Q. 195.0( 2 Votes )
Why is international trade considered economic barometer for a country?
Trading is defined as the exchange of goods. The exchange could take place among people, states and even countries. When the exchange of goods takes place between countries, it is called international trade.
1. The economic prosperity of a country is represented by its advancement in international trade.
2. The volume of international trade helps in determining the share of a country in the world market.
3. Larger share in the international market makes a country more powerful in getting its needs met by others and also provides leverage in international discussions. Therefore, international trade is considered an economic barometer for the country.
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