Export Import

We’ve compiled a list of the most common and frequently asked Export Import interview questions. If you want to ace your job interview, then make sure you master these answers to these challenging questions below. This guide is perfect for anyone interviewing for a Export Import jobs.

Q.1 State whether the following statement holds True or False. "The page with the details of the shipment is the 1st page of a bill of lading."

No, it is false

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Q.2 State whether the following statement holds True or False. "There is no difference between LCL cargo and Consolidation cargo."

No, it is false

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Q.3 What describes the term DDP?

Delivered Duty Paid

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Q.4 What is the term Stale B/L?

A bill of lading which has passed the time deadline of the L/C and is void.

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Q.5 What signifies the term Ex-Works?

Seller's responsibility ends at their premises once cargo is made ready for loading by the buyer

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Q.6 State whether the following statement holds True or False. "Clean on Board, Shipped on Board & Received for Shipment bill of lading are essentially the same."

No, it is false

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Q.7 What differentiates between a Max Payload and Max Gross Weight of a container?

Max Payload is the maximum permitted weight of cargo and packing material allowed to be packed inside a container whereas Max Gross Weight is the weight of the cargo plus the Tare Weight of the container.

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Q.8 What doe you understand by EmS & MFAG when dealing with Hazardous Cargoes?

Ems = Emergency Schedule and MFAG = Medical and First Aid Guide

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Q.9 Which side of the container is indicated by the following line “towards the nose of the container”?

Towards the inside of the container

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Q.10 What does Place of Receipt and Final Destination in a bill of lading indicate?

it indicates that the shipping line is responsible for the pre-carriage and on-carriage and for any claims from door to door

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Q.11 Let us suppose there are 2 seals on a container, one on the right door and other on the left door. Then which of the seal number must an agent take into account as important?

Right Door

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Q.12 Define CONRo.

Conventional and RORO Ship.

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Q.13 What Documents are formally needed to export a vehicle?

An Invoice and Owner Certificate

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Q.14 What do you understand by CMR?

A consignment note that confirms that the carrier (i.e. the road haulage company) has received the goods and that a contract of carriage exists between the trader and the carrier.

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Q.15 Who is a Ship Broker?

A specialist intermediaries between ship-owners and the charterers who use ships to transport cargo, or between buyers and sellers of ships.

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Q.16 What is RO-RO Concept?

Roll On - Roll Off

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Q.17 What is LASH?

Lighter Aboard Ship

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Q.18 What do you understand by clean bill of lading?

Clean bill of lading is a bill signed by the transportation company. The primarily objective of bill of lading is to check the process of shipment in the good and appropriate conditions.

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Q.19 An AWB or BL is issued by the

carrier of the goods

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Q.20 What is the Certificate of Origin?

Certificate of Origin is a type of documents in which the certification of the merchandise is made as the origin of the country.

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Q.21 What is the first step in processing export order

Ready the product

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Q.22 According to you what are the responsibilities of manager imports?

Sample Answer - The key responsibility of the Import/Export Manager involves production planning and expediting; materials management; transportation; shipping, receiving and traffic management. Also the Import/Export Manager is also responsible to manage the import and export compliance programs to make sure all import and export activities comply with government laws and regulations.

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Q.23 Commercial Invoice is prepared by the

exporter

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Q.24 What are the job responsibilities of a Import and Export Manager?

Some of key responsibilities of an Import/Export Manager are - 1. To manage the development, implementation and maintenance of import and export compliance policies and procedures. 2. To develop and execute risk assessments of import and export compliance programs to ensure that all sites follow established policies and procedures. 3. To oversee all import and export activities 4. To ensure compliance with laws and regulations 5. To consult with legal experts to resolve any legal compliance issues or concerns. 6. To conduct training on government laws, rules and regulations as they pertain to organizational products, services and technologies.

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Q.25 Bill of exchange is generated by the

exporter

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Q.26 Who is a consignee?

Consignee is a firm, person or representative, to whom a shipper or seller sends merchandise. Consignee is considered as the owner of the merchandise for the reason of the imbursement of customs duties.

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Q.27 When does a packing list is mandatory

If there is more than one item to be exported

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Q.28 Letter of Credit is issued by the

buyer's bank

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Q.29 IEC Code is unique _______ digit code

10

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Q.30 What should be reviewed on Receiving an Export Order

Confirm if the product specification is the same as what you deal in and check if – the importer requires additional documentation, any specific packing, labeling and marking requirements or other compliance requirements of the destination country., There should be no discrepancy between the terms of the export order and the ones offered by you in your proforma invoice/contract. and Find out who is responsible for the insurance of the consignment.

