Trade can be defined as coming together of two or more parties in other to buy and sell or exchange services.
Trade is divided or classified into two major groups; home trade and foreign trade.
Home trade comprises of wholesaling and retailing. It is the act of buying and selling of goods and services within a specific geographical area. It can be referred to as domestic trade or internal trade.
Wholesaling is the process of buying good in large quantities or in bulk from the producers and making it available to the retailer in small quantities.
Retailing is concerned mainly with the buying and selling of goods in small quantities from the wholesalers and making it available in units to the consumers.
Foreign trade is the buying and selling of goods and services beyond a geographical area or boundaries of the country or between one country and the other. Foreign trade is also referred to as international trade . It is divided into export,import and entreport.
EXPORT is the sale of goods to other countries, the goods or services are paid for in foreign currencies.
IMPORT is the act of purchasing of goods and services from other countries.
ENTREPORT is the process of importing goods and services for re-exporting to other countries.