Once the strange alien race decides that they like you enough, a trading option will open up in diplomacy.
Some people were expecting this to then generate masses of revenue automatically.
Unfortunately, it isn't that simple.
Once you have a trade route going, all it will do is cause the recipient planet to have more spice available for your pick-ups than it would usually have. Yes, you do have to go around visiting your planets and the spice will automatically be beamed into your hold but then, of course, you go and find someone paying anywhere up to 70k per spice for your lovely batch and you're an instant millionaire.
You will also see a progress bar appears for your trade-route. Once the bar is filled, the species you are trading with will suddenly realize that they can't afford that system after all and will give you the option of buying it outright.
The price will range from 500k and up. If they don't accept your first offer (I have purchased a few at 500k) then you will need to wait for the trade route monitor to fill up before trying again.
This has the advantage of not having to fight for and destroy assets and the seller will like you even more too!
Cheers.
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Tip - Space trading
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