External Trade

The buying and selling of goods

The buying and selling of goods and services across national borders. It includes both visible trade (tangible goods) and invisible trade (services li

There are three main types

There are three main types: (a) Import Trade – purchasing goods from other countries; (b) Export Trade – selling goods to other countries; (c) Entrepo

External trade promotes specialization

External trade promotes specialization, improves living standards, enhances competition, generates employment, equalizes prices, strengthens internati

Traders face difficulties such as geographical

Traders face difficulties such as geographical distance, higher risks during transit, transport and communication issues, customs regulations, exchang

Export involves steps like receiving inquiry

Export involves steps like receiving inquiry, obtaining license, pre-shipment inspection, shipping, and securing payment. Import includes obtaining li