FOREIGN TRADE & AIDS TO TRADE.
Hey Everyone, Its Been a while-Right?. I know and am sorry it
took this long to post again. It’s just that when you start something NEW, you
face a lot of oppositions, but not to worry am here now and we will pick up
from where we stopped.
So we stopped at Home Trade, Today we continue from FOREIGN
TRADE.
FOREIGN TRADE:
Foreign Trade is simply when a business Transaction happens
between people living in two or more Countries. For Example, Nigeria as a
Country sells Oil to countries like the USA (United States of America), in
exchange for money. When we buy things like Clothes, Shoes etc on the internet
from London or Paris in exchange for money using our Master Cards, we are
engaging in FOREIGN, INTERNATIONAL or
EXTERNAL TRADE. Moving on there are
types of Foreign Trade, and they include:
1. Bilateral Trade- which is
a type of Trade between only two Countries, like our example above about
Nigeria & USA. It is between only (2) Countries.
2. Multilateral Trade- is a
trade between more than two Countries, like a Trade between Nigeria, Ghana
& South Africa.
DIVISIONS OF
FOREIGN TRADE:
1. Import: is the
act of buying goods from a country. For Example Buying Cars from the US is IMPORT.
2. Export: is the
act of selling goods to another country. For Example Selling Oil to the US as
mentioned earlier.
