Английский язык для экономистов - Малюга Е.Н.
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The United Kingdom needs to sell to other countries so that foreign currency can be earned, to create jobs and to increase the income of workers. Foreign currency can be 244
Английский ЯЗЫК ДЛЯ экономистов
earned, for example, from American tourists visiting the country and spending dollars.
These dollars can then be used to buy American films, which can be shown in the United Kingdom. This applies also to other countries and goods. Jobs are created for the people in the United Kingdom. The incomes of workers are increased which results in a higher standard of living because they can afford to buy more goods and services.
Exports and Imports
Goods and services sold to other countries are called exports. By exporting a country gains foreign currency. Goods and services bought from other countries are called imports. By importing a country loses foreign currency. Goods bought from and sold to other countries are called visibles. Thus cars, cocoa and steel are examples of visibles. Services bought from and sold to other countries are called invisibles. Thus banking, insurance and tourism are examples of invisibles.
Difficulties Faced by Exporters
When exporters sell goods to other countries they can come across certain problems.
There are differences in language. Letters, labels and catalogues may have to be translated from, for example, English into German. Currency differences bring exchange rate problems. AUK exporter might sell a machine for $ 4,500 in the USA. These dollars will then have to be changed into pounds sterling. If the exchange rate is & 1 = $ 1.50 the exporter will receive &3000. When exporters sell goods on credit there is always the danger that customers will not pay what they owe. This is a credit risk. Ifthe foreign firms are far away it becomes more difficult for exporters to decide if they will be paid. Delivery may be difficult. Longer distances are likely to be involved and more than one form of transport may have to be used. There are risks of damage and theft. When goods are being transported over long distances there is more chance that the goods will be damaged or stolen. There are difficulties with standartization of produce. For example, cars exported to the USAare usually left-hand drive. Import controls, for example, taxes on imports, may cause delays. Differences in language and the longer distances involved make it more difficult for exporters to obtain information.
Government Help for Exporters
The United Kingdom government helps exporters in a number of ways.
The Export Credits Guarantee Department (ECGD) is part of the Department of Trade and Industry. It acts like an insurance company by offe- Unit 14. International Trade
245
ring credit insurance. Exporters pay premiums to the ECGD and then will be able to claim compensation if their customers do not pay what they owe.
The British Overseas Trade Board (BOTB) is part of the Department of Trade and Industry. It can give information to exporters about, for example, the types of product wanted in other countries and the forms which have to be completed when selling to those countries.
United Kingdom embassies in foreign countries have commercial staff w7Iio can help United Kingdom firms to sell in those countries.
Other Help for Exporters
As well as receiving help from the government United Kingdom firms can also be helped by various trade associations, institutions or societies.
Chambers of commerce are local organizations of firms who may provide different goods and services. Thus the London Chamber of Commerce and Industry is made up of firms involved in banking, engineering, retailing and so on. The link between these firms is that they operate in the London area. If these firms wish to export, the Chamber of Commerce can give them advice and may provide translation services.
Trade associations are national organizations of firms providing similar goods and services. Thus the Society of Motor Manufacturers and Traders is made up of firms who make and sell cars. If one of these firms wants to export, advice can be obtained from the trade association.
The British Standards Institution (BSI) gives information about technical standards in foreign count ries. For example, cars exported to Japan may have to have a certain size of headlight.
The clearing banks can help with the exchange of foreign currency and with receiving money from and paying money to other countries.
Bonded Warehouses
Bonded warehouses are used in international trade although they are also used in home trade. Their main features are:
1) goods on which taxes have to be paid can be placed in a bonded warehouse;
2) at this stage the tax has not been paid;
3) while in the bonded warehouse the goods can, for example, be bottled, blended or packed;
4) once the tax has been paid the goods can be taken from the bonded warehouse;
5) bonded warehouses can be owned by importers, shipping companies, manufacturers, etc.; 246
