10+ Executive Export & Import Interview Questions and Answers

Air and ocean are two modes of transportation for import and export. Air is faster but more expensive, while ocean is slower but more cost-effective.

• Air transportation is faster and more suitable for time-sensitive shipments.

• Ocean transportation is slower but more cost-effective for larger shipments.

• Air transportation is generally more reliable in terms of delivery time.

• Ocean transportation may face delays due to weather conditions or port congestion.

• Air transportation is pre...read more

Custom duty is calculated based on the value of goods and their classification. Duty drawback schemes allow for refunds on duties paid.

• Custom duty is calculated based on the value of goods and their classification

• The duty rate is determined by the customs authority

• Duty drawback schemes allow for refunds on duties paid if the goods are re-exported or used in the production of exported goods

• The amount of duty drawback depends on the value of the goods and the duty rate paid

• Cust...read more

A bill of lading is a legal document issued by a carrier to acknowledge the receipt of goods and to specify the terms of their transportation.

• It serves as a contract between the shipper and the carrier, detailing the type, quantity, and destination of the goods.

• It acts as a receipt for the goods, confirming their delivery to the carrier.

• It provides evidence of title to the goods and can be used as a document of ownership.

• It outlines the responsibilities and liabilities of the...read more

Import refers to the process of bringing goods or services into a country from another country.

• Import involves the purchase and transportation of goods or services from a foreign country.

• It is a way for a country to acquire goods or services that are not available or are more expensive domestically.

• Imports can include raw materials, finished products, machinery, technology, and more.

• Importing can be subject to customs duties, taxes, and regulations imposed by the importing co...read more

To open a Letter of Credit, follow these steps:

• Contact your bank and provide them with the necessary details

• Submit the required documents such as the purchase order, invoice, and shipping documents

• Agree on the terms and conditions with the beneficiary

• The bank will then issue the Letter of Credit to the beneficiary

• Ensure all parties involved are aware of the Letter of Credit and its terms

Export refers to the process of selling goods or services produced in one country to another country.

• Export involves shipping goods or services across international borders.

• It allows businesses to expand their market reach and increase their revenue.

• Exporting can be done through various methods such as direct sales, distributors, or online platforms.

• Examples of exports include automobiles, electronics, agricultural products, and software services.

Custom clearance is the process of getting permission from the government to import or export goods.

• It involves submitting necessary documents to customs authorities

• Customs officials verify the documents and inspect the goods

• If everything is in order, customs officials grant permission for the goods to be imported or exported

• Custom clearance can be a complex process and may involve paying taxes and duties

• Examples of documents required for custom clearance include commercial i...read more

A container is a standardized metal box used for transporting goods by sea, land, or air.

• Containers come in various sizes and types, such as dry containers, refrigerated containers, and open-top containers.

• They are designed to be easily loaded and unloaded from ships, trains, and trucks.

• Containers have revolutionized the shipping industry by making it more efficient and cost-effective.

• Examples of goods commonly transported in containers include electronics, clothing, and food...read more

Types of ships include cargo ships, container ships, tanker ships, cruise ships, and fishing vessels.

• Cargo ships are used to transport goods and materials.

• Container ships are designed to carry shipping containers.

• Tanker ships are used to transport liquid cargo, such as oil or gas.

• Cruise ships are passenger vessels that provide leisure and entertainment services.

• Fishing vessels are specialized ships for commercial fishing activities.