What Are The Differences Between Domestic And Foreign Trade And What Are The Peculiarities?

Mobility in Factor Of Production
Domestic Trade: Free to move around factors of production like land, labor, capital and labor capital and entrepreneurship from one state to another within the same country
International Trade: Quite restricted

2. Movement Of Goods
Domestic trade: Easier to move goods without much restrictions. Maybe need to pay sales tax,etc
International Trade: Restricted due to complicated custom procedures and trade barriers like tariff, quotas or embargo

3. Usage of different currencies
Domestic trade: Same type of currency used
International trade: Different countries used different currencies

4. Broader markets
Domestic trade: Limited market due to limits in population, etc
International trade: Broader markets

5. Language And Cultural Barriers
Domestic trade: Speak same language and practice same culture
International trade: Communication challenges due to language and cultural barriers

State two difference between home trade and foreign trade.

Difference between domestic trade and foreign trade and their peculiar problems
Trade, no doubt, implies exchange of goods between persons, but there are marked differences between domestic trade and international trade. The differences and the complications arise therein are as follows:

Distance
The distance involved in export of goods in external trade is generally greater than on the domestic trade.
Language differences
There are differences in the languages of the nations of the world. The overseas traders should be very careful in preparing the publicity material in the languages of the trading country
Cultural difference
A producer should have full knowledge about the market of his products. For exporting goods particularly a thorough research is undertaken.
Technical difference
In the national market the difference in the technical specification for goods and their requirements is not wide.
Tariff barriers
In the national trade, there are no custom duties, exchange restrictions, fixed quotas or other tariff barriers.

Documentations
In the home trade there are few documents involved in the exchange of goods.
Payments
In the internal trade, the goods are exchanged in the currency unit of the country. In case of foreign trade currencies differ widely throughout the world and those also vary in value.
Transport and insurance cost
The transport and insurance costs are less in case of domestic trade. For the exports, on the other hand the cost of transport is high and the insurance is complicated.

Domestic trade is a trade that involves the exchange buying and selling of goods and services within particular country while foreign trade is the exchange buying and selling of goods and services from one geographycal place or country to another

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