DIVISIONS OF INTERNATIONAL TRADE
International trade can be divided into three, import, export and entrepot trades.
- Import Trade
Definition: 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 divided into: Visible and invisible trade.
- Visible imports: Visible imports consist of goods that can be seen and touch i.e., tangible goods which come from other countries; Nigeria’s visible import, for example are: automobiles, electronics and plants and machinery.
- Invisible imports: Invisible imports consist of services rendered by other countries that cannot be seen or touched. Examples of invisible imports are banking, tourism and aviation. This will appear in the balance of payments.
- Export Trade
Definition: Export trade may be defined as the act of selling goods and services to other countries. It is the selling of a country’s product abroad. Some governments frequently attempt to encourage exporters by introducing export subsidy. Export can equally be divided into visible and invisible exports.
- Visible Exports: These consist of goods which are sold in overseas markets e.g. to other countries. In Nigeria, visible exports are cotton, groundnut, palm oil, crude oil and textiles.
- Invisible Exports: Invisible exports consist of services rendered to other countries. Such services are transport, banking, insurance and other consulting service.
Definition: Entrepot is a form of foreign trade in which goods shipped to one port are subsequently re-exported to another port. If customs duty had been paid on imported goods which are later re-exported, the duty can be claimed back. Simply put, entrepot is the reexporting of goods imported from other countries.
153. FUNGAL DISEASES