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Q.31 What is an disadvantage to exporting

Financial management effort needed to minimize the risk of exchange rate fluctuation , International customers demand more services from their vendor like installation and start-up of equipment, maintenance or more delivery services and The management might tap in some of the organizational pitfalls, like poor selection of overseas agents or distributors or chaotic global organization

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Q.32 Direct selling to a foreign country can be done by

distributors, foreign retailers and end users and over the Internet

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Q.33 What is the function of a freight forwarder

offer expert advice to the exporter on various logistics-related expenses such as freight expenses, port expenses, consular fees, documentation costs, insurance fees, cost of merchandise, etc., They arrange the booking of cargo space on ship, plane, train, or truck. and They coordinate the insurance of the goods and do the necessary follow-up in case of an accident.

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Q.34 What is the most important criteria to select a freight forwarder

Experience, Network in the Market and Tie Ups with recognized international associations

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Q.35 What is a part of Export Planning

Seek good advice – and test your Export Plan with advisers., Review the Export Plan regularly with your staff and advisers. and Assign responsibility to staff for individual tasks.

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Q.36 What is not a part of Export Planning

creating a bulky document that remains static., Using unrealistic timelines. and Not creating scenarios for changed circumstances

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Q.37 What is an geographical factor for market selection

Country, state, region,, Time zones, and Urban/rural location logistical considerations e.g. freight and distribution channels

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Q.38 What is an economic and legal factor for market selection

Labelling standards, Standards and consumer protection rules and Duties and taxes

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Q.39 What is an demographic factor for market selection

Age and gender, Cultural beliefs and income and family structure

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Q.40 What is an market characteristic factor for market selection

Market size, Availability of domestic manufacturers and Presence of agents, distributors and suppliers.

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Q.41 Which one of the following sets of countries contains only members of the European Union?

France, Spain, Switzerland, United Kingdom

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Q.42 A deterioration of a nation’s terms of trade causes the nation’s welfare to ____________.

deteriorate

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Q.43 Direct investment is which of the following?

The development of foreign-based assembly or manufacturing plant.

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Q.44 The member countries of WTO have moved a "Product Patent Regime" under

TRIPs

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Q.45 Eurodollars are

Deposits

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Q.46 What is export-import (foreign trade)?

Export-import, or foreign trade, involves the buying and selling of goods and services across international borders.

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Q.47 Why is international trade important for the global economy?

International trade promotes economic growth, job creation, and access to a wider variety of goods and services.

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Q.48 What are the key participants in the export-import process?

Participants include exporters, importers, customs authorities, freight forwarders, and financial institutions.

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Q.49 Explain the concept of trade balance.

The trade balance is the difference between a country's exports and imports, indicating its trade surplus or deficit.

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Q.50 What are the advantages of exporting goods and services?

Advantages include increased revenue, diversification, and access to new markets and customers.

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Q.51 What are the challenges exporters commonly face?

Challenges may include trade barriers, currency exchange risks, and compliance with foreign regulations.

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Q.52 What is an export license, and why is it needed?

An export license is a government-issued permit allowing the export of specific goods, and it's needed to ensure compliance with export controls.

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Q.53 How does a letter of credit (LC) facilitate international trade?

LC is a payment guarantee issued by a bank that ensures the exporter is paid when they meet the terms and conditions of the sale.

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Q.54 Explain the INCO terms (International Commercial Terms).

INCO terms are standardized trade terms that define the responsibilities of buyers and sellers in international transactions.

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Q.55 What is a bill of lading, and why is it important in shipping?

A bill of lading is a document that acknowledges receipt of goods for shipment, serving as a contract and receipt for transportation.

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Q.56 What is a tariff, and how does it affect international trade?

A tariff is a tax imposed on imported or exported goods, influencing trade by affecting prices and competitiveness.

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Q.57 What is the simplest mechanism of entering a foreign market?

Licensing agreement is the simplest mechanism of entering a foreign market

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Q.58 How does currency exchange rate volatility impact international trade?

Exchange rate fluctuations can affect the cost of goods, profitability, and the risk of currency losses for exporters and importers.

