What is the international trade meaning?

International trade is an exchange involving a good or service conducted between at least two different countries. The exchanges can be imports or exports. An import refers to a good or service brought into the domestic country. An export refers to a good or service sold to a foreign country

What are the types of international trade?

There are three different types of foreign trade, which are as follows: Import trade: It is the purchase of goods and services by one country from another country. … Export trade: It is the selling of goods and services to another country. Entrepot trade: This process is also called re-export.