Apparel Export Documentation

7/28/2019 Apparel Export Documentation

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Certificates of origin - Various countries have limitations on the introduction of commodities from certain other countries, and may apply duty to thesecommodities or ban them altogether. On the other hand, there may be tax benefitson items from specific supply sources. In such cases, an exporter will require topresent a Certificate of Origin, which is certified by a designated regulatory

authority.Bill of lading - a required shipment document for sea consignments whencommodities are sent by sea route, as proof that the commodities have been sentby the supplierAirway bill - Same as bill of lading except that it is a document involved in Airshipment

Inspection or Quality credential - if the buyer requires an examination of goodsprior to shipment, these are vital documents to making sure the deal is establishedin accordance to the buyers requirement.

Packing List - The List of all of the cardboard boxes within the container and thecontents within the boxes.

Invoice - The most essential document. Make sure that a complete synopsis of merchandise is outlined and it is invoiced in the currency of sale.

Others - These are other detailed requirements from country to country. Forinstance, Australia has strict quarantine limitations governing the trade of animaland food items. You would need to secure a permit, or subject your items to aninspection or both.

Export documentation plays a vital role in international marketing as itfacilitates the smooth flow of goods and payments thereof across nationalfrontiers. A number of documents accompany every shipment. These documentsmust be properly and correctly filled . Export documentation is, however,complex as the number of documents to be filled in is large, so also is the numberof concerned authorities to whom the relevant documents are to be submitted.Moreover documents required differ from country to country.

Incorrect documents may lead to non delivery of goods to the importer .

You may get the correct documents after some time but in the meantime storagecharges may have to be paid . More important, the importer will think twicebefore importing from the same exporter.It is therefore, advisable to take the help of shipping and forwarding agents who willobtain fill out the documents correctly as well as arrange for transportation. Butevery exporter should have an adequate knowledge about export documents andprocedures.


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On the basis of the functions to be performed, export documents can be classifiedunder four categories:1. Commercial Documents : These include commercial invoices, bills of exchange,bills of lading, letters of credit, marine insurance policy and certificates etc.

2 . Regulatory Documents : These are the documents which are required forcomplying with the rules and regulations governing export trade transactions suchas foreign exchange regulations, customs formalities export inspection etc.

3. Export Assistance Documents : These are the documents which are requiredfor claiming assistance under the various export assistance measures as may be inoperation from time to time. Presently these refer to drawbacks of Central exciseand customs duties, packing credit facilities etc,4. Documentation required by importing Countries . These are the documentswhich are required by the importer in order to satisfy the requirements of hisgovernment. These include certificates of origin, consular invoice, quality controlcertificate etc.Export documents could be classified into two categories depending upon thespecific requirements satisfied by them: (1) Regulatory and (2) Operational.

REGULATORY REQUIREMENTS:An exporter has to follow strictly the regulation of both the exporting

country as well as that of the importing country . For example, there isexchange control in India. Therefore when we export goods, we have to give anundertaking to the RBI that we shall realize the foreign exchange in lieu of thegoods exported. We do this by submitting GR form , and it is obvious that wecannot export unless we submit this document. Then there are certain commoditieswhich are subject to export regulation. We have to obtain a license for exportingthe controlled commodities. Thus, another document has necessarily to be used. Inorder to build up an image of Indian goods abroad there is a system of compulsorypre-shipment inspection and quality control of a number of export goods. Theexporter has to obtain an inspection certificate. This gives rise to still anotherdocument. There are a number of importing countries which stipulate that theexporter must submit certain specified documents duly certified by their missions inthe exporting country. This condition makes it essential the use of the consularinvoice and in some cases the use of the legalized invoice. There are countries

specially the Commonwealth countries and also those developed countries whichhave offered concessions to the developing countries under the GeneralizedSystem of Preferences which demand that the exporters must submit acertificate of origin . Thus, the exporter has to submit GR form, export licenseinspection certificate, consular invoice, legalized invoice and certificate of origin . These are examples of regulatory documents.

OPERATIONAL REQUIREMENTS:


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The customs authorities are charged with the responsibility of verifyingcompliance on the part of the exporters with all types of regulations in force in thecountry. For their own record purposes, they have devised the Shipping bill . Noshipping company or airline will accept any export cargo unless the customsauthorities have granted their permission on the shipping bill. Along with the

shipping bill, commercial invoices and packing lists are also to besubmitted.

TERMS OF SALESince an entirely different set of terms is used in international trade, the

buyer and the seller must have a common understanding of the terms of sale.Based upon the quoted terms of sale, your responsibility for insurance coverage willbe clarified in terms called Incoterms . These Incoterms are used universally todetermine who pays for what and when the responsibility for goods transfers fromthe seller to the buyer. Information on new terms can be obtained from the

International Chamber of Commerce at www.iccwbo.org/incoterms andother sources. Of note, Incoterms are reviewed and modified every 10 years.Buyer and seller should not only use Incoterms but should also ensure that they areusing the same year. The following are descriptions of some of the most commonterms and definitions used in international trade:CFR (Cost and Freight) Seller quotes a price for the cost of goods, whichincludes the cost of inland and overseas transportation from the point of origin to port of discharge . If additional charges outside of the agreed freightcharges are charged, they fall to the account of the buyer. Insurance is theresponsibility of the buyer. For example, you will see this as "CFR Lagos, Nigeria."

This basically means that your quotation will show the costs involved in landing thegoods at the port of Lagos, Nigeria.

CIF (Cost, Insurance, and Freight) Seller quotes a price for the costs of thegoods, insurance, inland and overseas transportation as well as the miscellaneouscharges from the point of origin to a named port of discharge of a vessel or aircraft.

FOB (Free on Board) Seller quotes a price for the cost of goods which includesthe cost of loading that good into trucks, rail cars, barges or vessels at adesignated point . The buyer takes the responsibility for ocean transportation andinsurance.

FAS (Free alongside ship at designated port of export) Seller quotes aprice for the cost of goods which includes the charge for delivery of the goodsalongside a vessel at the designated port. The seller is also responsible for theunloading and wharf fees. Loading aboard the vessel, ocean transportation, andocean cargo insurance are the responsibility of the buyer.
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EXW (EX Works named point of origin) Price quoted applies only at thepoint of origin and the seller agrees to place the goods at the disposal of thebuyer at a specified place on a certain date or within a fixed period. All othercharges are the responsibility of the buyer . Many times this term is seen informs such as EXW Factory or EXW Warehouse. Most often EXW is used to indicate

that title transfers at the seller's loading dock, and that all responsibility for thegoods then belongs to the buyer.

Using Terms of Sale in a QuotationWhen quoting a price, the exporter should make it meaningful to the prospectivebuyer. For example, a price for industrial machinery quoted "FOB Columbia, MD, notexport packed" would be meaningless because most prospective buyers would havedifficulty determining the total costs. Therefore, they would be hesitant to place anorder.For this reason, it is advisable to quote CIF whenever possible because it is easilyunderstood by your prospective customer. A freight forwarder can help youdetermine a CIF price. However, some countries will not permit quotes in CIF.

