Import and Export Trade Procedure — Chapter Summary
ICSE · Class 11 · Commerce
Summary of Import and Export Trade Procedure for ICSE Class 11 Commerce. Part of the ICSE Class 11 Commerce syllabus.
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Overview
Import trade and export trade are central parts of international business. Import trade means purchase of goods from a foreign country, while export trade means sale of goods and services to a foreign country. These trades are important because no country can produce everything on its own. Imports h
Key Concepts
Import trade refers to the purchase
Import trade refers to the purchase of goods from a foreign country. India imports goods such as petroleum from Kuwait. Countries import goods because
Export trade refers to the sale
Export trade refers to the sale of goods and services to a foreign country. India selling tea to England is an example. Countries export goods to earn
An importer must obtain a licence
An importer must obtain a licence before importing goods. The licence is issued in duplicate, one copy for customs purposes and one for exchange contr
Open General Licence is for goods
Open General Licence is for goods of limited value and specified categories such as free gifts, books, samples, blueprints, and advertisement literatu
Restricted Licence is required for goods
Restricted Licence is required for goods not covered under Open General Licence. It is obtained from the Director General of Import and Export or regi
Learning Objectives
- Understand the meaning of import trade and export trade
- Identify why countries import and export goods
- Explain the main steps in import procedure
- Explain the main steps in export procedure
- Recognize the important documents used in import and export trade
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Sources & Official References
Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.
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