Business Ideas Difference between home trade and foreign trade

[Mandy96]

Trading is a good business and believe me when I say that it is being done both home and abroad, both locally and internationally, as a matter of fact, it is being done by both private and public sector. It is the way it is. Take it or leave it. Doing it can be in different forms to the extent that you can ever imagine sometimes.

Well speaking of the thread’s topic which happens to be about the difference between the home trade and foreign trade.

For starter. Home trade is being done locally within a nation and it goes widely within the same country. For example, the trades that are being done between two companies in the same country can be called a local trade or home trade
But when it goes beyond or outside the country then it can be called a foreign trade, e.g Nigeria trading petroleum with other countries like the United States of America is a typical example in the sense that they get to buy the natural resources you have with a huge sum of money which goes around, and even sometimes, it leads to aids to trades between the two nations whereby they will get to exchange what they have to get what they want from each other..

 

[eldavis]

The name itself defines it. Home trade has to do with a trade, or should I say transactions done between two companies or individuals within the same country. This type of trade is pretty common.
Foreign trade on the other hand has to do transactions or trades that take place between two or more countries, this is pretty common for countries to buy and sell things to other countries.

 

[btaliat]

Home trade just like it sounds, it is a trading done locally, that is, it is within the country. It may however involves inter states, which means states going to another states for trading activities. There is no much law governing this type of trade other than the fact that they must obey the laws of the land.

In foreign trade, this will include countries transacting with other countries. It does include import and export. While explaining import, we may mean when there a country buys goods from foreign land or simoly say when other countries bring in their goods to other countries, of course, they do pay import duties for this

The other arms of it is expert, which means when s country sells to other countries. There is need for export to be greater than import for a country to be performing maximally.

 

[PICKFORD]

As its name implies hometrade has to do with within a particular area to be precise in geographical area. to be more specific it is the act of buying and selling goods within a geographical area usually a country home trade can otherwise be referred to as domestic or internal trade one thing to note about home to is that the currency used for exchange within-day countries are the same in Nigeria home trade is a branch of commerce which comprises wholesaling and retailing. Otherwise call international trade is the exchange of goods and services between two or more countries the principle underlying the buying and selling between one country and another is specialisation therefore the theory about this kind of trade is based on principle of comparative cost. In Nigeria goods like automobiles and electronics shipped from oversea countries and intern whistle coco palm oil rubber to other countries. Just like home trade has wholesale trade and retail trade, foreign trade also have bilateral trade multilateral trade, to further explain there are some similarities between the both trade example both international trade and home trade involve the use of money as a medium of exchange, they also similarin that they both involve a degree of specialisation between the trading partners since specialisation causes exchange.

 

[Kingsley]

With our elementary understanding of trade we know it has to do with buying and selling of goods and services. And we also know that there are aids to trade, these are banking, warehouse, communication, insurance and transportation. These are the aids of trades, they enable trade. Now trade can be international or national, domestic or foriegn trade.

When we say international or foreign trade we mean a trade that exist between two more countries. For instance a trade between Nigeria and China, basically it is between people in different countries, outside two geographical entities, which has a separate sovereign power.

While local or domestic trade, this is a trade that takes place within a country. This is the the buying and selling of goods and services within a writing geographical entity. So a country having several states does not make it a foreign trade.