METHODS OF PAYMENT There are various methods of receiving payment for your exports. These methodsinclude payment in advance, letters of credit, documentary drafts and openaccount .

Payment in advance This method is most desirable from the seller's standpoint because all risk is

eliminated. While cash in advance may seem most advantageous to you, insistingon these terms may cost you sales. Just like domestic buyers, foreign buyers prefergreater security and better cash utilization. Some buyers may also find thisrequirement insulting, especially if they are considered credit-worthy in the eyes of the rest of the world. Advance payments and progressive payments may be moreacceptable to a buyer, but even these terms can result in a loss of sales in a highlycompetitive market.

Letters of creditA letter of credit (LC) is a payment method, which substitutes the credit-

worthiness of a bank for that of a buyer. Thus, the importer, or buyer, applies to abank for the LC. An irrevocable LC cannot be changed without the expressedpermission of the exporter. If an irrevocable letter is confirmed by a U.S. bank, itvirtually eliminates the foreign credit risk of an export sale. In part, a letter of creditalso protects the buyer, because a bank cannot pay the exporter until the exporterpresents documents that comply fully with the terms and conditions of the letter of credit. Of note, in practice, LCs are hard to use with perishable goods as the


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exporter because a buyer may delay payment by delaying acceptance of the draftor refusing to pay at its maturity. In most countries, an accepted time draft isstronger evidence of debt than an unpaid invoice.A date draft differs slightly from a time draft in that it specifies a date by which thepayment is due rather than establishing a time period. When a sight or time draft is

used, a buyer can delay payment by delaying acceptance of the draft, but the useof a date draft can prevent this occurrence.

Open Account .Selling on open account carries the greatest risk for the exporter. Under this

method the buyer does not pay for the goods until they have been received. If thebuyer refuses to pay, the only recourse of the exporter is to seek legal action in thebuyer's country. Thus, the open account method should only be utilized when thereis an established relationship with the buyer and the country of the buyer possessesa stable political and economic environment. If your sales must be made on openaccount, the date upon which the payment is due should be stipulated.

UNIT 2PRESENT SCENARIO OF INDIAN APPAREL INDUSTRY

India is now a fast emerging market inching to reach half a billion middleincome population by 2030. All these factors are good for the Indian textile industryin a long run. Even though the global economic crisis seams to be worsening day-by-day, as long as economies are emerging and growing as those in South and


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South East Asia, textile industry is here to grow provided it takes competition andinnovation seriously. Read below to have an insight of the stand of the Indian

Textile Industry in the economy.

Where Does the Indian Textile Industry Stand Now?

A general impression I get talking to the Indian textile industry leaders in thepast few days make me understand that the industry is in a pinch. Why so? Theseare the reasons:

1. Global recession2. Less export orders due to reductions in inventories by global retail

giants like Wal-Mart3. Price of raw materials like cottons and4. Infrastructure bottlenecks such as power, particularly in Tamil Nadu.

It has been recently reported that textile exports in 2009-10 period will beequal or could be even lower than the one achieved in 2008-09. In this globalfinancial meltdown situation, what should the Indian textile industry do? In thetimes of adversity, it is an immediate task for all stake holders to pause for amoment and take stock of the difficulties and chart plans for sustainability andgrowth of the Indian textile industry.Road Ahead for the Indian Textile Industry

As the saying goes in the financial sector, it is not advisable to put all eggs inone basket. This is what happened somewhat in the case of the Indian textileindustry. With the opening of world markets and the abolition of textile quotas since2005, there came a negative situation as well. But, hindsight is always 20-20. Indiantextile industry should have focused on all major sectors right from fibre to fashionand planned for an organized growth across the supply chain so as to compete withChina and even countries such as Pakistan, Vietnam and Thailand. Instead, theindustry had put majority of its stock in the spinning sector. This is clearly evident inthe utilization of Technology Upgradation Fund Scheme effectively by the spinningsector. Although it is a positive outcome, in my opinion, the industry turned a blindeye on value-adding sectors such as weaving and finishing. Indian powerloomsector, which enables value-addition is a highly unorganized industry and needsmajor upgradation. Not only India does not have world quality indigenous

shuttleless looms, but also investments are not adequate to cope with the qualityand quantity to cater to the export market. Technical textiles sector is still in itsinfancy and a tangible growth will be highly visible by 2035 when the growth in thissector will be exponential. Is there a panacea to the complexities surrounding theIndia Textile Industry?


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Indian textile industry can be divided into several segments, some of which canbe listed as below:

1. Cotton Textiles

2. Silk Textiles3. Woolen Textiles4. Readymade Garments5. Hand-crafted Textiles6. Jute and Coir

India textile industry is one of theleading in the world. Currently it isestimated to be around US$ 52 billion and is also projected to be around US$ 115billion by the year 2012. The current domestic market of textile in India is expectedto be increased to US$ 60 billion by 2012 from the current US$ 34.6 billion. Thetextile export of the country was around US$ 19.14 billion in 2006-07, which saw astiff rise to reach US$ 22.13 in 2007-08. The share of exports is also expected toincrease from 4% to 7% within 2012. Table 1 shows area, production andproductivity of cotton in India during the last six decades.

Though during the year 2008-09, the industry had to face adverse agro-climatic conditions, it succeeded in producing 290 lakh bales of cotton comparing to315 lakh bales last year, yet managed to retain its position as world's secondhighest cotton producer.

GLOBALIZATIONIs the process of international integration arising from the interchange of

world views , products, ideas, and other aspects of culture . Put in simple terms,globalization refers to processes that promote world-wide exchanges of nationaland cultural resources. Advances in transportation and telecommunications infrastructure, including the rise of the Internet , are major factors in globalization,

generating further interdependence of economic and cultural activities.

Though several scholars place the origins of globalization in modern times ,others trace its history long before the European age of discovery and voyages tothe New World . Some even trace the origins to the third millennium BCE. Since thebeginning of the 20th century, the pace of globalization has intensified at a rapidrate, especially during the Post-Cold War era .
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The term globalization has been in increasing use since the mid-1980s andespecially since the mid-1990s. In 2000, the International Monetary Fund (IMF)identified four basic aspects of globalization: trade and transactions, capital andinvestment movements, migration and movement of people and the disseminationof knowledge. Further, environmental challenges such as climate change , cross-

boundary water and air pollution, and over-fishing of the ocean are linked withglobalization. [10] Globalizing processes affect and are affected by business andwork organization, economics, socio-cultural resources, and the naturalenvironment.

