Explain the meaning and features of export procedure?
Answers
Explanation:
Exports are goods and services that are produced in one country and sold to buyers in another. Exports, along with imports, make up international trade.
Answer:
Exports are explained as the goods and services manufactured in one country and acquired by citizens of another country. The export of good or service can be anything. This trade can be done through shipping, e-mail, transmitted in private luggage on a plane. Basically, if the product is manufactured domestically and traded in a foreign country, it is known as an export.
In International trade, exports are one of the components. The other component is imported which means the goods and services purchased by a country’s citizens that are manufactured in a foreign country. Both the export and import combined contribute to the country’s trade balance. Whenever the country’s export is more than the import, it is called a trade surplus. However, when the import is more than the export, it is known as a trade deficit.