WORLD TRADE, CHARACTERISTICS

A product that is transferred or sold from a party in one country to a party in another country is an export from the originating country, and an import to the country receiving that product.

Imports and exports are accounted for in a country's current account in the balance of payments.^[3]

Trading globally may give consumers and countries the opportunity to be exposed to new markets and products. Almost every kind of product can be found in the international market, for example: food, clothes, spare parts, oil, jewellery, wine, stocks, currencies, and water. Services are also traded, such as in tourism, banking, consulting, and transportation.

Advanced technology (including transportation), globalization, industrialization, outsourcing and multinational corporations have major impacts on the international trade systems