Which of the following is NOT an important aspect of international tr…

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International Trade

International trade has three very important aspects. These are volume, sectoral composition and direction of trade.

The actual tonnage of goods traded makes up the volume. However, services traded cannot be measured in tonnage. Therefore, the total value of goods and services traded is considered to be the volume of trade. The total volume of world trade has been steadily rising over the past decades. It is called composition of trade.

The nature of goods and services imported and exported by countries have undergone changes during the last century.

Trade of primary products was dominant in the beginning of the last century. Later manufactured goods gained prominence and currently, though the manufacturing sector commands the bulk of the global trade, service sector which includes travel, transportation and other commercial services have been showing an upward trend.

Historically, the developing countries used to export valuable goods and artefacts, etc. which were exported to European countries. During the nineteenth century, there was a reversal in the direction of trade. European countries started exporting manufactured goods for exchange of foodstuffs and raw materials from their colonies. Europe and U.S.A. emerged as major trade partners in the world and were leaders in the trade of manufactured goods.