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International Business & Export Import Management
April 2024 Examination
- You are working as an EXIM Manager in an international organization. A Finance Manager has joined your organization and met you during his induction programme. He requests you to brief him on Foreign Trade in India. Give a small write up on Foreign Trade in India. (10 Marks)
Ans 1.
Introduction:
Foreign trade plays a pivotal role in shaping the economic landscape of India, contributing significantly to its growth and development. India has a rich history of engaging in international trade, dating back to ancient times when it was a prominent player along the Silk Route. Over the years, foreign trade has evolved, and India has emerged as a key player in the global market. As an EXIM Manager in this dynamic landscape, understanding the intricacies of foreign trade is crucial for effective decision-making and strategic planning.
Concept and application
Foreign trade in India is a multifaceted concept It is only half solved
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- You handle international purchases in an organization. Company has recruited a team of 3 staff under you to expand your dept. Your boss advises you to give a small pep talk to these 3 staff about Global Sourcing. Please explain them the different steps involved in the procurement cycle of global purchase. (10 Marks)
Ans 2.
Introduction
Global sourcing is a critical aspect of international business and plays a pivotal role in the success of an organization operating on a global scale. As the head of the international purchases department, it is crucial to guide and inspire our newly recruited team to understand the intricacies of global sourcing. In today’s dynamic business environment, companies are increasingly relying on global procurement to access cost-effective resources, diverse suppliers, and innovative technologies. This necessitates a comprehensive understanding of the procurement cycle involved in global
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- Your company has got an enquiry for export. The importer asks your company to select an incoterm between FOB and CIF. You are asked to explain the following to the Management to understand the terms better:
- a) What is INCOTERM? (5 Marks)
Ans 3a.
Introduction
International commercial transactions involve various complexities, and Incoterms (International Commercial Terms) play a pivotal role in defining the responsibilities and obligations of buyers and sellers. When faced with the choice between Free On Board (FOB) and Cost, Insurance, and Freight (CIF) incoterms, it becomes crucial for the management to have a clear understanding of these terms to make informed decisions and ensure smooth export