Imports
When a country buys an item from another country.
Imports
When a country sells an item to another country.
Exports
Name one promise associated with exporting.
Large revenue and profit opportunities, or
Access to more consumers and businesses, or
Different Markets
Direct trade of goods.
A letter that guarantees payment in an international trade as an economic guarantee from a creditworthy bank to an exporter of goods.
Letter of Credit
The amount by which the cost of a country's imports exceeds the value of its exports.
The annual difference between a country's exports and imports.
Name one risk associated with exporting.
Not exporting often makes you lose out on significant opportunities for growth and cost reduction, or
Extreme paperwork and potential delays or errors, or
Culture shock
Buying and using the profit to buy more merchandise from the seller.
*(Hint- Store Credit)
Counter Purchase
A receipt that promises the company that the goods will only be shipped to the destination without being tampered with.
Bill of Lading
Who is the largest importer of Commodity Goods to the United States?
China
Who does the US export the most to?
Canada
Who is the ITA?
International Trade Administration
Getting a 3rd party to sell the country currency earned from counter purchases or offsets.
Switch Trading
A guaranteed form of payment within a certain time limit by the bank.
Time Draft
What is the most imported item from all over the world to the United States.
Machinery, Minerals/Fuels, and Vehicles.
What is the most exported item from the United States?
Food, Crude oils/ Petroleum Products, and aircraft/ aircraft engines.
What does USFCSB stand for?
The United States and Foreign Commercial Service Branch
Buying and using the profit to buy more merchandise from any seller.
Offset
A person or company that transports goods or passengers on regular routes at set rates.
Common Carrier
What chapter is our group doing?
(Include the full name)
Chapter 16 Imports, Exports, and Countertrade.
What items can be exported?
All of them.
The International Trade Administration (ITA)
Taking a percentage of earnings from a company that wishes to create a plant in said country.
Compensation or Buybacks
How many steps are involved in Export Financing?
14