(a) Name: (i) two major export items from your country
(ii) two major import items to your country
(iii) two major trading partners of your country.
(b) Highlight four benefits your country derives from trading with other countries
(c) Identify three problems encountered by your country in international trade.
Explanation
(a) (i) Name major export items from your country. The main export items include:
(a) Petroleum
(b) Cocoa
(c) Rubber
(d) Tin
(e) Columbite
(f) Soya beans
(g) hides and skin
(h) Natural gas
(i) Beverages
(j) Texti
(ii) Name major Import items to your country. The items include motor vehicles, machinery, electronics, tractors, computer, textiles, pastries, drinks, food (rice), etc.
(iii) Name the major trading partners of your Country:
The trading partners include Japan, Britain, China, USA, Canada, Germany, Italy, South Korea, Spain, Taiwan, and Belgium.
(b) Benefits of trading with other countries
(a) Fosters international cooperation
(b) Provision of foreign exchange
(c) Provision of employment
(d) Generation revenue for the government
(e) Generation of income to the individual
(f) Encourage specialisation in production
(g) Bring about the diffusion of ideas/innovation
(h) Provision of new products
(i) Improves standard of living
(j) Stimulates production of export goods
(k) Stabilizes world prices
(I) Leads to the growth of industries
(c) Problems of International Trade
(1) Political instability
(2) Low level of currency
(3) Inadequate capital
(4) Inadequate foreign exchange
(5) inadequate production of goods
(6) High cost of transportation
(7) Port congestion
(8) Low demand for products
(9) High tariffs on goods
(10) Strained international relations
(11) Smuggling / economic sabotage Question