Answer:
The import trade is referred to goods and services purchased into one nation from another. The word “import” originates from the word “port” considering the fact that the products are frequently transported via ship to foreign countries. Internal or Home or Domestic trade.
External or Foreign or International trade..The balance of trade is the difference between exports of goods and imports of goods. The balance of payments is the difference between the inflow of foreign exchange and the outflow of foreign exchange...
