welcome to class
Trade means selling and buying. Locally made goods include textile fabrics, shoes, furniture, beads, bags, ceramics, among others. On the other hand, foreign made goods include motor bikes, electronics, among others
The trade of locally produced goods such as yams, plantain and groundnuts between north and south of Nigeria is local trade.
This is when countries buy and sell from each other. The goods and services a country sell to each other countries are called export. Imports are the goods and services that are brought from other countries.
Advantages of International Trade
- Through international trade, Nigeria earn money to run the government and provide its citizens with good roads, hospitals and other services.
- Trade also helps to build strong and friendly relationships with other countries.
- It can also lead to transfer of technology and skills.
- It can also result in the creation of jobs
Join ClassNotes.ng Telegram Community HERE for exclusive content and support