(a) Explain the following:
(I) counter trade;
(II) entreport trade;
(III) import trade;
(IV) invisible trade
(b) State four burners to International trade.
The candidates performance in this question was not impressive. They could not give clear explanations of the terms as use in International trade. The explanation expected include:
(I) Entreport Trade:
This is a system of trade where goods imported into a country are re-export while the goods are still in the same form as they were received.
(II) Invisible Trade
This is a type of International trade involving intangible products such as services or Banking, shipping services colu requires payment of money.
(III) Counter Trade: This is a system of International trade where countries instead of paying cash for the goods they purchase from other Countries will pay.