JSS2 Business Studies Lesson Note on Aids to Trade

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AIDS TO TRADE

These are services which facilitate or make trade easy. Without them trade cannot be completed.  They include the following:

1. 1. Transportation
   2. Warehousing
   3. Communication
   4. Banking
   5. Insurance
   6. Advertising
   7. E-commerce
   8. Tourism

1. Transportation: This is the movement of people, goods and services to where they are needed.
2. Warehousing: This is the provision of storage facilities for raw materials and finished goods until they are needed or to be distributed.
3. Communication: This is the provision of fast means of interaction between buyers and sellers. Examples of means of communication are telephone, e-mails, radio, etc.
4. Banking: This facilitates trade by providing business with loans, safe-keeping of money and valuables, helping businesses to transfer money, etc.
5. Insurance: this helps to insure businesses against unforeseen events like fire hazards, theft of goods etc by compensating them when such incidences occur.
6. Advertising: this refers to media through which awareness about products or services offered by a company is created to the public.
7. E-Commerce: This means electronic commerce. It involves the carrying out of trade through the use of internet
8. Tourism: This makes it possible for people to visit places of interest for fun, or educative purposes. Such visits usually boost trading activities.

 

1. Role of Custom and Excise in Foreign Trade

In every country, there is usually an agency charged with the responsibility for Customs and Excise.  In Nigeria, the agency responsible for this is The Nigerian Customs Service.  The roles of Custom and Excise Authority include the following:

1. They collect tariffs and custom duties.
2. They regulate import and export so as to ensure that goods imported or exported are of high quality and of required quantity.
3. They prevent importation of banned goods.
4. They prevent smuggled goods from getting into the market and also arrest defaulters.
5. Supervision of bonded warehousing: Bonded warehouse is where imported goods are kept till their import duties are paid.
6. Collection of taxes on locally made products.
7. Ensuring that the currency control as laid down by government is strictly adhered to.
8. Security function.
9. Monitoring foreign exchange utilization
10. Generating statics for planning and budgeting purposes.

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