WORLD TRADE ORGANIZATION (WTO) The International trade is based on multilateral trading system. It is a system

involving trade amongst various countries. it is therefore, necessary that the rulesand regulation of such system are properly define. In the year 1947, an attempt wasmade by 23 countries in the world to define the basic norms for conduct of international trade. The trade negotiation amongst these 23 countries in multilateraltreaty called general agreement On Traffic and Trade (GATT) in the year 1948. TheGATT was established to secure the conduct of international trade based on theprinciples of non-discrimination, transparency and liberalization.

The GATT had been organizing international trade negotiation to define theregulation for and strengthening multilateral trading system over the years. Thelatest round of international trade regulation was conducted under auspices of GATTfrom 1986 to 1993. It was on 15 December that the latest round of internationaltrade negotiation among 117 countries was conducted at Uruguay. The agreementso conducted were signed on April 16,1994 by 123 countries. The agreement hascome to known as a Uruguay round or the GATT 94. One of the agreements duringthe Uruguay round was regarding renaming of GATT as World Trade Organization(WTO). The GATT 1994 is being implemented with effect from 1 of January 1995when the very first agreement regarding the establishment of world tradeorganization (WTO) was established. Thus the World Trade Organization (WTO) heldits last round of international trade negotiation at Doha in July 2006. At present 151countries are member of World Trade Organization (WTO).

Objective of World Trade Organization (WTO) To ensure the conduct the international trade on non-discrimination

basis. To raise standard of living and income, ensuring full employment To expend production and trade Protecting environment Ensuring better share for developing countries.

Function of World Trade Organization (WTO)
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Dillon Round - 1960-1962 The fifth round occurred once more in Geneva and lasted from 1960-1962.

The talks were named after U.S. Treasury Secretary and former Under Secretary of State, Douglas Dillon , who first proposed the talks. Twenty-six countries took part inthe round. Along with reducing over $4.9 billion in tariffs, it also yielded discussion

relating to the creation of the European Economic Community (EEC).

Kennedy Round - 1962-1967 The sixth round of GATT multilateral trade negotiations, held from 1963 to

1967. It was named after President John F Kennedy in recognition of his support forthe reformulation of the United States trade agenda, which resulted in the TradeExpansion Act of 1962. This Act gave the President the widest-ever negotiatingauthority.

As the Dillon Round went through the laborious process of item-by-item tariff negotiations, it became clear, long before the Round ended, that a morecomprehensive approach was needed to deal with the emerging challengesresulting from the formation of the European Economic Community (EEC) and EFTA,as well as Europe's re-emergence as a significant international trader moregenerally.

Japan's high economic growth rate portended the major role it would playlater as an exporter, but the focal point of the Kennedy Round always was theUnited States-EEC relationship. Indeed, there was an influential American view thatsaw what became the Kennedy Round as the start of a transatlantic partnershipthat might ultimately lead to a transatlantic economic community.

To an extent, this view was shared in Europe, but the process of Europeanunification created its own stresses under which the Kennedy Round at timesbecame a secondary focus for the EEC. An example of this was the French veto in

January 1963, before the round had even started, on membership by the UnitedKingdom.

Another was the internal crisis of 1965, which ended in the LuxembourgCompromise. Preparations for the new round were immediately overshadowed bythe Chicken War, an early sign of the impact variable levies under the Common

Agricultural Policy would eventually have. Some participants in the Round had beenconcerned that the convening of UCTAD, scheduled for 1964, would result in furthercomplications, but its impact on the actual negotiations was minimal.

In May 1963 Ministers reached agreement on three negotiating objectivesfor the round:

Measures for the expansion of trade of developing counties as a means of furthering their economic development,
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Reduction or elimination of tariffs and other barriers to trade, and Measures for access to markets for agricultural and other primary products.

The working hypothesis for the tariff negotiations was a linear tariff cut of 50% with the smallest number of exceptions. A drawn-out argument developedabout the trade effects a uniform linear cut would have on the dispersed rates (lowand high tariffs quite far apart) of the United States as compared to the much moreconcentrated rates of the EEC which also tended to be in the lower held of UnitedStates tariff rates.

The EEC accordingly argued for an evening-out or harmonization of peaksand troughs through its cerement, double cart and thirty: ten proposals. Oncenegotiations had been joined, the lofty working hypothesis was soon undermined.

The special-structure countries (Australia, Canada, New Zealand and South Africa),so called because their exports were dominated by raw materials and other primary

commodities, negotiated their tariff reductions entirely through the item-by-itemmethod.

In the end, the result was an average 35% reduction in tariffs, except fortextiles, chemicals, steel and other sensitive products; plus a 15% to 18% reductionin tariffs for agricultural and food products. In addition, the negotiations onchemicals led to a provisional agreement on the abolition of the American SellingPrice (ASP). The was a method of valuing some chemicals used by the noted Statesfor the imposition of import duties which gave domestic manufacturers a muchhigher level of protection than the tariff schedule indicated.

However, this part of the outcome was disallowed by Congress, and theAmerican Selling Price was not abolished until Congress adopted the results of the

Tokyo Round. The results on agriculture overall were poor. The most notableachievement was agreement on a Memorandum of Agreement on Basic Elementsfor the Negotiation of a World Grants Arrangement, which eventually was rolled intoa new International Grains Arrangement.

The EEC clamed that for it the main result of the negotiations on agriculturewas that they "greatly helped to define its own common policy". The developingcountries, who played a minor role throughout the negotiations in this Round,

benefited nonetheless from substantial tariff cuts particularly in non-agriculturalitems of interest to them.

Their main achievement at the time, however, was seen to be the adoption of Part IV of the GATT, which absolved them from according reciprocity to developedcountries in trade negotiations. In the view of many developing countries, this was adirect result of the call at UNCTAD I for a better trade deal for them.


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There has been argument ever since whether this symbolic gesture was avictory for them, or whether it ensured their exclusion in the future from meaningfulparticipation in the multilateral trading system. On the other hand, there was nodoubt that the extension of the Long-Term Arrangement Regarding International

Trade in Cotton Textiles, which later became the Multi-Fiber Arrangement, for threeyears until 1970 led to the longer-term impairment of export opportunities fordeveloping countries.

Another outcome of the Kennedy Round was the adoption of an Anti-dumpingCode, which gave more precise guidance on the implementation of Article VI of theGATT. In particular, it sought to ensure speedy and fair investigations, and itimposed limits on the retrospective application of anti-dumping measures.

Kennedy Round took place from 1962-1967. $40 billion in tariffs were eliminated orreduced.

Tokyo Round - 1973-1979Reduced tariffs and established new regulations aimed at controlling the

proliferation of non-tariff barriers and voluntary export restrictions. 102 countriestook part in the round. Concessions were made on $190 billion worth.

The Uruguay Round began in 1986. It was the most ambitious round to date,hoping to expand the competence of the GATT to important new areas such asservices , capital , intellectual property , textiles , and agriculture . 123 countries tookpart in the round. The Uruguay Round was also the first set of multilateral tradenegotiations in which developing countries had played an active role.

