What is trade difference between local and international trade?

Local trade refers to the exchange of goods and services within a limited geographical area, such as between states, cities, or villages within a city. This type of trade has minimal impact on the national currency's value as it mainly involves the circulation of goods and services within a localized market.

In contrast, international trade involves the exchange of goods and services between two or more countries. This type of trade has a significant impact on the value of national currencies, as it involves the exchange of different currencies, which can lead to fluctuations in their respective values.

International trade is essential for economic growth and development as it allows countries to access goods and services that they may not be able to produce domestically. It also provides opportunities for countries to specialize in the production of goods and services in which they have a comparative advantage.

The impact of international trade on national currencies can be seen through the exchange rate, which is the value of one currency relative to another. Changes in the exchange rate can have significant consequences for businesses and individuals involved in international trade.

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