INTRODUCTION:
No country in this world is self sufficient. A country may have a surplus of one thing but short of the other. Every country, no matter rich or poor, big or small, developed or undeveloped is dependent on the other. Japan is short of raw materials, Arab Countries lack of human resources, and Pakistan suffers the shortage of oil, technology, and industrial and consumer goods. Either shortage or surplus both result in "FOREIGN TRADE".
Foreign trade has two parts:
Import: It means buying from abroad.
Export: It refers to selling abroad.
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