Agriculture was essentially exempted from previous agreements as it wasgiven special status in the areas of import quotas and export subsidies, with onlymild caveats. However, by the time of the Uruguay round, many countriesconsidered the exception of agriculture to be sufficiently glaring that they refusedto sign a new deal without some movement on agricultural products. Thesefourteen countries came to be known as the " Cairns Group ", and included mostlysmall and medium sized agricultural exporters such as Australia , Brazil , Canada ,Indonesia , and New Zealand .

The Agreement on Agriculture of the Uruguay Round continues to be themost substantial trade liberalization agreement in agricultural products in thehistory of trade negotiations. The goals of the agreement were to improve marketaccess for agricultural products, reduce domestic support of agriculture in the formof price-distorting subsidies and quotas, eliminate over time export subsidies onagricultural products and to harmonize to the extent possible sanitary andphytosanitary measures between member countries.
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GATT and the World Trade OrganizationIn 1993, the GATT was updated (GATT 1994) to include new obligations upon

its signatories. One of the most significant changes was the creation of the World Trade Organization (WTO). The 75 existing GATT members and the European

Communities became the founding members of the WTO on 1 January 1995. Theother 52 GATT members rejoined the WTO in the following two years (the last beingCongo in 1997). Since the founding of the WTO, 21 new non-GATT members have

joined and 29 are currently negotiating membership. There are a total of 157member countries in the WTO, with Russia and Vanuatu being new members as of 2012.

Of the original GATT members, Syria and the SFR Yugoslavia have notrejoined the WTO. Since FR Yugoslavia , (renamed to Serbia and Montenegro andwith membership negotiations later split in two), is not recognised as a direct SFRYsuccessor state; therefore, its application is considered a new (non-GATT) one. TheGeneral Council of WTO, on 4 May 2010, agreed to establish a working party toexamine the request of Syria for WTO membership. The contracting parties whofounded the WTO ended official agreement of the "GATT 1947" terms on 31December 1995. Serbia and Montenegro are in the decision stage of thenegotiations and are expected to become the newest members of the WTO in 2012or in near future.

Whilst GATT was a set of rules agreed upon by nations, the WTO is aninstitutional body. The WTO expanded its scope from traded goods to include tradewithin the service sector and intellectual property rights . Although it was designedto serve multilateral agreements, during several rounds of GATT negotiations(particularly the Tokyo Round) plurilateral agreements created selective trading andcaused fragmentation among members. WTO arrangements are generally amultilateral agreement settlement mechanism of GATT.

UNIT 3DOCUMENTS FOR EXPORTS
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Exporters should seriously consider having the freight forwarder handle theformidable amount of documentation that exporting requires; freight forwarders arespecialists in this process. The following documents are commonly used inexporting; which of them are actually used in each case depends on therequirements of both our government and the government of the importing country.

1. Commercial invoice2. Bill of lading3. Consular invoice4. Certificate of origin5. Inspection certification6. Dock receipt and warehouse receipt7. Destination control statement

On the basis of the functions to be performed, export documents can be classifiedunder four categories:1. Commercial Documents : These include commercial invoices, bills of exchange,bills of lading, letters of credit, marine insurance policy and certificates etc.

2 . Regulatory Documents : These are the documents which are required forcomplying with the rules and regulations governing export trade transactions suchas foreign exchange regulations, customs formalities export inspection etc.

3. Export Assistance Documents : These are the documents which are requiredfor claiming assistance under the various export assistance measures as may be inoperation from time to time. Presently these refer to drawbacks of Central exciseand customs duties, packing credit facilities etc,

4. Documentation required by importing Countries . These are the documentswhich are required by the importer in order to satisfy the requirements of hisgovernment. These include certificates of origin, consular invoice, quality controlcertificate etc.Export documents could be classified into two categories depending upon thespecific requirements satisfied by them: (1) Regulatory and (2) Operational.

Regulatory Requirements:An exporter has to follow strictly the regulation of both the exporting

country as well as that of the importing country . For example, there is

exchange control in India. Therefore when we export goods, we have to give anundertaking to the RBI that we shall realize the foreign exchange in lieu of thegoods exported. We do this by submitting GR form , and it is obvious that wecannot export unless we submit this document. Then there are certain commoditieswhich are subject to export regulation. We have to obtain a license for exportingthe controlled commodities. Thus, another document has necessarily to be used. Inorder to build up an image of Indian goods abroad there is a system of compulsorypre-shipment inspection and quality control of a number of export goods. The


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exporter has to obtain an inspection certificate. This gives rise to still anotherdocument. There are a number of importing countries which stipulate that theexporter must submit certain specified documents duly certified by their missions inthe exporting country. This condition makes it essential the use of the consularinvoice and in some cases the use of the legalized invoice. There are countries

specially the Commonwealth countries and also those developed countries whichhave offered concessions to the developing countries under the GeneralizedSystem of Preferences which demand that the exporters must submit acertificate of origin . Thus, the exporter has to submit GR form, export licenseinspection certificate, consular invoice, legalized invoice and certificate of origin . These are examples of regulatory documents.

Operational Requirements: The customs authorities are charged with the responsibility of verifying

compliance on the part of the exporters with all types of regulations in force in thecountry. For their own record purposes, they have devised the Shipping bill . Noshipping company or airline will accept any export cargo unless the customsauthorities have granted their permission on the shipping bill. Along with theshipping bill, commercial invoices and packing lists are also to besubmitted.

TYPES OF DOCUMENTS

Bill of exchangeA non-interest-bearing written order used primarily in international trade that

binds one party to pay a fixed sum of money to another party at a predeterminedfuture date.

A bill of exchange is also called a draft but, while all drafts are negotiable instruments , only "to order" bills of exchange can be negotiated. According to the1930 Convention Providing A Uniform Law For Bills of Exchange and Promissory Notes held in Geneva (also called Geneva Convention) a bill of exchange contains:(1) The term bill of exchange inserted in the body of the instrument and expressedin the language employed in drawing up the instrument. (2) An unconditional orderto pay a determinate sum of money . (3) The name of the person who is to pay(drawee). (4) A statement of the time of payment. (5) A statement of the place

where payment is to be made. (6) The name of the person to whom or to whoseorder payment is to be made. (7) A statement of the date and of the place wherethe bill is issued. (8) The signature of the person who issues the bill (drawer). A billof exchange is the most often used form of payment in local and international trade ,and has a long history- as long as that of writing .

Commercial invoice
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Document required by customs to determine true value of the importedgoods , for assessment of duties and taxes. A commercial invoice (in addition toother information ), must identify the buyer and seller , and clearly indicate the (1)date and terms of sale , (2) quantity , weight and/or volume of the shipment , (3) typeof packaging , (4) complete description of goods, (5) unit value and total value , and

(6) insurance , shipping and other charges (as applicable).

