1.

Define foreign trade and explain its meaning.

Answer»

International (foreign) trade:

  • When individuals, business units or government of a country trades i.e. either buys or sells with individuals, business units or government of another country it is called international or foreign trade.
  • The one who buys from foreign country is called the importer of goods/services whereas the one who sells is called the exporter.
  • According to Thomas, ‘Exchange of product of one country with another country is called foreign trade.


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