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BASIC TERMS IN FOREIGN TRADE

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Countries buy and sell various goods as well as various services. Goods bought from abroad, such as food, cars, machines, medicines, books and many others, are called visible imports. Goods sold abroad are called visible exports.

Services, such as insurance, freight, tourism, technical expertise and others, are called invisible imports and invisible exports.

The total amount of money a country makes including money from visible and invisible exports, for a certain period of time, usually for a year, is Gross National Product, or GNP.

The difference between a country’s total earnings or GNP, and its total expenditure is called its balance of payments.

The difference between what a country receives for its visible exports and what it pays for its visible imports is its balance of trade. If a country sells more goods than it buys, it will have a surplus. .If a country buys more than it sells, it will have a deficit.

QUESTIONS

1. What are basic terms in foreign trade?

2. Give the definitions of the following terms:

- visible imports;

- balance trade;

- invisible imports;

- balance of payment;

- a surplus;

- a deficit;

- Gross National Product.

3. Explain the abbreviation CNP.

Answers

1. The basic terms in foreign trade are import and export of goods.

2. -Goods bought from abroad, such as food, cars, machines, medicines, books and many others, are called visible imports

-What a country receives for its visible exports and what it pays for its visible imports is its balance of trade.

- Services, such as insurance, freight, tourism, technical expertise and others, are called invisible imports

- a country’s total earnings or GNP, and its total expenditure is called its balance of payments.

- If a country sells more goods than it buys, it will have a surplus.

- If a country buys more than it sells, it will have a deficit.

-The total amount of money a country makes including money from visible and invisible exports, for a certain period of time, usually for a year, is Gross National Product, or GNP.

- Gross National Product.

FOREIGN TRADE OF THE UK

In the 19^th century Britain dominated international trade, accounting for about one-third of the world’s exports. Early in the 20^th century its position changed. The volume of world’s exports increased but the percentage of British exports in world trade declined significantly.

But still foreign trade is vital to Britain’s livelihood. With a large population, small land area, and few natural resources, the country must depend on foreign trade to supply the raw materials for English factories and to provide a market for the sale of the thousands of types of manufactured goods produced by English industries.

The UK’s principal exports are vehicles, machinery, manufactured goods and textiles. Her main imports are foodstuff and most of the raw material for industry.

There is usually an unfavourable balance of trade, that is, imports exceed exports, but this is compensated for in part by the so-called invisible trade.

The earnings from invisible trade come in the way of shipping, charges, interest payments from foreign investment, interest payments from British enterprises abroad, and tourist expenditure. The earnings from foreign tourist trade make this one of British important industries.

Britain has got very sound economic ties with various countries of the world, especially the Commonwealth countries. The Commonwealth officially called The Commonwealth of Nations, has grown out of the old British Empire which came to an end with the Second World War. The Commonwealth countries are Canada, Australia, New Zealand and a few other countries and territories. The UK enjoys special rights to import various agricultural products such as fruits and vegetables from the Commonwealth at very good prices all year round.

The United Kingdom has been a member of the European Free Trade Association (EFTA) since 1959, and a member of the European Economic Community (EEC) since 1973.

QUESTIONS

What goods does the UK export and import?
What services does the country export?
Does the country earn a lot of money thanks to a big number of tourists coming to Britain?
What is the Commonwealth?
When did Britain join the European Economic Community?

Answers

1. The UK’s principal exports are vehicles, machinery, manufactured goods and textiles. Her main imports are foodstuff and most of the raw material for industry.

2. The country exports a way of shipping, charges, interest payments from foreign investment, interest payments from British enterprises abroad, and tourist expenditure.

3. Yes it does.

4. The Commonwealth officially called The Commonwealth of Nations, has grown out of the old British Empire which came to an end with the Second World War.

5. The United Kingdom joined the European Economic Community in 1973

Essay

There are clear benefits to being open to International trade. Trade allows people to produce what they produce best and to consume the great variety of goods and services produced around the world. The key macroeconomics variables that describe an interaction in world markets are exports, imports, and the trade balance and exchanged rates. The main differences between domestic and International trade is the use of foreign currencies to pay for the goods and services crossing international borders.

When nations export (sell goods and services to other countries) more than they import (buy goods and services from other countries) they are said to have a favorable balance of trade.

When they import more than they export unfavorable balance of trade exists. People try to maintain a favorable balance of trade which assures them of the means to buy necessary imports. Some nations such as Great Britain in the nineteenth century based their entire economy on the concept of importing raw materials, processing them into manufactured goods and then exporting the finished goods.

We can divide the import and export of goods and services into visible and invisible.

Goods bought from abroad, such as food, cars, machines, medicines, books and many others, are called visible imports. Goods sold abroad are called visible exports.

Services, such as insurance, freight, tourism, technical expertise and others, are called invisible imports and invisible exports.

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