Foreign trade procedure or international trade is the exchange of goods between countries. It deals with the documents of various procedure related to the Import and Export.
Terms in Foreign Trade Procedure:
EXPORTS – goods or merchandise that are sold to other countries in order to earn dollars
IMPORTS – goods or merchandise bought from foreign countries.
TRADE DEFICIT – occurs when a value of a nation’s export is less than the value of its imports.
TRADE SURPLUS – occurs when a value of nation’s export is greater than the value of its imports.
Provides goods and services: Some of the goods and services we are provided comes from outside the country.
Dictates of goods/services: Demand and supply affects the global events. Examples are: oil and political conditions.