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Question
Answer in brief.
Give two types of Foreign Trade.
Solution
Trade with other countries is called foreign trade. Foreign trade is of three types.
- Import Trade: When the goods or services are purchased from other countries it is called import trade.
- Export trade: When the goods are sold to other countries, it is called export trade.
- Entrepot trade: It is also called re-exporting. In this case, goods are first brought from one country and again resale to another country. E.g. A buyer from India imports goods from France and exports them to Australia.
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