A commercial invoice is a document used in foreign trade . It is used as acustoms declaration provided by the person or corporation that is exporting an itemacross international borders. [1] [2] Although there is no standard format, thedocument must include a few specific pieces of information such as the partiesinvolved in the shipping transaction, the goods being transported, the country of manufacture, and the Harmonized System codes for those goods. A commercialinvoice must also include a statement certifying that the invoice is true, and asignature.

A commercial invoice is used to calculate tariffs , international commercialterms (like the Cost in a CIF) and is commonly used for customs purposes.

Bill of LadingA bill of lading is issued by a carrier , and details a shipment of merchandise ,

gives title to the goods, and requires the carrier to deliver the merchandise to theappropriate party.

A legal document between the shipper of a particular good and the carrierdetailing the type, quantity and destination of the good being carried. The bill of lading also serves as a receipt of shipment when the good is delivered to thepredetermined destination. This document must accompany the shipped goods, nomatter the form of transportation, and must be signed by an authorizedrepresentative from the carrier, shipper and receiver.

The bill of lading evolved with the growth of international trade in themedieval world. Merchants needed a way of knowing what had been loaded ontoships, and began to issue signed receipts to certify the loading of goods on tovessels and to verify the condition of those goods at the time of loading. With thegrowth of mercantilism, these receipts began to be used as the title to the goods,

and the bill of lading became established in much the same form as we know today. The current regulations on bills of lading were codified by the Hague Rules in 1924.

UsesAs a receipt

The principal use of the bill of lading is as a receipt issued by the carrier oncethe goods have been loaded onto the vessel. This receipt can be used as proof of shipment for customs and insurance purposes, and also as commercial proof of
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completing a contractual obligation, especially under Incoterms such as CFR andFOB.

As title The bill of lading confers title to the goods to the consignee noted on the bill.

The bill of lading may also be made out "To Order", which confers title to the goodsto the holder of the ship.

As a negotiable instrumentBecause the bill of lading represents title to the goods detailed upon it, it can

be traded in much the same way as the goods may be, and even borrowed upon if desired.

Sea Waybills and Electronic Document Interchange (EDI)In recent years, the use of bills of lading has declined, as they have been

replaced in the most part with the sea waybill . The main difference between thesetwo documents is that the waybill does not confer title of the goods to the bearer,and as a result there is no need for the physical document to be presented for thegoods to be released. The shipping line will automatically release the goods to theconsignee once the import formalities have been completed. This results in a muchsmoother flow of trade, and has allowed shipping lines to move towards Electronic data interchange which greatly eases the flow of global trade.

However, for letter of credit and Documentary Collection transactions, it isimportant to retain title to the goods until the transaction is complete. This meansthat the bill of lading still remains a vital part of international trade.

Letter of CreditA letter of credit is a document issued by a financial institution, or a similar

party, assuring payment to a seller of goods and/or services. The seller then seeksreimbursement from the buyer or from the buyer's bank. The document servesessentially as a guarantee to the seller that it will be paid regardless of whether thebuyer ultimately fails to pay. In this way, the risk that the buyer will fail to pay istransferred from the seller to the letter of credit's issuer. The letter of credit alsoinsures that all the agreed upon standards and quality of goods are met by thesupplier.

Letters of credit are used primarily in international trade for largetransactions between a supplier in one country and a customer in another. In suchcases, the International Chamber of Commerce Uniform Customs and Practice for Documentary Credits applies. They are also used in the land development processto ensure that approved public facilities (streets, sidewalks, storm water ponds,etc.) will be built. The parties to a letter of credit are the supplier, usually called thebeneficiary, the issuing bank, of whom the buyer is a client, and sometimes an
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advising bank , of whom the beneficiary is a client. Almost all letters of credit areirrevocable, i.e., cannot be amended or canceled without the consent of thebeneficiary, issuing bank, and confirming bank, if any. In executing a transaction,letters of credit incorporate functions common to giros and traveler's cheques .

Origin of the term The name letter of credit derives from the French word accrditation, a

power to do something, which in turn derives from the Latin accreditivus,meaning trust. This applies to any defense relating to the underlying contract of sale. This is as long as the seller performs their duties to an extent that meets therequirements contained in the letter of credit.

Related termsA sight LC means that payment is made immediately to the

beneficiary/seller/exporter upon presentation of the correct documents in therequired time frame. A time or date LC will specify when payment will be made at afuture date and upon presentation of the required documents.

Negotiation means the giving of value for draft(s) and/or document(s) by thebank authorized to negotiate, viz the nominated bank. Mere examination of thedocuments and forwarding the same to the letter of credit issuing bank forreimbursement, without giving of value / agreed to give, does not constitute anegotiation.

Documents that can be presented for payment To receive payment, an exporter or shipper must present the documents

required by the letter of credit. Typically, the payee presents a document provingthe goods were sent instead of showing the actual goods. The Original Bill of Lading (BOL) is normally the document accepted by banks as proof that goods have beenshipped. However, the list and form of documents is open to imagination andnegotiation and might contain requirements to present documents issued by aneutral third party evidencing the quality of the goods shipped, or their place of origin or place. Typical types of documents in such contracts might include

Financial DocumentsBill of Exchange , Co-accepted Draft

Commercial DocumentsInvoice , Packing list

Shipping Documents Transport Document , Insurance Certificate, Commercial, Official or Legal

Documents

Official Documents
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License, Embassy legalization, Origin Certificate, Inspection Certificate,Phytosanitary certificate

Transport DocumentsBill of lading (ocean or multi-modal or Charter party), Airway bill, Lorry/truck

receipt, railway receipt, CMC Other than Mate Receipt, Forwarder Cargo Receipt,Deliver Challan...etc

Insurance documentsInsurance policy, or Certificate but not a cover note.

Definitions of related termsAdvising bank: The Bank which advises a Letter of Credit to the Beneficiary at therequest of the issuing Bank is known as the Advising Bank

Applicant: Applicant is the party on whose request the issuing bank issues acredit .

Banking day: The day on which a bank is regularly open at the place at which anact to be performed.

Beneficiary: Beneficiary is the party who is to receive the benefit (payment) of theLC. The consignee of an LC and the beneficiary may not be the same. The credit isissued in his favor.

Presentation: Presentation is either delivery of documents against an LC or thedocument itself.

Complying presentation : A presentation is said to be complying presentationwhen it is

1. in accordance with the terms and conditions of the credit,2. the applicable provisions of UCP and3. international standard banking practice.

Confirmation: Confirmation is a definite undertaking from the confirming bank tohonor or negotiate a complying presentation in addition to that of the issuing bank.

Confirming bank: The Bank which adds confirmation to an LC is termed asConfirming Bank. It does so at the request of the issuing bank and takingauthorization from the issuing bank.