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Q.59 What is the impact of Increase in the dollar price of a foreign currency

It will benefit U.S. importers

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Q.60 What is a free trade agreement (FTA), and how does it promote trade?

FTAs reduce trade barriers (tariffs and quotas) between participating countries, encouraging trade and economic cooperation.

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Q.61 What is the validity of an IEC Number when alloted?

An IEC Number is valid for 2 years

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Q.62 What is a customs broker, and what is their role in import-export?

Customs brokers assist with customs clearance, ensuring compliance with regulations and facilitating the movement of goods.

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Q.63 What is the role of freight forwarder?

Freight forwarders perform a number of functions on behalf of the exporter. They provide specialized help in the exporter’s warehouse to the importer’s warehouse by undertaking the procedural and documentary formalities lie helps in packing, marking and labeling of consignment, arrangement for transport to the port arrangement for shipment overseas, and customs clearance of cargo, procurement of transport and other documents. However, the main function of the agent is to obtain customs clearance of goods, ship them and procure the relevant transport document (Bill of Lading or Airway Bill).

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Q.64 How does the World Trade Organization (WTO) support international trade?

The WTO establishes rules for international trade, resolves trade disputes, and promotes fair and open trade practices.

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Q.65 What is irrevocable letter of credit?

An irrevocable letter of credit is a financial instrument used by banks to guarantee a buyer's obligations to a seller. It is irrevocable because the letter of credit cannot be modified unless all parties agree to the modifications.

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Q.66 Explain the role of export financing in foreign trade.

Export financing helps exporters obtain working capital and mitigate risks associated with international transactions.

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Q.67 What is the difference between direct and indirect exporting?

Direct exporting involves selling goods directly to foreign customers, while indirect exporting involves intermediaries like agents or distributors.

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Q.68 How does cultural awareness impact successful international business relations?

Understanding cultural norms and preferences is crucial for effective communication and relationship-building in foreign markets.

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Q.69 What is the role of export documentation in international trade?

Export documentation includes all necessary paperwork (invoices, certificates, etc.) to facilitate international transactions and customs clearance.

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Q.70 How do trade sanctions affect international trade?

Trade sanctions are government-imposed restrictions on trade with certain countries or entities, limiting trade opportunities.

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Q.71 What are the advantages of using a freight forwarder in international shipping?

Freight forwarders manage logistics, customs clearance, and transportation, streamlining the export-import process.

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Q.72 What is a certificate of origin, and why is it important in international trade?

A certificate of origin verifies the country of origin for goods, affecting customs duties and trade regulations.

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Q.73 How do you mitigate risks associated with fluctuations in exchange rates?

Use financial instruments like forward contracts or options to hedge against currency exchange rate risks.

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Q.74 Explain the concept of trade finance, and what instruments are commonly used?

Trade finance involves financing methods like letters of credit, export credit insurance, and open account transactions.

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Q.75 How do you determine the appropriate INCO terms for a specific trade transaction?

Choose INCO terms based on factors like the nature of the goods, the destination, and the level of risk you're willing to bear.

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Q.76 What is export control, and how does it impact the export of certain goods?

Export controls restrict the export of specific goods (e.g., military equipment or sensitive technology) due to national security concerns.

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Q.77 Explain the role of the Harmonized System (HS) codes in international trade.

HS codes classify products for customs purposes, facilitating accurate tariff determination and customs procedures.

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Q.78 How do you ensure compliance with trade regulations and customs requirements?

Maintain updated knowledge of regulations, perform due diligence on partners, and utilize customs experts or software.

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Q.79 What is the role of export subsidies in promoting international trade?

Export subsidies provide financial incentives to domestic companies to encourage them to export goods and remain competitive.

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Q.80 How do you assess the creditworthiness of foreign buyers?

Evaluate factors such as their financial stability, credit history, and references before extending credit terms.

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Q.81 What are the potential risks and benefits of sourcing products from international suppliers?

Risks include supply chain disruptions, while benefits include cost savings and access to specialized products.

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Q.82 Explain the concept of trade finance instruments like factoring and forfaiting.

Factoring and forfaiting involve selling accounts receivable or trade receivables to third parties to obtain financing.

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Q.83 How does import substitution industrialization (ISI) affect a country's trade policies?

ISI promotes domestic production and discourages imports through tariffs and trade barriers.

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Q.84 What is a trade bloc, and how does it impact trade within member countries?

