18.0 INTRODUCTION
International trade refers to the exchange of goods and services between countries.
TYPES OF INTERNATIONAL TRADE
- Bilateral Trade: This involves trade between two countries. For example, if Nigeria exports oil to the United States and imports machinery in return, this is bilateral trade.
- Multilateral Trade: This involves trade among multiple countries. For instance, trade agreements like the World Trade Organization (WTO) facilitate multilateral trade among member countries.
- Regional Trade: This occurs within a specific region, such as trade among countries in the European Union (EU) or the African Continental Free Trade Area (AfCFTA).
18.1 BALANCE OF TRADE AND PAYMENT
BALANCE OF TRADE: This is the difference between the value of a country’s exports and imports. A positive balance indicates a trade surplus, while a negative balance indicates a trade deficit.
Balance of Trade = Total Exports − Total Imports
BALANCE OF PAYMENTS: This is a broader measure that includes all economic transactions between residents of a country and the rest of the world, including trade in goods and services, investment income, and transfers.
Balance of Payments = Current Account + Capital Account + Financial Account
18.0 EXCHANGE RATE
The exchange rate is the price of one currency in terms of another currency. It determines how much of one currency you can exchange for another.
TYPES OF EXCHANGE RATE
- Fixed Exchange Rate: The value of a currency is tied to another major currency or a basket of currencies.
- Floating Exchange Rate: The value of a currency is determined by market forces without direct government or central bank intervention.
- Pegged Exchange Rate: A hybrid system where a currency is tied to another currency but can fluctuate within a certain range.
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– Overcoming Exam Fear/Anxiety– https://youtu.be/Uvf81rvd0ls
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