Question on: JAMB Commerce - 2024

The relationship between a country's visible imports (goods) and exports (goods) is known as the balance of trade.

Balance of trade: This specifically refers to the difference in value between a country's imports and exports of goods over a specific period.

Counter trade: This is a broad term for international trade where goods or services are exchanged for other goods or services, rather than for currency.

International trade: This is the general exchange of goods and services across international borders.

Balance of payments: This is a broader measure that includes not only visible trade (goods) but also invisible trade (services, investments, etc.) and financial transactions.