Letter of Credit/ Credit: Credit is a definite undertaking of the issuing bank tohonor a complying presentation. According to UCP all credit must be Irrevocable.
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credit is to attract the attention acceptor bank. The reason why it named so, is thatthe first time this credit is established by the assigner bank, to take the attention of the offered bank, the terms and conditions were written by red ink, from that time itbecame famous with that name.

Back to Back LC : This type of LC consists of two separated and different types of LC. First one is established in the benefit of the seller that is not able to provide thecorresponding goods for any reasons. Because of that reason according to thecredit which is opened for him, neither credit will be opened for another seller toprovide the desired goods and sends it.Back-to-back L/C is a type of L/C issued in case of intermediary trade. Intermediatecompanies such as trading houses are sometimes required to open L/Cs by supplierand receive Export L/Cs from buyer. SMBC will issue a L/C for the intermediarycompany which is secured by the Export L/C (Master L/C). This L/C is called "Back-to-back L/C".

The price of letters of creditAll the charges for issuance of Letter of Credit, negotiation of documents,reimbursements and other charges like courier are to the account of applicant or asper the terms and conditions of the Letter of credit. If the letter of credit is silent oncharges, then they are to the account of the Applicant. The description of chargesand who would be bearing them would be indicated in the field 71B in the Letter of Credit.

International Trade Payment methodsInternational Trade Payment method can be done in the following ways.

Advance payment (most secure for seller): Where the buyer parts with money firstand waits for the seller to forward the goods

Documentary Credit (more secure for seller as well as buyer): Subject to ICC'sUCP 600, where the bank gives an undertaking (on behalf of buyer and at therequest of applicant) to pay the shipper (beneficiary) the value of the goods shippedif certain documents are submitted and if the stipulated terms and conditions arestrictly complied with.Here the buyer can be confident that the goods he is expecting only will be received

since it will be evidenced in the form of certain documents called for meeting thespecified terms and conditions while the supplier can be confident that if he meetsthe stipulations his payment for the shipment is guaranteed by bank, who isindependent of the parties to the contract.

Documentary collection (more secure for buyer and to a certain extent to seller):Also called "Cash Against Documents". Subject to ICC's URC 525, sight and usance ,for delivery of shipping documents against payment or acceptances of draft, where
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shipment happens first, then the title documents are sent to the [collecting bank]buyer's bank by seller's bank [remitting bank], for delivering documents againstcollection of payment/acceptance

Direct payment (most secure for buyer): Where the supplier ships the goods and

waits for the buyer to remit the bill proceeds, on open account terms.

Risk situations in letter-of-credit transactionsFraud Risks

The payment will be obtained for nonexistent or worthless merchandiseagainst presentation by the beneficiary of forged or falsified documents.

Credit itself may be forged.

Sovereign and Regulatory Risks Performance of the Documentary Credit may be prevented by government

action outside the control of the parties.

Legal Risks Possibility that performance of a Documentary Credit may be disturbed by

legal action relating directly to the parties and their rights and obligationsunder the Documentary Credit

Force Majeure and Frustration of Contract Performance of a contract including an obligation under a Documentary

Credit relationship is prevented by external factors such as natural disastersor armed conflicts

Risks to the Applicant Non-delivery of Goods Short shipment Inferior Quality Early /Late Shipment Damaged in transit Foreign exchange Failure of Bank viz Issuing bank / Collecting Bank

Risks to the Issuing Bank

Insolvency of the Applicant Fraud Risk, Sovereign and Regulatory Risk and Legal Risks

Risks to the Reimbursing Bank No obligation to reimburse the Claiming Bank unless it has issued a

reimbursement undertaking.
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Risks to the Beneficiary Failure to Comply with Credit Conditions Failure of, or Delays in Payment from, the Issuing Bank

Letter of Credit Process

Purchase Order

A purchase order (PO) is a commercial document issued by a buyer to aseller , indicating types, quantities, and agreed prices for products or services theseller will provide to the buyer. Sending a purchase order to a supplier constitutes alegal offer to buy products or services. Acceptance of a purchase order by a sellerusually forms a contract between the buyer and seller, so no contract exists until
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the purchase order is accepted. It is used to control the purchasing of products andservices from external suppliers. Creating a purchase order is typically the first stepof the Order-to-cash process in an ERP system .

Background Companies use purchase orders for several reasons: Purchase orders allow buyers to clearly and explicitly communicate their

intentions to sellers Sellers are protected in case of a buyer's refusal to pay for goods or services Purchase orders help a purchasing agent to manage incoming orders and

pending orders Purchase orders provide economies in that they streamline the purchasing

process to a standard procedure Commercial lenders or financial institutions may provide financial assistance

on the basis of purchase orders. There are various trade finance facilities thatalmost every financial institution allows to businesspeople against purchaseorders such as:

1. Before Shipment credit facility2. Post Shipment credit facility3. Trade Finance facility4. Foreign Bill Purchase credit facility5. Bill retirement credit facility6. Order Confirmation

Certificate of Origin

A Certificate of Origin (often abbreviated to C/O or COO) is a document used in international trade . It is a printed form, completed by the exporter or itsagent and certified by an issuing body, attesting that the goods in a particularexport shipment have been wholly produced, manufactured or processed in aparticular country.

The origin does not refer to the country where the goods were shippedfrom but to the country where they were made. In the event the products weremanufactured in two or more countries, origin is obtained in the country where thelast substantial economically justified working or processing is carried out. An oftenused practice is that if more than 50% of the cost of producing the goods originatesfrom one country, the "national content" is more than 50%, then, that country isacceptable as the country of origin .

When countries unite in trading agreements, they may allow Certificate of Origin to state the trading bloc, for example, the European Union (EU) as origin,rather than the specific country. Determining the origin of a product is importantbecause it is a key basis for applying tariff and other important criteria. However,
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not all exporters need a certificate of origin, this will depend on the destination of the goods, their nature, and it can also depend on the financial

Types of certificates of originNon- preferential

Non-preferential certificates of originare the most common type of certificate. These certificates of origin see that goods do not benefit from any preferentialtreatment and do not emanate from a particular bilateral or multilateral free tradeagreement. Chambers that are authorized to issue certificates of origin are mostfrequently authorized to issue non-preferential certificates of origin. The feescharged for the issuing will vary depending on several factors, such as the nature of the merchandise, and may also vary if the exporters a member. Indeed, exporterswhose companies are member of the chamber often benefit from a preferentialprice, which is lower than that of non-member firms.

PreferentialA preferential certificate of origin is a document attesting that goods in a

particular shipment are of a certain origin under the definitions of a particularbilateral or multilateral free trade agreement (FTA). This certificate is required by acountry's customs authority in deciding whether the imports should benefit frompreferential treatment in accordance with special trading areas or customs unionssuch as the European Union , ASEAN or the North American Free Trade Agreement (NAFTA) or before anti-dumping taxes are enforced. The definition of "Country of Origin" and "Preferential Origin" are different. The European Union for examplegenerally determines the (non-preferential) origin country by the location of whichthe last major manufacturing stage took place in the products production (in legalterms: "last substantial transformation"). Whether a product has preferential origindepends on the rules of any particular FTA being applied, these rules can be valuebased or tariff shift based. The FTA rules are commonly called "Origin Protocols".

