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International trade is the exchange of goods, services, and capital across national borders.
It connects countries and allows them to specialize in what they produce best.

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Involves two or more countries 🌎

Based on global demand and supply 📈

Affected by tariffs and exchange rates 💱

Promotes interdependence between nations 🤝

Requires transport and communication systems 🚛

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1️⃣ Import Trade: Buying goods from another country.
2️⃣ Export Trade: Selling goods to another country.
3️⃣ Entrepot Trade: Re-exporting goods after small processing.

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📘 Absolute Advantage (Adam Smith): A country should produce goods it makes more efficiently.
📗 Comparative Advantage (David Ricardo): Trade benefits both countries even if one is less efficient overall.
📙 Heckscher–Ohlin Theory: Countries export products that use their abundant resources.

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✅ Access to a wider variety of goods and services
✅ Promotes economic growth
✅ Encourages innovation and competition
✅ Creates jobs and improves living standards

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🚫 Tariffs
🚫 Quotas
🚫 Import restrictions
🚫 Currency controls

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Panama is a global trade hub because of the Panama Canal.
Exports: bananas, seafood, and logistics services.
Imports: machinery, fuel, and manufactured goods.

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International trade connects countries, promotes global cooperation, and supports development.
But it can also bring challenges like inequality and environmental issues.