Economic Indicators

International trade is the exchange of goods and services between countries. It is distinguished from domestic trade, which takes place entirely within a single country. "International trade is sometimes called world trade or foreign trade." International trade permits countries to specialize in producing the things they are best suited to make with the resources they have. Countries benefit by producing the goods they can make most cheaply, and buying the goods other countries can make more cheaply. International trade makes it possible for more goods to be produced and for more human wants to be satisfied than if each country tried to produce everything it needed within its own borders.…