The Origin Protocols of any given FTA will determine a rule for each manufacturedproduct, based on its HTS (Harmonized Tariff Schedule) code. Each and every rulewill provide several options to calculate whether the product has preferential originor not. Each rule is also accompanied by an exclusion rule that defines in whichcases the product cannot obtain preferential status at all. A typical value based rulemight read: raw materials, imported from countries that are not members of thisFTA, used in production do not make up for more than 25% of the Ex-Works value of

the finished product. A typical tariff shift rule might read: none of the raw materials,imported from countries that are not members of this FTA, used in production mayhave the same HTS code as the finished product.

In several countries, customs authorities are delegating the right to issuepreferential certificates of origin on their behalf to chambers of commerce. Thesecountries include New Zealand, Australia, Sweden and the United Kingdom.

Electronic Certificates of Origin
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Chambers of commerce issue millions of Certificates of Origin (CO) per year. To keep pace with the rapid shift to e-business and improve their efficiency inserving their business community, the implementation of total eCO is a top priorityfor Chambers. Increasing concerns on fraud and the need to improve the supplychain security, eCOs are seen as a means not only to facilitate and provide a secure

trading environment but also save time, costs and increase transparency. A rangeof eCO platforms have been developed by chambers and other organizations. Someof the solutions available in the marketplace can be found at the International Chamber of Commerce (ICC) World Chambers Federation CO website.

Airway BillAir Waybill (AWB ) or air consignment note refers to a receipt issued by an

international airline for goods and an evidence of the contract of carriage, but it isnot a document of title to the goods. Hence, the air waybill is non-negotiable .

Description The Air Waybill (AWB) is the most important document issued by a carrier

either directly or through its authorized agent. It is a non-negotiable transportdocument. It covers transport of cargo from airport to airport. By accepting ashipment an IATA cargo agent is acting on behalf of the carrier whose air waybill isissued.

Air Waybills have eleven digit numbers which can be used to make bookings,check the status of delivery, and current position of the shipment. The numberconsists of:

1. The first three digits are the airline prefix. Each airline has been assigneda 3-digit number by IATA, so from the prefix we know which airline hasissued the document.

2. The next seven digits are the running number/s - one number for eachconsignment

3. The last digit is what is called the check digit. It is arrived at in thefollowing manner:

The seven digit running numbers are divided by 7, by using a long divisioncalculation. The remainder becomes the check digit. That is why no AWB numberends with a figure greater than 6. Air waybills are issued in sets of different colours.

The first three copies are classified as originals. The first original, blue in colour, is

the shippers copy. The second, coloured blue, is retained by the issuing carrier. Thethird, coloured orange, is the consignees copy. A yellow copy acts as the deliveryreceipt, or proof of delivery*. The other copies are all white.

Functions There are several purposes that an air waybill serves, but its main functions are:

Contract of Carriage
http://en.wikipedia.org/wiki/International_Chamber_of_Commercehttp://en.wikipedia.org/wiki/International_Chamber_of_Commercehttp://en.wikipedia.org/wiki/Contracthttp://en.wikipedia.org/wiki/Title_(property)http://en.wikipedia.org/wiki/Negotiable_instrumenthttp://en.wikipedia.org/wiki/International_Chamber_of_Commercehttp://en.wikipedia.org/wiki/International_Chamber_of_Commercehttp://en.wikipedia.org/wiki/Contracthttp://en.wikipedia.org/wiki/Title_(property)http://en.wikipedia.org/wiki/Negotiable_instrument


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Behind every original of the Air Waybill are conditions of contract for carriage.

Evidence of Receipt of GoodsWhen the shipper delivers goods to be forwarded, he will get a receipt. The

receipt is proof that the shipment was handed over in good order and condition and

also that the shipping instructions, as contained in the Shipper's Letter of Instructions, are acceptable. After completion, an original copy of the air waybill isgiven to the shipper as evidence of the acceptance of goods and as proof of contract of carriage

Freight Bill The air waybill may be used as a bill or invoice together with supporting

documents since it may indicate charges to be paid by the consignee, charges dueto the agent or the carrier. An original copy of the air waybill is used for the carrier'saccounting

Certificate of Insurance The air waybill may also serve as evidence if the carrier is in a position to

insure the shipment and is requested to do so by the shipper.

Customs DeclarationAlthough customs authorities require various documents like a commercial

invoice, packing list, etc. the air waybill too is proof of the freight amount billed forthe goods carried and may be needed to be presented for customs clearance Theformat of the air waybill has been designed by IATA and these can be used for bothdomestic as well as international transportation. These are available in two forms,viz. the airline logo equipped air waybill and the neutral air waybill. Usually, airlineair waybills are distributed to IATA cargo agents by IATA airlines. The air waybillsshow:

1. the carrier's name2. its head office address3. its logo4. the pre printed eleven digit air waybill number

It is also possible to complete an air waybill through a computerized system.Agents all over the world are now using their own in-house computer systems to

issue airlines' and freight forwarders' own air waybills. IATA cargo agents usuallyhold air waybills of several carriers. However, it gradually became difficult toaccommodate these pre-numbered air waybills with the printed identification in thecomputer system. Therefore a neutral air waybill was created. Both types of airwaybills have the same format and layout. However, the neutral air waybill does notbear any pre-printed individual name, head office address, logo and serial number.

House and Master AWBs and BLs


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UNIT 4BALANCE OF PAYMENT

Balance of payments (BoP) accounts are an accounting record of all monetarytransactions between a country and the rest of the world. These transactionsinclude payments for the country's exports and imports of goods , services , financial capital , and financial transfers . The BoP accounts summarize internationaltransactions for a specific period, usually a year, and are prepared in a singlecurrency, typically the domestic currency for the country concerned. Sources of funds for a nation, such as exports or the receipts of loans and investments, arerecorded as positive or surplus items. Uses of funds, such as for imports or to investin foreign countries, are recorded as negative or deficit items.

A record of all transactions made between one particular country and allother countries during a specified period of time. BOP compares the dollardifference of the amount of exports and imports, including all financial exports andimports. A negative balance of payments means that more money is flowing out of the country than coming in, and vice versa.

When all components of the BOP accounts are included they must sum tozero with no overall surplus or deficit. For example, if a country is importing morethan it exports, its trade balance will be in deficit, but the shortfall will have to becounterbalanced in other ways such as by funds earned from its foreigninvestments, by running down central bank reserves or by receiving loans fromother countries.

