Vocabulary. domestic economy – внутренняя экономика

domestic economy – внутренняя экономика

prevalent – распространенный, общепринятый, общеупотребительный

legion – масса, множество

production capabilities – производственные возможности; производственный потенциал

manufacturing facilities – производственное оборудование; производственные помещения

approach – подход

intermediary – посредник

to assume risk – принимать на себя риск

Import-export transactions

An import-export transaction usually requires a lot of compli­cated documentation. Many different arrangements have to be made and this can be difficult when one firm is dealing with another on the other side of the world.

Many specialists may be involved in import-export transac­tions.

1. A shipping agent or foreign forwarder (forwarding agent) will take responsibility for the documentation and arrange for the goods to be shipped by air, sea, rail and road.

2. Airlines, shipping lines, railway companies will actually transport the goods.

3. Both the importer and exporter's banks will be involved in arranging payments if a letter of credit or a bill of exchange is used.

4. Customs and Excise officers may need to examine the goods, check import or export licenses and charge duty, and VAT.

5. A Chamber of Commerce may need to issue a Certificate of Origin, if this is required by the importer's country.

6. An insurance company to insure goods in transit.

7. A lawyer if a special contract has to be drawn up.

A lot of different documents may be needed, including Bill of Lading, Sea (Air) Waybill, Shipping Note, Dangerous Goods Note and others. Some of these documents can be replaced by computer­ized procedures or photocopies.

Many import and export deals are arranged through an ex­porter's agent or distributor abroad – in this case the importer buys from a company in his own country and the company imports the goods. Alternatively, the deal may be arranged through an import­er's buying agents. In this case the exporter sells directly to a com­pany in his own country, who will then export the goods.

Prices for the exports may be quoted in the buyer's currency, the seller's currency or in a third «hard» currency. The price quot­ed always indicates the terms of delivery which depend on the kinds of goods being traded and the countries between which the trade is taking place. While choosing methods of payment exporters and importers prefer security of payment when dealing with unknown firms in distant countries.