At the international level, trade means both export and import. The word 'Export' can be defined as commercial sale of goods, services and financial assets in the international market. Export refers to the value of goods and non-factor services that one country produces and sells to the rest of the world. It includes merchandise, freight, insurance, travel, and other non-factor services whereas the repetition of the same phenomena with the intention of purchasing from the international market is declared as imports
International Trade of Pakistan (an overview):
The nature of foreign trade gives a fairly good indication of pattern and nature of economies. As this sector has proved itself as a driving force in the development, we can distinguish developing countries from developed ones based upon their volume of trade. Pakistan emerged on the map of the world on August 14, 1947. In the beginning, it was a poor and agricultural based economy but now the conditions are different and Pakistan is on the track of development. According to the most recent statistics, Pakistan's GDP is US$161.99 billion and the share of Pakistan in international trade0.22%, hence Pakistan is considered a small country in international market. In the early years, potential of available resources could not be exploited in a better way, which later on, proved a major factor for slowing down the pace of development. That sluggish development resulted in small exportable surpluses, which delayed the stage of quantum development in Pakistan. In 1950-51 Pakistan exported products worth of 1343 million rupees whereas during the decade of 1950s, exports decreased by 43.18%. However, in the decade of development under Ayub Khan's regime, industry was established and nature of production changed, so did that of trade. In 1960-61exports were recorded as Rs.763 million, showing a declining trend earlier on but shortly regained the momentum and during the decade...