Counter trading is an international arrangement whereby?

Assessment: JAMB UTME - Economics - 1997 Subject: Economics

Question 1 Report

Counter trading is an international arrangement whereby?
Answer Details
Counter trading is an international trade arrangement whereby goods and services are exchanged between countries in a manner similar to barter. This means that instead of using traditional currency to pay for imports, a country may offer goods or services in exchange for the imported goods or services. For example, if Country A wants to import goods from Country B but does not have enough foreign currency to pay for them, they may offer to export goods to Country B instead, to balance the trade. Counter trading is often used by developing countries as a means of overcoming the foreign exchange constraints that they may face.
Read lesson note on International Trade (JAMB)
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