Choose whether the given statement is True or False:

External trade is carried out between two states.

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True

False

answer is B.

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Detailed Solution

This statement is false.
External trade takes place between two countries. It is also known as international trade. Trade practice between two states is called internal trade. Outer trade involves the import and export of products. Importing refers to the process of buying products from another country. Exporting refers to selling products out of the country. External trades are conducted by transporting products in ships and aeroplanes to maintain their safety and transporting them in bulk. It plays a crucial role in a nation's economy as one nation could import items not available in his country. For example, trade between India and China.
The correct statement is external trade is carried out between two countries.

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