Economics

The Heckscher-Ohlin model assumes huge importance in the context of international trade. Developed by two renowned Swedish economists named Eli Heckscher and Bertil Ohlin, this general equilibrium model of international trade is based on four economic theorems. The Heckscher-Ohlin model...

A Letter of Credit (LC or LoC) is a mode of making payments for trade transactions. An LC is a highly popular payment mode because it allows an importer or buyer to make secure payments to the exporter or seller....

Trade agreements between two or more countries involve reaching an understanding on tax, tariff and restrictions applicable on the export and import of goods and services. These treaties, which also include investment guarantees, typically aim to establish a ‘free trade...

Trade is what keeps economies and nations alive. Trade demands create domestic production and the inflows of funds from overseas. Countries that have limited domestic resources, such as Singapore, must be able to keep up with domestic production of various...

Global trade is the exchange of raw materials, goods and services across the geographical borders of countries across the globe. Foreign trade got its first impetus from the industrial revolution in the late eighteenth and early nineteenth century. Rapid development...

Trade and commerce have been the backbone of the Indian economy right from ancient times. Textiles and spices were the first products to be exported by India. The Indian trade scenario evolved gradually after the country’s independence in 1947. From...

Nothing can be worse than studying subjects that have no relevance or applicability to your workplace, trade or profession. A lot of us face the dilemma of having gone through such an educational format. That is why vocational education and...

Japan’s trade has been dominated by the high-yielding manufacturing industry. While the government has been trying to push exports, the country’s trade still comprises of huge imports. Japan Trade: Role in International Economy Japan is a member of several important...

In economic terms, duty or customs duty is a form of indirect tax levied on products that are traded internationally. Almost every nation imposes customs duty on imports, but export duty is a rare phenomenon.What is Import Duty?Import duty is...

Exports of goods from one country to another involve the participation of customs authorities of both the countries. It also includes those countries through which the goods pass through. Exporting goods and services to other countries is a key part...

Trade is what keeps economies and nations alive. Trade demands create domestic production and the inflows of funds from overseas. Countries that have limited domestic resources, such as Singapore, must be able to keep up with domestic production of various...

Free Trade Zone, popularly known as FTZ, is an area where goods may be traded without any barriers imposed by customs authorities like quotas and tariffs. Free Trade Zone (FTZ) is a special designated area within a country where normal...

    Risks in International Trade are the major barriers for the growth to the same. International trade has been a much debated topic. Economists have differed on the real benefits of international trade. The increase in the export market...

International Trade in Services is nearly one quarter of the total trade of goods across the globe. International trade of services is growing with the increase in the import of services by various countries. But still it is not as...

The concept of trade blocks is crucial in the context of international trade. Trade blocks are free trade zones designed to encourage trade activities across nations. The formation of trade blocks involves a number of agreements on tariff, trade and...