Commerce SSS1 Second Term
The student should be able to:
1. Differentiate between export, import and entreport.
2. Differentiate between the balance of trade and balance of payment.
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:
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