A trade bloc is a group of countries that form a regional trade agreement, promoting trade among members by reducing barriers.

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Q.85 How do you handle trade disputes between your company and international partners?

Negotiate amicably, use dispute resolution mechanisms (e.g., arbitration), or seek legal assistance as a last resort.

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Q.86 Explain the difference between import duties and import quotas.

Import duties are taxes on imported goods, while import quotas restrict the quantity of specific goods that can be imported.

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Q.87 What is the role of export credit insurance in mitigating risks for exporters?

Export credit insurance protects exporters against non-payment or default by foreign buyers, reducing financial risks.

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Q.88 How do you manage the logistics of transporting goods internationally?

Plan routes, select transportation modes, and coordinate with logistics partners for efficient shipping.

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Q.89 What is the role of a certificate of conformity in international trade?

A certificate of conformity certifies that products meet specific quality and safety standards required in the importing country.

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Q.90 How does e-commerce impact international trade and cross-border transactions?

E-commerce facilitates global reach for businesses and simplifies cross-border transactions, but it also raises regulatory and logistical challenges.

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Q.91 Explain the concept of countertrade and its role in international trade.

Countertrade involves the exchange of goods and services instead of currency, often used in trade with countries facing currency restrictions.

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Q.92 What is a trade deficit, and how does it affect a country's economy?

A trade deficit occurs when a country imports more than it exports, potentially affecting its currency value and economic stability.

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Q.93 How do you ensure compliance with international trade laws, including anti-bribery and corruption regulations?

Implement strict compliance programs, train employees, and conduct due diligence on business partners.

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Q.94 Explain the concept of dumping in international trade.

Dumping occurs when a company exports goods to another country at a price lower than its domestic market price, potentially causing harm to local industries.

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Q.95 What is the role of export promotion agencies in supporting exporters?

Export promotion agencies offer various services and incentives to help domestic companies enter foreign markets.

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Q.96 How do you stay informed about changes in international trade regulations and tariffs?

Regularly monitor government websites, join trade associations, and engage with industry experts and consultants.

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Q.97 Describe the role of trade finance instruments like the documentary collection in export-import.

Documentary collections involve banks facilitating payments based on shipping documents, reducing payment risks for exporters.

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Q.98 How do you navigate the complexities of customs clearance in international trade?

Utilize customs experts, maintain accurate documentation, and comply with customs procedures to ensure smooth clearance.

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Q.99 What are trade imbalances, and how do they impact global trade?

Trade imbalances occur when one country consistently exports more than it imports or vice versa, affecting currency values and economic stability.

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Q.100 How do trade restrictions, such as export controls or import bans, impact global supply chains?

Trade restrictions can disrupt supply chains, increase costs, and create uncertainty for businesses.

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Q.101 What is the role of a certificate of inspection in international trade?

A certificate of inspection verifies the quality, quantity, and condition of goods, ensuring compliance with importing country regulations.

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Q.102 Explain the concept of preferential trade agreements and their impact on international trade.

Preferential trade agreements grant certain trade advantages, such as reduced tariffs, to member countries, promoting trade within the group.

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Q.103 How do you assess the market potential of a foreign country for your products or services?

Conduct market research, analyze consumer demand, evaluate competition, and consider economic and political factors.

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Q.104 Describe your experience with export promotion activities like trade fairs or missions.

Highlight your involvement in organizing or participating in events that promote your products or services internationally.

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Q.105 What is the significance of a certificate of free sale in international trade?

A certificate of free sale confirms that a product is legally sold in its home country, facilitating its export to foreign markets.

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Q.106 How do you evaluate the financial risks associated with extending credit terms to foreign customers?

Assess the creditworthiness of customers, consider credit insurance, and implement risk management strategies.

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Q.107 Explain the concept of a trade surplus and its impact on a country's economy.

A trade surplus occurs when a country exports more than it imports, potentially strengthening its currency and increasing reserves.

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Q.108 What is the role of trade barriers like quotas and embargoes in international trade?

Trade barriers restrict the quantity or flow of goods and are often used for economic or political reasons.

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Q.109 How do you handle intellectual property rights protection in international trade?

Ensure compliance with IP laws, register patents and trademarks, and include IP protection clauses in contracts.

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Q.110 Describe the potential effects of a trade war on global trade and economic stability.

Trade wars involve escalating tariffs and trade restrictions between countries, potentially disrupting global supply chains and causing economic uncertainty.

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