Question

Write short note on classification of trade.

Answer 1

Standard International Trade Classification (SITC) is a classification of goods used to classify the exports and imports of a country to enable comparing different countries and years. The classification system is maintained by the United Nations.

Answer 2

•Trade can be classified into two types.

•Internal trade and

•External trade.

•Internal trade means selling and buying of goods within the boundaries of the country.

•External trade means buying and selling of goods outside the boundaries of the country.

•Examples of internal trade are retail stores buying from industries...

•Examples of external trade are importing of gold petroleum from other countries.

•Internal trade is also called as home trade or domestic trade.

•It is done in home currency only.