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Question
Write short notes on the following.
Classification of foreign Trade.
Classification of foreign Trade.
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Solution
The trade that takes place between two or more countries is known as foreign trade or external trade. The following are the various forms of external trade:
i. Import trade- It refers to the purchase of goods and services from foreign countries in order to consume or use them in the native country.
ii. Export trade- It refers to the selling of goods and services of the native country to foreign countries.
iii. Entrepot trade- It involves importing goods from a foreign country with the purpose of exporting them to another country at a higher price.
i. Import trade- It refers to the purchase of goods and services from foreign countries in order to consume or use them in the native country.
ii. Export trade- It refers to the selling of goods and services of the native country to foreign countries.
iii. Entrepot trade- It involves importing goods from a foreign country with the purpose of exporting them to another country at a higher price.
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