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Financial instruments and documents that facilitate export import trade

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  1. Introduction
  2. Important terminologies
  3. Introduction to exports
  4. Terms of payments
  5. A study of Export Credit Guarantee co operation of India ltd (ECGC)
    1. What is export finance
    2. Different export houses
    3. Export procedure
  6. Export financing institutions
  7. Profile: Exim Bank of India
  8. Export incentives and assistance in India
  9. Export promotion organization in India
  10. An overview of state trading corporation
  11. Conclusion
  12. References

Exports are vital to any economy, be it developed or developing. No country can isolate itself from exports in some form or other. Export performance is one of the main economic parameter of a nation. However, exports all over the world face tough challenges than before and Indian exporters are no exception. There is rapid expansion in the international market activities since the end of 2nd world war. The world export trade is increasing by leaps and bound. Due to exports countries have come closer for economic, cultural and social co-operation. International Marketing offers benefits to all participating countries. The need and importance of export marketing can be explained from the viewpoint of a country and that of a business organization. In order to maintain a healthy balance of trade and foreign exchange reserve it is necessary to have a sustained and high rate of growth of exports. Export can be defined as ?sale of goods and services from one country.?
According to B.S. Rathor, ?Export Marketing includes the management of marketing activities for products which cross the national boundaries of a country.?
Export marketing involves the design of the products and services acceptable to the overseas customers and the conduct of those activities, which facilitate the transfer of ownership of goods and services from the seller of one country to the buyer of another country. Export helps country to earn valuable foreign exchange, which is mainly required to pay for import of capital goods, raw materials, spares and components.

[...] In India, Export Inspection Council (EIC) was set up by the Government of India in order to ensure sound development of export trade of India through Quality Control and Inspection and for matters connected thereof. EIC plays an important role in raising quality standards of export commodities and also in creating goodwill for Indian goods abroad Transport Documents: a. Bill of Lading On loading the cargo on board the exporter get mate's receipt which is temporary receipt for the cargo loaded. [...]

[...] ABROAD ( BUYER OF THAT COUNTRY) LINES OF CREDIT EXIM Bank extends lines of credit to overseas governments/agencies nominated by them or financial institutions overseas to enable buyers in those countries to import capital/engineering goods, industrial manufactures and related services from India on deferred payment terms. This facility enables importers in those countries to import from India on deferred credit terms as per the terms and conditions already negotiated between EXIM Bank and the overseas agency. The Indian exporters can obtain payment of eligible value from EXIM Bank against negotiation of shipping documents, without recourse to them. [...]

[...] Since export brings in foreign exchange, it helps a country to solve and improve its Balance of Payments position Employment opportunities: Export trade calls for more production, which ultimately opens door for more employment opportunities, not only in the export sector but also in allied sectors like banking, insurance etc Financing of Development plans: Export earning can be a source of financing development plans through the import of capital goods and technology. The foreign exchange earned thru exports can be utilized for planned economic development of a country Optimum utilization of Resources: There can be optimum use of resources. [...]

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