A country enjoys an absolute advantage when it can produce a certain good more efficiently and/or at less cost than another country.
International Trade Law includes the appropriate rules and customs for handling trade between countries. However, it is also used in legal writings as trade between private sectors, which is not right.
Exporting is the act of producing goods or services in one country and selling or trading them to another country. The term export originates from the Latin words ex and portare, meaning to carry out.
The counterpart to exporting is importing which is the acquisition and sale of goods from acquired from another country and selling them within the country.
Although it is common to speak of a nation’s exports or imports in the aggregate, the company that produces the good or service, as opposed to a national government, usually conducts exporting in terms of logistics and sales transactions. However, export and import levels may be highly influenced by government policies, such as offering subsidies that either restrict or encourage the sale of particular goods and services abroad.