDP. International trade routes have always existed, but recently their importance in terms of the economy, society, and politics has grown. When compared to local trade, conducting business internationally is a complex procedure.
Factors like currency, government policies, the economy, the judicial system, laws, and markets all have an impact on commerce when it occurs between two or more states. Some international economic organizations, like the World Trade Organization, were established to facilitate and justify trade between nations with varying economic standing in the modern era. These groups support the development and facilitation of international trade. International trade statistics, supranational and intergovernmental statistical services, and governmental statistical agencies all have official publications.
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