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Revision Notes

Import and Export Trade Procedure — Revision Notes

ICSE · Class 11 · Commerce

Import and Export Trade Procedure revision notes for ICSE Class 11 Commerce: 4 topics in quick points. Part of the ICSE Class 11 Commerce syllabus.

65 questions35 flashcards5 concepts

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Key Topics to Revise

1

Meaning and Importance of Import and Export Trade

  • Import trade refers to purchase of goods from a foreign country.
  • Export trade refers to sale of goods to a foreign country.
  • Import trade is important for the economic development of developing countries.
2

Import Procedure

  • The importer first collects trade information through trade enquiry.
  • An import licence is needed before importing goods.
  • Import licences are issued in duplicate: one copy for customs purposes and one for exchange control purposes.
3

Import Documents and Special Terms

  • Import trade uses documents such as import licence, indent, letter of credit, bill of exchange, bill of lading, marine insurance policy, invoice, shipment advice, bill of entry, dock challan, dock war
  • The bill of lading is obtained from the shipping company by showing the mate's receipt.
  • A revenue stamp is affixed on every copy of the bill of lading as proof that freight has been paid.
4

Export Procedure

  • Export trade starts with trade enquiry.
  • The exporter may receive an indent from the foreign importer.
  • A letter of credit is demanded to ensure payment security.

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Full Notes

Key Concepts

Import trade refers to the purchaseExport trade refers to the saleAn importer must obtain a licenceOpen General Licence is for goodsRestricted Licence is required for goods

Frequently Asked Questions

What are the important topics in Import and Export Trade Procedure for ICSE Class 11 Commerce?
Key topics in Import and Export Trade Procedure include Meaning and Importance of Import and Export Trade, Import Procedure, Import Documents and Special Terms, Export Procedure. Study these first, then practise questions on each for Class 11 exams.
How should I revise Import and Export Trade Procedure for Class 11 exams?
Learn the core ideas first, then work through the 65 practice questions on Import and Export Trade Procedure. Revise definitions regularly and use flashcards for quick recall before the exam.

Sources & Official References

Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

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