Neco 2022 Commerce Question 2

Practice essay / theory question 2 from the 2022 Neco Commerce examination. This question covers Trade .

Neco 2022 Commerce Essay / Theory

Topic: Trade

Question 2 NECO • 2022 • COMMERCE • essay

The table below shows Nigeria's export and import values (in million Naira) of three commodities for the years 2021 and 2022. | Commodity | Export 2021 | Export 2022 | Import 2021 | Import 2022 | |-----------|-------------|-------------|-------------|-------------| | Crude Oil | 5,000 | 4,500 | 500 | 600 | | Cocoa | 200 | 250 | 50 | 55 | | Cement | 150 | 180 | 300 | 350 | Answer the following questions:

Question Parts

( a )

Calculate the total export value, total import value and the overall trade balance for each year.

( b )

Determine the percentage change from 2021 to 2022 for each commodity:

( c )

Based on the results above, discuss the trend in Nigeria's terms of trade between 2021 and 2022 and suggest two policy measures that could improve the trade balance.

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About This Question

This is Neco 2022 Commerce Question 2. It is one of the essay questions from the 2022 Neco Commerce examination.

The question covers Trade .

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