Import Trade and Export Trade : Meaning, Objective Function and Procedeve of Export Trade and Import Trade
Quick Review—
-> Meaning And Objective Of Export Trade
—> Objectives of export trade:
1. Selling surplus goods
2. Optimum utilisation of national resources
3. Earning foreign exchange
4. Increasing national income
5. Creating international cooperation
6. Promoting economic growth
-> Export Procedure
1. Receipt of enquiry and sending quotations.
2. Receipt of order of indent, guarantee for payments.
3. Assessing importer’s credit worthiness and securing
4. Obtaining export license.
5. Obtaining pre-shipment finance.
6. Production or procurement of goods.
7. Pre-shipment inspectiqp.
8. Excise clearance.
9. Obtaining certificate of origin.
10. Reservation of shipping space.
11. Packing and forwarding.
12. Insurance of goods.
13. Customs clearance.
14. Obtaining mate’s receipt.
15. Payment of freight and issuance of bill of lading.
16. Preparation of invoice.
17. Securing payment.
Know the Terms—
-> Export Trade : Trade which involves selling of goods and devices across the boundaries of nation.
-> Import Trade: Buying of goods and services from foreign countries.
