Introduction to Foreign Trade Import and Export

date of issue:2020-02-04     Source: Agrow
Foreign trade import and export (export and import on the basis of foreign trade), or foreign trade for short, refers to the exchange of goods, services and technologies between one country (region) and another. This kind of trade consists of import and export. For countries (regions) that import goods or services, they are imports; for countries (regions) that export goods or services, they are exports.

General process of export and import on the basis of foreign trade:

1. In the early stage of foreign trade negotiation, we will make a proforma invoice for quotation, transaction reference or customer's application for import license.
2. After the transaction is confirmed, a foreign trade contract shall be made.
3. When preparing for delivery, prepare commercial invoice, packing list, verification list, declaration form, apply for commodity inspection and clearance form and other customs declaration and export.
4. After the customs declaration, the customs returns the verification sheet, the collection sheet and the verification sheet of the customs declaration.
5. After delivery and delivery, the bill of lading is obtained (sometimes it is directly issued by telex).
6. If the payment method is L / C, a complete set of documents required by the customer, such as invoice, packing list, commodity inspection certificate, certificate of origin, beneficiary's certificate, etc., shall be prepared, applied for and sorted out to collect the payment.
7. Handle the verification and refund with the bank's water receipt, verification sheet and customs declaration verification sheet.

The common settlement methods of export and import on the basis of foreign trade include letter of credit, collection and remittance.

1. Letter of credit
A letter of credit is a written document issued by a bank in accordance with the instructions and requirements of its customers, in which a conditional commitment to payment is made. Generally, it can be divided into irrevocable documentary letter of credit and revocable documentary letter of credit. The latest UCP600 stipulates that banks cannot open revocable letters of credit. (Note: irrevocable letters of credit are commonly used)
The L / C business involves six parties: the applicant, the issuing bank, the advising bank, the beneficiary, the negotiating bank and the paying bank.

2. Collection
Collection refers to the settlement method in which the exporter issues a bill of exchange together with the shipping documents and entrusts the bank in the place of export to collect money from the import enterprise through the collecting bank in the place of import. Collection, also known as documentary collection, can be divided into D / P and D / a according to different conditions of presentation.

3. Remittance
Remittance refers to the settlement method that the payer delivers the money to the payee through the bank at the agreed time and conditions. Remittance is divided into mail transfer, wire transfer and bill transfer.
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