Commerce · Class 11 Commerce
Ch 26Export and Import Procedures — Class 11 Commerce, concept-first.
When trade takes place across national boundaries, it is called foreign trade or international trade. Foreign trade has two broad directions. When goods produced in one country are sold to buyers in another country, it is called export trade; when goods produced abroad are purchased and brought into a country, it is ca…
Key concepts
Hover a concept to preview it and jump to its most relevant Q&A.
Export and Import Trade and the Regulatory Framework
Export trade is the sale of home-produced goods to buyers abroad; import trade is the purchase of foreign goods for the home market.
Most relevant Q&A
Chapter contents
The NCERT structure, section by section. Open a section to see its questions, then read the concept-first solution.
Meaning of Export and Import Trade and the Need for a Procedure
When trade takes place across national boundaries, it is called foreign trade or international trade. Foreign trade has two broad directions.
Preliminary Steps Before Exporting: Registration Formalities
Before an exporter can accept the first order and ship the first consignment, certain one-time registration formalities have to be completed.
The Export Procedure: Stage-by-Stage Sequence
Once the registration formalities are complete, an export transaction moves through a well-defined sequence of stages. The table below sets out the stages in the order in which they occur.
Letter of Credit and Pre-Shipment Finance
Two arrangements deserve closer attention because they solve the two biggest worries in export trade: will I be paid? and how do I fund the goods before I am paid?
Documents Used in Export Trade
A large number of documents pass between the exporter, the importer, the banks, the carrier and the customs authorities.
The Import Procedure: Stage-by-Stage Sequence
Importing goods is, in a sense, the mirror image of exporting them, but seen from the buyer's side. The importer, too, must be legally registered, must arrange foreign exchange and payment, and must c…
Very Short Answer Questions
+−Show 2 questionsHide questions2 questions
Short Answer Questions
+−Show 3 questionsHide questions3 questions
Long Answer Questions
Sample & Board Papers
Sample papers and previous-year board questions for this subject.
+−Show 6 questionsHide questions6 questions
- Q1The exporters appoint the ________ agent to fulfill the customs formalities. (a) Clearing Agent (b) Forwarding Agent (c) Commission Agent (d…Preview
- Q2Write short notes on : (Compulsory) (i) Document against Payment (D/P) (ii) Document against Acceptance (D/A)Preview
- Q3Mention the types of Indent.Preview
- Q4What are the contents of Bill of Lading ?Preview
- Q5The ________ receipt is an acknowledgement of receipt of goods on the ship issued by the captain. (a) Mate's Receipt (b) Shipping Bill (c) C…Preview
- Q6(a) Distinguish between Bill of Lading and Charter Party. OR (b) Distinguish between Balance of Payment and Balance of Trade. (any 5)Preview
More questions
+−Show 4 questionsHide questions4 questions
- Q1The Import Export Code (IEC) required for foreign trade is issued by the ____.Free
- Q2The document that serves as a receipt for goods, evidence of the contract of carriage, and a document of title in sea transport is the ____.Free
- Q3A written undertaking by the importer's bank to pay the exporter on presentation of specified documents is called a ____.Preview
- Q4Which of the following is NOT a step in the import procedure?Preview