While the overall BOP accounts will always balance when all types of payments are included, imbalances are possible on individual elements of the BOP,such as the current account , the capital account excluding the central bank'sreserve account, or the sum of the two. Imbalances in the latter sum can result in
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fixed exchange rate. Problems arise, though, if a country begins to run out of foreign reserves. But before discussing that situation, we need to explain someterminology.

When the central bank buys domestic currency and sells the foreign reserve

currency in the private Forex, the transaction indicates a balance of paymentsdeficit. Alternatively, when the central bank sells domestic currency and buysforeign currency in the Forex, the transaction indicates a balance of paymentssurplus .

Central bank transactions are recorded in an account titled official reservetransactions. It is found in the financial account of the balance of payments. If thisaccount indicates an addition to official reserves over some period, then the countryis running a balance of payments surplus. If over some period the official reservebalance is falling, then the country is running a balance of payments deficit. Thedeficit or surplus terminology arises from the following circumstances.

Suppose a country runs a trade deficit in a fixed exchange rate system. Atrade deficit means that demand for imports exceeds foreign demand for ourexports. This implies that domestic demand for foreign currency (to buy imports)exceeds foreign demand for domestic currency (to buy our exports). Assuming noadditional foreign demands for domestic currency on the financial account (to keepthe exchange rate fixed), the central bank would need to intervene by sellingforeign currency in exchange for domestic currency. This would lead to a reductionof foreign reserves and hence a balance of payments deficit. In the absence of transactions on the financial account, to have a trade deficit and a fixed exchangerate implies a balance of payments deficit as well.

More generally, a balance of payments deficit (surplus) arises whenever thereis excess demand for (supply of) foreign currency on the private Forex at the officialfixed exchange rate. To satisfy the excess demand (excess supply), the centralbank will automatically intervene on the Forex and sell (buy) foreign reserves. Thusby tracking sales or purchases of foreign reserves in the official reserve account, wecan determine if the country has a balance of payments deficit or surplus.

Note that in a floating exchange rate system, a central bank can intervene in

the private Forex to push the exchange rate up or down. Thus official reservetransactions can show rising or falling foreign reserves and hence suggest a balanceof payments deficit or surplus in a floating exchange system. However, it is notstrictly proper to describe a country with floating exchange rates as having abalance of payment deficit or surplus. The reason is that interventions are notnecessary in a floating exchange rate. In a floating system, an imbalance betweensupply and demand in the private Forex is relieved by a change in the exchange


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rate. Thus there need never be an imbalance in the balance of payments in afloating system.

DEBITS AND CREDITSIn double entry bookkeeping , debits and credits (abbreviated Dr and Cr,

respectively) are entries made in account ledgers to record changes in value due tobusiness transactions. Generally speaking, the source account for the transaction iscredited (an entry is made on the right side of the account's ledger) and thedestination account is debited (an entry is made on the left). Each transaction'sdebit entries must equal its credit entries.

The difference between the total debits and total credits in a single account isthe account's balance. If debits exceed credits, the account has a debit balance; if credits exceed debits, the account has a credit balance. For the company as awhole, the totals of debit balances and credit balances must be equal, otherwise anerror has occurred.

The balances of all accounts in a company's chart of accounts are listed inthe trial balance report. Accountants use the trial balance to prepare financial statements (such as the balance sheet and income statement ) which communicateinformation about the company's financial activities in a standardized format.

International transactions are recorded on the balance of payment accounts. The balance of payments accounts can be presented in ledger form with twocolumns. One column is used to record credit entries. The second column is used torecord debit entries.

Almost every transaction involves an exchange between two individuals of two items believed to be of equal value. Thus if one person exchanges $20 for abaseball bat with another person, then the two items of equal value are the $20 of currency and the baseball bat. The debit and credit columns in the ledger are usedto record each side of every transaction. This means that every transaction mustresult in a credit and debit entry of equal value.

By convention, every credit entry has a + placed before it, while everydebit entry has a placed before it. The plus on the credit side generally meansthat money is being received in exchange for that item, while the minus on the

debit side indicates a monetary payment for that item. This interpretation in thebalance of payments accounts can be misleading, however, since in manyinternational transactions, as when currencies are exchanged, money is involved onboth sides of the transaction. There are two simple rules of thumb to help classifyentries on the balance of payments:

Any time an item (good, service, or asset) is exported from a country, thevalue of that item is recorded as a credit entry on the balance of payments.
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Any time an item is imported into a country, the value of that item isrecorded as a debit entry on the balance of payments.

EXPORT RISK

Introduction There are many risks involved in exporting and in this section we briefly

cover the main risks you are likely to encounter. Follow the links below to learnmore about the risks in question:

Credit risk Poor quality risk Transportation and logistics risks Legal risks Political risks Unforeseen risks Exchange rate risks Cultural and language risks Managing your risks

Companies need to develop a professional approach when entering the fieldof exporting. The company's management will have to be extremely committed andwill need to devote time and money to starting up their export campaign.Companies will also face greater competition and more stringent rules andregulations pertaining to products and packaging.

There are a number of risks facing exporters, while there is an element of riskin all commercial transactions, the complexity of the environments that exportersmust operate in, multiplies these risks.

Credit risk In most instances - mainly because of the large distances and alien

environments involved - it is generally difficult for the exporter to verify thecreditworthiness and reputation of an importer. If the creditworthiness of a foreignbuyer is unknown there is the increased risk of non-payment, late payment or evenstraightforward fraud.

It is essential, therefore, that the exporter should strive to determine thecreditworthiness of the foreign buyer. There are many commercial firms that canprovide assistance in credit-checking foreign companies. In addition, the exportershould insist (particularly if the foreign buyer is unknown) for a secure method of payment such as an irrevocable documentary credit. The exporter could approachhis bank in South Africa for assistance regarding international payment procedures.
http://www.exporthelp.co.za/modules/10_risk/intro.html#credithttp://www.exporthelp.co.za/modules/10_risk/intro.html#poorhttp://www.exporthelp.co.za/modules/10_risk/intro.html#transportationhttp://www.exporthelp.co.za/modules/10_risk/intro.html#legalhttp://www.exporthelp.co.za/modules/10_risk/intro.html#politicalhttp://www.exporthelp.co.za/modules/10_risk/intro.html#unforseenhttp://www.exporthelp.co.za/modules/10_risk/intro.html#exchangehttp://www.exporthelp.co.za/modules/10_risk/intro.html#culturehttp://www.exporthelp.co.za/modules/10_risk/intro.html#managinghttp://www.exporthelp.co.za/modules/10_risk/intro.html#credithttp://www.exporthelp.co.za/modules/10_risk/intro.html#poorhttp://www.exporthelp.co.za/modules/10_risk/intro.html#transportationhttp://www.exporthelp.co.za/modules/10_risk/intro.html#legalhttp://www.exporthelp.co.za/modules/10_risk/intro.html#politicalhttp://www.exporthelp.co.za/modules/10_risk/intro.html#unforseenhttp://www.exporthelp.co.za/modul

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