International Trade The Current Scenario of India

Abstract

If you walk into a supermarket and are able to buy South American bananas, Brazilian coffee and a
bottle of South African wine, you are experiencing the effects of international trade. International trade allows us to
expand our markets for both goods and services. It is the reason why you can pick between a Japanese, German or
American car. As a result of international trade, the market contains greater competition and therefore more
competitive prices, which brings a cheaper product home to the consumer.
In the era before the rise of the nation state, the term 'international' trade cannot be literally applied, but simply
means trade over long distances; the sort of movement in goods which would represent international trade in the
modern world. In the 21st century, the European Union, United States and China are the three largest trading
markets in the world.