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social environment

a joint venture and wholly owned subsidiary are two more entry modes in international business. A joint venture is when a firm created is jointly owned by two or more companies (Most joint venture are 50-50 partnerships). This is in contrast with a wholly owned subsidiary, when a firm owns 100 percent of the stock of a company in a foreign country because it has either set up a new operation or acquires an established firm in that country.[10]

Types of operations[edit]

Exports and import

  • Merchandise exports: goods exported—not including services.[11]
  • Merchandise imports: The physical good or product that is imported into the respective country. Countries import products or goods that their country lacks in. An example of this is that Colombia must import cars since there is no Colombian car company.
  • Service exports: As of 2018, the fastest growing export sector. The majority of the companies create a product that requires installation, repairs, and troubleshooting, Service exports is simply a resident of one country providing a service to another country. A cloud software platform used by people or companies outside the home country.
  • “Tourism and transportation, service performance, asset use”.[12]
  • Exports and Imports of products, goods or services are usually a country’s most important international economic transactions.[12]

Top imports and exports in the world[edit]

Data is from the CIA World Factbook, compiled in 2017:[13]

Partner NameExport (US$ Thousand)Import (US$ Thousand)Import Partner Share (%)Export Partner Share (%)
United States1,456,000,0001,292,436,125.648.7613.29
United Kingdom407,300,000359,480,074.292.444.17