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Nontraditional Exports

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Companies are competing with each other in many fields like the export of software, and the various components of the service sectors like health, hospitality, education, banking, insurance. International business can be defined as a business activity that transcends national boundaries and includes trade in all mercantile, service, and other products. It may be carried out by private or public agencies or between governments. (Balagopal. 1997, 3). Foreign trade plays a significant role in any country’s economic growth, and financial well-being. The last decade has witnessed drastic and fundamental changes in the trade policy of countries all over the world, often dictated by the compulsions of the international market. It has become impossible for any country to exist in isolation from the global scenario. Today International Business has emerged as one of the important branches of management education and training in international business schools world over. There has been a rapid increase in the volume and complex nature of the problems posed by international business. (Balagopal. 1997, 13). The process of ‘Globalisation’ has not spared any country or citizen. The decisions of international financial organizations like the International Monitory Fund (IMF), the World Bank, and the World Trade Organisation (WTO) frequently influence government policies, and are in turn affected by changes in the international market.Decision-makers in both the private and public sectors need a greater understanding of the forces of global economic changes. These multifaceted forces are commonly summarised as constituting Globalisation, Interdependence, or an intensified process of Internationalisation. Nothing since the 2nd world war has had a greater impact on the economy. (Meier. 1998, 3).