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The term import is derived from the conceptual meaning as to bring in the goods and services into the port of a country. The buyer of such goods and services is referred to an "importer" who is based in the country of import where the overseas based seller is referred to as an "exporter". Thus an import is any good(e.g. a commodity) or service brought in from one country to another country in a legitimate fashion, typically for use in trade. It is a good that is brought in from another country for sale. Imported goods or services are provided to domestic consumers by foreign producers. An import in the receiving country is an export to the sending country.
DefinitionImport:- The term import is derived from the conceptual meaning as to bring in the goods and services into the port of a country. The buyer of such goods and services is referred to an "importer"
DefinitionExport:- This term export is derived from the conceptual meaning as to ship the goods and services out of the port of a country. The seller of such goods and services is referred to as an "exporter"
Balance Of TradeBalance of trade represents a difference in valuefor import and export for a country.A trade deficit occurs when imports are largerelative to exports. Imports are impacted principally by acountrys income and its productive resources.
Types of ImportThere are two basic types of import:Industrial and consumer goodsIntermediate goods and services
Types of Export Physical Export : If goods physically go out of the country. Deemed Export : If goods and services are supplied to another entity.
EXPORT IMPORTPROCESS UNDERSTAND EXPORT REGISTER AS NEGOTIATE FORMALITIES AN IMPORTER TERMS OF AND OR EXPORTER SALE RESPONSIBILIT Y TOWARDS SALE PROCEEDS FOR SUBMIT TO THE EXPORT,COMP BANK FOR LETE UNDERSTAND ONWARD CUSTOMS DOCUMENTATI TRANSMISSION FORMALITIES ON AND TO BUYER AND OBTAIN INCOTERMS DOCUMENTS RECEIVE SALE PROCEEDS
Advantages of ImportReduce dependence on existing marketsExploit international trade technologyExtend sales potential of existingproductsMaintain cost competitiveness in yourdomestic market
Disadvantages Of ImportImportation of items from othercountries can increase the risk ofgetting them which is no morecommon in the warm weather. it leads to excessive competition It also increases risks of otherdiseases from which the country isexporting the goods.
Advantages Of ExportExporting is one way of increasingyour sales potentialIncreasing sale& profitsReducing risk and balancing growthSell Excess Production Capacity.Gain New Knowledge and Experience
Disadvantages Of ExportExtra CostsFinancial RiskExport Licenses and DocumentationMarket Information
MODES OF PAYMENTIn order to complete the export process,the payment of theexported goods has to be received by the exporters.Anexporter can receive the export proceeds as ADVANCE PAYMENT PAYMENT AGAINST DOCUMENTARY BILLS PAYMENT AGAINST DOCUMENTARY BILLS UNDER LETTER OF CREDIT
EXIM BankExport-Import Bank of India is the premier export finance institution ofthe country, established in 1982 under the Export-Import Bank of IndiaAct 1981 of India launched the institution with a mandate, not just toGovernmentenhance exports from India, but to integrate the country’s foreign trade andinvestment with the overall economic growth. like other Export CreditAgencies in the world, Exim Bank of India has, over the period, evolved intoan institution that plays a major role in partnering Indian industries,particularly the Small and Medium Enterprises, in their globalisation efforts,through a wide range of products and services offered at all stages of thebusiness cycle, starting from import of technology and export productdevelopment to export production, export marketing, pre-shipment andpost-shipment and overseas investment.
EXIM BankExim Bank of India has been the prime mover in encouraging project exportsfrom India.The Bank extends lines of credit to overseas financial institutions, foreigngovernments and their agencies, enabling them to finance imports of goods andservices from India on deferred credit terms.The Bank provides financial assistance by way of term loans in Indianrupees/foreign currencies for setting up new production facility,expansion/modernization/upgradation of existing facilities and for acquisition ofproduction equipment/technology. Such facilities Such facilities particularly helpexport oriented Small and Medium Enterprises for creation of export capabilitiesand enhancement of international competitiveness.The Bank has launched the Rural Initiatives Programme with the objective oflinking Indian rural industry to the global market. The programme is intended tobenefit rural poor through creation of export capability in rural enterprises.
EXIM BankExim Banksupplements itsfinancing programmeswith a wide range ofvalue-addedinformation, advisoryand support services,which enableexporters to evaluateinternational risks,exploit exportopportunities andimprovecompetitiveness,thereby helping them
Support Institutions to FacilitateExportsSome of these institutions are:Export Credit GuaranteeCorporation (ECGC)Exim Bank of IndiaIndia Trade PromotionOrganisation (ITPO)Export Inspection council (EIC)Indian Institute of Packaging (IIP)contd
OCTROIThe state governmentlevies the octroicharges when theproduct enters thestate. This charge isapplicable to certainstates and fluctuates asper the Governmentregulations and we areunable to confirm theamount.
ECGCThe Export Credit Guarantee Corporation of India Limited(ECGC) is acompany wholly owned by the Government of India based inMumbai, Maharashtra. It provides export credit insurance support to Indianexporters and is controlled by the Ministry of Commerce. Government ofIndia had initially set up Export Risks Insurance Corporation (ERIC) in July1957.
ECGCWhat does ECGC do?Provides a range of credit risk insurance covers toexporters against loss in export of goods andservices.Offers guarantees to banks and financial institutions to enableexporters to obtain better facilities from them.Provides Overseas Investment Insurance to Indian companiesinvesting in joint ventures abroad in the form of equity or loan.Information on different countries with its own credit ratingAssists the exporters in recovering bad debts
Exports & Import – General Provisions in Foreign Trade Policy The interpretation of Policy: DGFT is the final authority. Any exemption from policy or procedure also to be referred to DGFT Freedom to export & import except to the extent of provisions in the Foreign Trade Policy or any other law in force Every exporter/importer must comply with the provisions of the Foreign Trade (Development & Regulation) Act 1992 No agency shall withhold consignments allowed for exports. Free movement of export goods is allowed. Authority can take undertaking from exporter in case of any doubt
Specific ProvisionsFree exportsAll exports in freely convertible currency except in specific situationsRealization of export proceeds within a specified timeDeemed exports
Excise DutyAn excise or excise tax (sometimes called a duty ofexcise special tax) is an inland tax on the sale, orproduction for sale, of specific goods or a tax on a goodproduced for sale, or sold, within a country or licensesfor specific activities. Excises are distinguished fromcustoms duties, which are taxes on importation
Custom Duty. Customs duty is a kind of indirect tax which is realized on goods of international trade. In economic sense, it is also a kind of consumption tax. Duties levied by the government in relation to imported items is referred to as import duty. In the same vein, duties realized on export consignments is called export duty. Tariff, which is actually a list of commodities along with the leviable rate (amount) of Customs duty, is popularly understood as Customs Custom Officer U.K
INCOTERMSThe Incoterms rules or International Commercial terms are a series ofpre-defined commercial terms published by the InternationalChamber of Commerce (ICC) widely used in international commercialtransactions.It defines the trade contract ,responsibilities andliabilities between the buyer and the seller These terms make international trade easier and help traders indifferent countries to understand the responsibilities and rights ofthe buyers and sellers. SOME OF THE TERMS ARE- EXW – Ex Works (named place of delivery) FCA – Free Carrier (named place of delivery) CPT - Carriage Paid To (named place of destination) CIP – Carriage and Insurance Paid to (named place of destination) DAT – Delivered at Terminal (named terminal at port or place of destination) DAP – Delivered at Place (named place of destination) DDP – Delivered Duty Paid (named place of destination)