Points to note are as follows:
1. Both trades involve a degree of specialization to cause exchange.
2. Both forms involve the activities of middlemen.
3. Both of them arise due to inequitable distribution of natural endowments and production resources.
4. Foreign trades occurs across national frontiers while internal trade involves the exchange of goods within the borders of a country.
5.In foreign trade buyers and sellers use different currencies, whereas buyers and sellers in home trade use the same type of currency.
6. There is possibility of restriction-tariffs, import duties, export duties, quotas, embargo-when goods are exchanged across national boundaries while this does not occur in home trade.
7. There are differences in systems of weighing and measuring in one country vis-a-vis an other. A country has only one system of such weighing and measuring.
8. Differences in transport cost due to distance between buyers and sellers, documentation requirement, need for insurance in respect of foreign trade distinguish foreign trade from home trade.
9. There are also differences in legal systems and culture under international trade but the legal system are the same in domestic trade.
10. Foreign trade requires knowledge of new languages and interpretations while in domestic trade, a common language is used.
Finally, the main significance of international trade is the establishment of unity and better interaction between countries and global regions and hence making the world more and more of a global village.
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