The downfall of international trading

The downfall of international trading, define the definition of the deadly pandemic virus called COVID 19.

MY OWN DEFINITION OF COVID19

COVID 19 Is define as sacromatic breakdown, disorder, disfigured, dismantling relationship between nations and the wellbeing of the people in it.

This brings us to the definition of international trading ; DEFINITION

The international trade which is also called foreign trade is concern with the buying and selling or the exchange of good and services that takes place across national boundaries.

The international trade takes place between or among the nationals of one country and the nationals of another country.

With international trade, it is now obvious that the countries of the world are getting more closely linked for economic purposes, political purposes and so on. The rapid advancement in the global communication systems via information technology has contributed tremendously to the growth of international trade in the recent times.

Economic transactions in foreign trade may cover transactions in tangible goods( as in exporting and importing of product) or transactions in service (as in financial assets). The record of transactions that take place is kept in the balance of payments account.

NOW TO THE TOPIC

The economy of the world today is been affected by this so called virus COVID19,which as destroy the trading system across the nations. This so called virus stop people in each nations from stepping out of there doors which is recorded as the most terrible virus which have ever being discovered around the world at large.

This virus stop the trading systems across one nation to the order which have been the raft which the world is facing presently .

This deadly virus stops both the bilateral trade and multilateral trade which happens to be the types of international trading.

COVID19 stops the divisions of international trading such as.

• Import trade: This is the act of purchasing goods and services from other countries. It includes the visible import and invisible import. The visible import implies the buying of tangible goods such as vehicles, electronics, aircraft, computers and so on which the west African countries buy from other countries. The invisible import connotes the services rendered by other countries to a country. Examples include insurance, banking, transportation and so on.

• Export trade: This takes places when a country sells good and services to other countries. It includes the visible export and invisible export. The visible export connotes the selling of tangible goods to other countries while the invisible export is all about rendering services to other countries. The west African countries export tangible goods such as cocoa, cotton, rubber, and so on. They also export banking services, tourist services, shipping services and so on.

• Entreport trade:This is a division of international trade in which commodities are imported into a country for the purpose of exporting them to other countries.

All this process are what the international trading entails which has now been stopped by the so called deadly virus called COVID19

"What remedy do you think can be used to get back to the beautiful process of international trading systems formed by all the nations in the world ".