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Foreign Trade

Louise Gannon 2.3

TermDefinition
Importing The purchase (buying) of goods and services from other countries for sale in Ireland
Exporting When Irish goods and services are sold to other countries
Visible trade The import or export of physical goods
Invisible trade The import or export of services
Import substitution The purchase of Irish-made goods instead of foreign imports
Exchange rate The quantity of a foreign currency that can be bought or sold for one euro
Balance of Trade visible exports - visible imports
Balance of Payments total exports - total imports
Foreign trade The sale of goods and services from one country to another
European Union Ireland joined in 1973
Enterprise Ireland State agency that helps firms that wish to get involved in foreign trade
French currency euro
Danish currency Krone
Japanese currency Yen
US currency Dollar
divide by the 'we buy' rate To change a foreign currency back into euro
multiply by the 'we sell' rate To change euro into a foreign currency
Created by: business