International Trade

Question 1

It refers to the exchange of products with different
countries.
● It is the exchange of products and services between the
Philippines and other countries.
● It is importing and exporting local goods sold in other
countries and goods from other countries sold in the local
market.
There is a need to engage in international trade to meet
the demands of its citizens.
● There are limited kinds of a product in one country as
compared to other countries.
● The countries importing and exporting products benefit
from international trade.

Answer 1

International Trade for National Development

Question 2

where we had the biggest amount of trade

Answer 2

Singapore

Question 3

A total of $13.874 billion trade transactions ensued
between the Philippines and other countries that
comprise the European Union.

Answer 3

European Union (EU)

Question 4

is where the Philippines had a major trade
relation with among European Union members.

Answer 4

Germany

Question 5

● A total amount of $106.638 billion of products were
traded with the Philippines and the members of APEC.

Answer 5

Asia-Pacific Economic Council (APEC)

Question 6

is the major trade partner of the country among
APEC member countries.

Answer 6

Japan

Question 7

• It is a tax on imported products that increases the
  price of the imported products so that its price is higher
  than the local and international market.

Answer 7

Tariff

Question 8

It limits the quantity of products coming in from
other countries to ensure the local market is still
dominated by locally made products

Answer 8

Quota

Question 9

• It is a support coming from the government in
  terms of discount or materials given to local industries or
  sectors that need help in lowering their production cost.
  This enables local industries to compete in terms of price
  in the international market.

Answer 9

Subsidy