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Topic Content:
- Definition of Foreign Trade
- Definition of Import
- Definition of Export
- Definition of Entrepot
What is Foreign Trade?
Foreign trade is the type of trade that involves two or more countries trading together.
For example, Nigeria and the USA, Ghana and Togo, Britain and Germany, etc. For instance, if Nigeria takes crude oil to the USA, or if Italy takes leather shoes to Liberia for sale. Foreign trade is also known as International trade.
Foreign trade can be further divided into three as shown below:
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