NPV in trade projects (opens in new tab)

The question must be very simple but I'm still struggling. Let's suppose that I have an import-export business. Then I have a discounted CF which is formed by subtracting all costs & taxes from the revenue. I do not understand if I have to count initial costs for normal transaction (1 deal/cycle of trading goods) as IC to count NPV for such a project. Is it OK to say that a project where I put $100,000 per each transaction, and get a return around $120,000 does not have -IC given that each ti...