International Trade is defined as the exchange of goods and services that occurs among states, countries, and people. International trade is often considered as the economic barometer for a country and includes import and export as the ultimatum components of the trade. The balance of international trade in a country states the difference between its imports and exports. There are two types of balance of trade- Favourable and Unfavourable balance of trade. Favourable balance of trade happens when the value of exports exceeds the value of imports, and Unfavourable balance of trade happens when the value of imports exceeds the value of exports. The commodities exported from India include jewellery, gems, chemicals, and other related objects. The commodities imported from India include petroleum crude and products, agricultural products, metals, and more.