Commerce WAEC

The insurance services rendered to a foreign shipping company are treated as?

A. invisible export
B. invisible imports
C. visible export
D. balance of payment

Correct Answer: Option A

A. invisible export

Explanation

Invisible export is Any export that does not have a tangible physical presence (e.g. expertise, insurance underwriting). Although physical imports exceeded exports, when invisible exports were accounted for the balance of payments was healthy.

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