The world is made up of different people who live far apart in different countries with differences in climate, soil, natural resources, technical skills and wants. Thus, no country is self-sufficient in all goods and services required by its citizens. It is not unusual for two or more countries to exchange goods and services among themselves, thereby earning income from outside their shores through international trade.
INTERNATIONAL TRADE.
This is simply trading activities between two or more countries. This type of trade is based on the principle of specialisation and the theory of comparative advantage propounded by DAVID ricardo that "a country should produce for export those goods it can produce cheaper than other countries and imports those, which it can produce at higher costs."
EXPORT PROMOTION.
Exports refer to goods and services that are sold or transferred to other countries. Exported goods could either be visible or invisible. Visible goods which are exported from West Africa are large made up of primary products in form of agricultural produce and natural minerals. While invisible products are services sold or provide to other countries such as banking, insurance, profits and dividends.
Export promotion as the name implies includes all measures involved in encouraging sales of produce outside the country.
In Nigeria for instance, it involves the various activities of individuals and government interventions that are put in place in order to increase the sales of Nigeria primary or agricultural products outside the shores or boundary of the country.
NIGERIA EXPORT PRODUCE INCLUDES:
- Cocoa
- Palm produce
- Hides and skins
- Cassava
- Groundnut
- Pepper.
IMPORTANCE OF EXPORT PROMOTION.
• Earning of foreign exchange.
• Increase in farmers' income.
• Employment generation.
• Development of indigenous technology.
• Training of farmers.
• Creation of market outlets and linkages.
• Diversification of the country's revenue.
I leave you with this, No country is self-sufficient in all goods and services required by its citizens due mainly to differences in natural endowments.