What is foreign economic activity and what are its features
Foreign economic activity (FEA) is the activity of government agencies, private organizations and individuals associated with entering the world market.
For business, this is an opportunity to expand the market for goods or raw materials by selling them abroad. Or, on the contrary, the opportunity to expand its range at the expense of goods, raw materials, equipment purchased abroad.
Types of foreign economic activity
Basically, foreign economic activity is:
- export — export of goods from Russia abroad;
- import — import of goods to Russia from abroad.
A company or sole proprietor can simultaneously engage in both import and export. For example, to produce and sell meat products to other countries, and import equipment for production from abroad.