Foreign Trade

Commerce SSS1 Second Term

WEEK  7

Foreign Trade

Performance Objectives

The student should be able to:

    1. Differentiate between export, import and entreport.

    2. Differentiate between the balance of trade and balance of payment.

 Content

Division of Foreign Trade

Foreign trade can be divided into three:

1. Import trade

Import trade is defined as the act of buying goods and services from other countries. It is sometimes restricted to control a country's balance of payment. The goods are imported either in response to direct orders or on consignment. Import trade is further divided into Visible and Invisible trade.

i. Visible imports: Visible imports consist of goods that can be seen and touched i.e tangible goods which come…