Foreign trade is carried out in good and services which includes Imports and Exports. Export involves selling of good and services from the domestic country to a foreign country. Whereas Import refers to purchase of foreign products and bringing into one’s home country.
There are certain advantages of Import and Export :
- No nation is self sufficient, import and export are crucial for the growth of t he nation.
- It is one of the simplest routes to trade globally and import export generate employment opportunities as well.
- It is economical in terms of money and times and requires less investment when contrasted with other methods of entering into global trade.
- Help other countries to access the best technologies and products available in the world.