What is Import?

The word “import” is derived from the word “port,” since goods are often shipped via boat to foreign countries. Countries are most likely to import goods that domestic industries cannot produce as efficiently or cheaply, but may also import raw materials or commodities that are not available within its borders. For example, many countries have […]

What is Export?

Export is the act of producing goods or services in one country and selling or trading them to another country. The term export originates from the Latin words ex and portare, meaning to carry out. The counterpart to exporting is importing which is the acquisition and sale of goods from acquired from another country and […]

What is an absolute advantage?

A country enjoys an absolute advantage when it can produce a certain good more efficiently and/or at less cost than another country. International Trade Law includes the appropriate rules and customs for handling trade between countries. However, it is also used in legal writings as trade between private sectors, which is not right. Exporting is the […]

How do countries decide what to export?

Most economists argue that countries produce and export goods in which they have an absolute or comparative advantage. Exporting is the act of producing goods or services in one country and selling or trading them to another country. The term export originates from the Latin words ex and portare, meaning to carry out. The counterpart […]

How can I know whether I need a permit to import or export wildlife specimens?

Import, export and re-export of any live animal or plant of a species listed in the CITES Appendices (or of any part or derivative of such animal or plant) requires a permit or certificate. To find out whether a species is listed in the Appendices, you can check in the CITES-listed species database of this […]

What is a Countervailable Subsidy?

Foreign governments subsidize industries when they provide financial assistance to benefit the production, manufacture, or exportation of goods. The relevant product types to include in the scope of an anti-subsidy investigation are those considered to be subsidized from a countervailable subsidy. A countervailing duty shall be imposed in the appropriate amounts in each case, on a […]

What is Dumping?

In international trade, the export by a country or company of a product at a price that is lower in the foreign market than the price charged in the domestic market. As dumping usually involves substantial export volumes of the product, it often has the effect of endangering the financial viability of manufacturers or producers […]

What is international trade law?

International Trade Law includes the appropriate rules and customs for handling trade between countries. However, it is also used in legal writings as trade between private sectors, which is not right.