International Trade │ Important Vocabulary │ BBA Notes │ Business Communication │ 3rd Semester │ TU

International Trade



Important Vocabulary


  • Visible trade or merchandise trade: Trade in goods
  • Invisible imports and exports: Trade in services (banking, insurance, tourism, and so on)
  • Barter or counter-trade: Direct exchanges of goods, without the use of money
  • Balance of trade: The difference between what a country receives and pays for its exports and imports of goods
  • Balance of payments: The difference between a country's total earnings from exports and its total expenditure on imports
  • Autarky: The (impossible) situation in which a country is completely self-sufficient and has no foreign trade
  • Surplus: A positive balance of trade or payments
  • Deficit: A negative balance of trade or payments
  • Dumping: Selling goods abroad at (or below) cost price
  • Protectionism: Imposing trade barriers to restrict imports
  • Tariffs: Taxes charged on imports
  • Quotas: Quantitative limits on the import of particular products or commodities




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Extracted From:

MacKenzie, I. (2002). English for Business Studies: A course for Business Studies and Economics students (Second). Cambridge University Press.



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