Exports have attained greater importance in the times.
It emerged together as vital indicators of a nation’s social, economical, and political growth. No country within the world can produce all the products and services it requires.
They need to inevitably buy and sell from each other. Therefore countries need to engage in international trade.
Export and import represent two sides of an equivalent coin of international trade. In other words, the countries need to buy the products which are either not available or not adequately available in the home country and sell the excess goods/ services produced by it to other countries that require them utmost. Briefly, each country has to export surplus goods and import the deficit goods. The reason for your company to think about commercialism is a type of compelling; the subsequent are a few of the most benefits of exporting.
During this process, it earns precious exchange and uses the exchange thus earned for import goods that can’t be produced or adequately produced in the home country.
Developing countries like India, Bangladesh, South Korea then require a substantial amount of exchange to accumulate machinery, equipment, raw materials, petroleum products, natural resources, technical know-how, managerial talents than on for their faster economic development.
It’s been promoting export by providing cash incentives, tax incentives and relief, institutional support, concessional rate of interest, infrastructural assistance, loan assistance, tax exemptions, tax holidays and transport concessions, etc., Trade delegations are sent abroad to explore the export potential for various products and services in various countries across the planet.
Bilateral trade agreements are entered into with foreign countries that provide bright prospects for export. The Government of India has found several institutions to promote exports.
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Objectives of Export Trade
The important objectives of the export include the subsequent.
- Facilitating the selling of products to countries that desperately need such goods
- Expanding the marketplace for goods by producing them on an outsized scale.
- Earning exchange through exports
- Helping a rustic increase the value
- Creating employment opportunities in a country by promoting export-oriented and export-related enterprises.
- Generating revenue for the govt within the sort of customs and excise duties.
- Promoting mutual affection and co-operation among the nations.
- Achieving optimum utilization of resources by large scale production of products
Fulfillment of Customs Formalities by Forwarding Agent
Taking the Delivery of products at Port Town
When the products reach the port town, the forwarding agent takes delivery from the rail or the truck after the submission of railway receipt (R R) or lorry receipt (L R). Then the agent arranges for storage of the consignment during a warehouse.
Obtaining Shipping Order
The clearing and forwarding agent approaches the company or its agent to book space on the ship. On booking an area on the ship, the company issues a document called Shipping Order.
It contains an instruction to the captain of the ship concerned to simply accept the consignment on board. Besides it provides information about the name of the ship, the nature of products shipped, the date of shipping, the weight of products, the port of destination, and freight paid.
https://www.youtube.com/watch?v=UvV9a3Rxask
Charter Party
A charter party may be a formal agreement between the shipowner and therefore the exporter under which the exporter hires a whole ship or a serious part of the ship either for a selected voyage or for a specific period when the shipping is heavy.
The hiring of the ship for a specific voyage is named voyage charter while this hiring of the entire ship for a selected period is named time charter. The content of the charter party includes the subsequent.
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-
Name of the ship
-
Place of loading
-
Port of destination
-
Name of exporter
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Amount of freight
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Commission Agents
Commission Agent is a world agent who is paid a particular percentage of commission for the order booked by him abroad.
He offers a product to potential customers in the territory allotted to him following the terms and conditions specified by the principal.
However, there’s no employment relationship between the agent and therefore the principal, and the relationship is only temporary.
The agents get the only commission at the top of the deal.
Payment of Dock Dues
After the payment of export duty, the forwarding agent arranges for transporting the products to docks. The agent fills two copies of challan and submits it to the dock authorities alongside one copy of the shipping bill.
Then the agent pays dock charges. Dock authorities retain one copy of challan and return the second copy to the forwarding agent.
This signed copy is named Dock Receipt or Port Trust Receipt.
Obtaining Permission for Shipment
The forwarding agent brings the consignment over to the dock.
The Customs Preventive Officer stationed at the docks inspects the products on the idea of declaration within the shipping bill. Import-Export Courses upscale your knowledge bar and can show you a bright way to invest in the correct business.
This officer permits to load the products onto the board by issuing Customs Export Pass or just makes an endorsement with wordings ‘Let Ship’ on the duplicate copy of the shipping bill.
https://www.youtube.com/watch?v=KT3NDNSTZgc
Functions/Services of Export house
The functions of the export house are mentioned below
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Identifying potential marketplace for a product
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Establishing product specifications within the light of market needs, standards, and regulations following suppliers’ capabilities.
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Determining appropriate mode of transportation, and routing keeping in mind the value, quality of service and security
-
Preparing the products for delivery at destination
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Determining the buyer’s creditworthiness
-
Negotiating the transactions
-
Financing the transactions and paying for goods and repairs received.
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Preparing document for international trade
-
Settling claim.
Export Import Data Solutions provides a quality subscription plan for export import data. Through the data, exporters and importers can analyze trade practices, the demand for products, and market trends.
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