Fernando Jimenez

Restricted items can be imported only after obtaining an import license from the relevant regional licensing authority. The goods covered by the license shall be disposed of in the manner specified by the license authority, which should be clearly indicated in the license itself. The list of restricted goods is provided in ITC (Indian Trade Classification) (HS). An import license is valid for 24 months for capital goods, and 18 months for all other goods.

Following are the main differences between import and export.

• Import trade is buying goods from other countries while export trade is selling your goods to other countries.
• Import examples are products that your country does not produce or manufacture like In Pakistan; people import Japanese cars, high tech products, etc. Export examples are the products that your country manufacture or produce like in Pakistan; people export furniture, mangoes, oranges, surgical instruments, etc.
• If the currency of the country is weak then the import level decreases, and export level increases and if the currency of the country is strong then the import level increases and export level decreases.
• If the import increases then the country has a trade deficit and if the export increases then the country has a trade surplus.
• Import and export both are good in profit ratio for the importer and exporter due to the factors involving currency exchange and international trade.

Export is selling your goods to the foreign country. You can say that selling the manufactured or produced product to the international market is known as export.

Exporting products creates opportunities to build a relationship with the foreign country. Export also adds up in the trade surplus of the country.

Import is purchasing the goods from a foreign country to sell it in the local market. You can say that buying of goods to meet local demands is known as the import.

People import that product in the country which is either cheap or does not manufacture locally. It also builds the relationship with the other countries.

Supply chain management is the management of the flow of goods and services and includes all processes that transform raw materials into final products. It involves the active streamlining of a business's supply-side activities to maximize customer value and gain a competitive advantage in the marketplace. Good supply chain management keeps companies out of the headlines and away from expensive recalls and lawsuits.