Definition: International trade is the exchange of goods and services across national borders. Countries engage in international trade due to differences in natural resources, climate, technology, labor skills, and production costs. Trade helps nations obtain products they cannot produce locally while selling their surplus to earn foreign exchange.
Study Tip: When revising reasons for international trade, create a two-column table. List each reason on the left, write a specific Nigerian example on the right. This helps you remember both theory and practical application for WAEC exams.