Theory question 102
Transport, Trade and Tourism(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.
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(a) Nigeria: (i) exports: crude oil, natural gas, cocoa, rubber, cashew, sesame; (ii) imports: machinery, vehicles, refined petroleum products, chemicals, wheat, rice, textiles; (iii) partners: China, USA, India, Netherlands, Spain, United Kingdom.
(b) Earns foreign exchange; obtains goods the country cannot produce; encourages specialisation; widens markets for local products; government revenue (duties); jobs; transfer of technology; better international relations.
(c) Dependence on one main export (oil) and falling or unstable prices; unfavourable balance of trade; tariffs and trade barriers abroad; poor quality and low processing of exports; poor ports and infrastructure; currency problems; smuggling and dumping of cheap goods.
Use your own country's real products and partners.