Differentiate between export, import and entrepot. - SS1 Commerce Past Questions and Answers - page 1
What does export refer to?
Buying goods and services from foreign countries
Selling goods and services to foreign countries
Importing and re-exporting goods to other countries
What does import refer to?
) Selling goods and services to foreign countries
Buying goods and services from foreign countries
Importing and re-exporting goods to other countries
What is the primary purpose of entrepot trade?
Buying goods and services from foreign countries
Selling goods and services to foreign countries
Serving as a transit point for importing and exporting goods between countries
Serving as a transit point for importing and exporting goods between countries
In export, which direction do goods and services typically move?
From domestic to foreign markets
From foreign to domestic markets
Between two foreign countries
In import, which direction do goods and services typically move?
From domestic to foreign markets
From foreign to domestic markets
Between two foreign countries
Explain the difference between export and import in your own words.
Export refers to selling goods and services to foreign countries, while import refers to buying goods and services from foreign countries for use in the domestic market.
Describe the purpose of entrepot trade.
The purpose of entrepot trade is to use a third country as a transit point to import goods from one country and re-export them to another country without significant modification.