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Business

Foreign Trade

TermDefinition
Importing Importing is the purchase of goods and services from foreign countries for sale in Ireland
Exporting Exporting is when Irish goods and services are sold to other countries
Commission Commission is a fee you will be charged for exchanging currency
Balance of Payments The balance of payments on currents accounts is the difference between the total exports and total imports of a country
Balance of Trade The balance of trade is the difference between the visible imports and visible exports of a country
Exchange Rate An exchange rate is the quantity of a foreign currency that can be bought or sold for one euro
Import Substitution Import substitution is the purchase of Irish-made goods instead of foreign imports
Created by: roisin.oconnor
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