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I. Introduction
International trade, also Called foreign trade, world trade or overseas trade, inessence, is the fair and deliberate exchange of commodity and service across nationalboundaries. It mainly includes import and export trade operations.For most nations, imports and exports are the most important international activities.Each country has to import the commodities that it does not produce by itself, andexports its own manufactured articles or surplus raw materials to earn foreignexchanges to pay for its imports. As the import and export are two sides of the samecoin, both can have beneficial effects oft the domestic market. Import createscompetition for home-produced goods, while export gives a manufacturer a largermarket for his products, so helping to reduce the unit cost. In each case the effect isto keep prices down in the domestic market.
But there may be factors that compel governments to place restrictions on foreigntrade, which means that import andexport are subject to a lot of formalities, such ascustoms entry and exchange control approval. So the procedures of foreign trade aremuch more complicated than that of domestic trade.