External trade is of three types:
1. Export. It refers to selling goods or services to foreign countries.
2. Import. It refers to buying goods or services from foreign countries
3. Entrepot (Re-export). It refers to import of goods not for consumption in home country but for exporting them to another country.
NATURE OF INTERNATIONAl BUSINESS/External trade
International business or international trade or foreign trade involves two countries. The main features of external trade are:
1. Involvement of Two Countries. In international business, minimum two countries are involved. Buying and selling across the borders of the country can also be termed as external trade. Trading between two far off cities of the same country cannot be termed as international business.
2. Payment in Foreign Currency. Each country has its own currency. Payment for imported goods is made in foreign currency and payment for export is also received in foreign currency.
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