What is Export and Import?
When goods and services are brought from the country for the fulfillment of the customer needs or their own needs is called import & who is involving in this procedure Is called importer.
Advantages of importers:
a) Ability: The letter of credit enables the importer of purchase materials without making full advance payment.
b) Assurance: If the importer task certain safe guards, like calling for packing list,
Invoice ate. The quality and quantity of the goods consigned is assured.
c) Without payment: Prided the buyer has buying credit with the prime bank he may get goods released by the bank under trust (e.s, LTR,LIM etc) i.e. without payment and pay for then on sale.
When good and services are brought from your country to other countries for the fulfillment of their customer needs their own needs is called export & who is involving in this procedure is called exporter.
Advantages of Exporter:
a) Undertaking: A superior undertaking of the bank under the latter of credit assures the importer then when the documents are tendered as per the turns of the credit payment would be made to him.
b) Controlling: The exporter is absolved of the botheration of knowing in details the exchanges control regulations of the importer country and is also increased to some extent against charges in such regulation.