January 2023

Other documents in international trade

By |2022-09-15T12:42:32+02:00January 24th, 2023|Notes, O Level Commerce Notes, Ordinary Level Notes|

An import licence. govt.nz An import licence. govt.nz ZIMSEC O Level Commerce Notes: Other documents in international trade

Import licence

  • An approval of goods to enter a country.
  • Issued by the importing country.
  • Enables the importer to obtain foreign currency to pay for the imports.

Customs specification and entry

  • Exporting country requires customs specifications.
  • Importing country requires […]
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Differences between Home and International trade

By |2022-09-15T12:42:39+02:00January 24th, 2023|Notes, O Level Commerce Notes, Ordinary Level Notes|

image credit iccwbo.org image credit iccwbo.org ZIMSEC O Level Commerce Notes: Differences between Home and International trade

  • Home trade is buying is the buying and selling of goods and services between people within a country’s borders ( Zimbabwe).
  • International trade involves the buying and selling of goods between people in one […]
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Visible and Invisible trade

By |2022-09-15T12:42:38+02:00January 24th, 2023|Notes, O Level Commerce Notes, Ordinary Level Notes|

Visible Trade. Image credit Maltatoday.com Visible Trade. Image credit Maltatoday.com ZIMSEC O Level Commerce Notes:Visible and Invisible trade

Invisible trade

  • Trade in services only e.g. tourism, freight, insurance.
  • Calculated for given periods of time, usually one year.
  • Invisible balance= exported services value-minus imported services value.
  • For example Tourists coming to Zimbabwe $25 million.
  • Banking services provided […]
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Export invoice

By |2022-09-15T12:42:31+02:00January 24th, 2023|Notes, O Level Commerce Notes, Ordinary Level Notes|

Image credit DHL. Image credit DHL. ZIMSEC O Level Commerce Notes: Export Invoice

Export invoices

  • Prepared from various invoices for goods purchased and expenses incurred (on transportation and warehousing of goods)
  • Summarises the goods bought and expenses incurred.
  • Copies of the original invoices received from suppliers of goods and services are attached to the […]
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Difficulties faced by importers and exporters

By |2022-09-15T12:42:38+02:00January 24th, 2023|Notes, O Level Commerce Notes, Ordinary Level Notes|

The dreaded Somali Pirates. Image credit slate.com The dreaded Somali Pirates. Image credit slate.com ZIMSEC O Level Commerce Notes: Difficulties faced by importers and exporters

  • Different languages
  • Language is a barrier in international trade because it leads to communication problems.
  • There is a need to translate information or instructions from one language to […]
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Consular invoice

By |2022-09-15T12:42:31+02:00January 24th, 2023|Notes, O Level Commerce Notes, Ordinary Level Notes|

Image credit jaicourtney.net Image credit jaicourtney.net ZIMSEC O Level Commerce Notes: Consular invoice

Consular invoice

  • Assist customs officials to calculate customs duty where duty is charged on the value of imported goods.
  • Signed by a consul of the importing country certifying and confirming that the prices of the goods are correct:
  • prices of the […]
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Balance of Payments

By |2022-09-15T12:42:37+02:00January 24th, 2023|Notes, O Level Commerce Notes, Ordinary Level Notes|

Balance of payments. Image credit therecordingrevolution.com Balance of payments. Image credit therecordingrevolution.com ZIMSEC O Level Commerce Notes: Balance of Payments (B.O.P)

Balance of payments (B.O.P)

  • This is the difference between Zimbabwe’s total earnings (receipts) and total expenditure.
  • Exported goods and services less imported goods and services.
  • It is calculated for a given year.
  • When the […]
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Certificate of origin

By |2022-09-15T12:42:30+02:00January 24th, 2023|Notes, O Level Commerce Notes, Ordinary Level Notes|

Image credit kkfreight.com Image credit kkfreight.com ZIMSEC O Level Commerce Notes: Certificate of Origin

Certificate of origin

  • Specifies the name of the country which goods being exported have been manufactured e.g. Made in China.
  • Required for the assessment of amount of duty to be charged on imports from the country of origin.
  • Required when customs […]
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Methods used to correct an unfavourable Balance of Payment

By |2022-09-15T12:42:37+02:00January 24th, 2023|Notes, O Level Commerce Notes, Ordinary Level Notes|

South African border post. Image credit drivesouthafrica.co.za South African border post. Image credit drivesouthafrica.co.za ZIMSEC O Level Commerce Notes: Methods used to correct an unfavourable Balance of Payment

Methods and ways of correcting an unfavourable balance of payments.

  • The government of Zimbabwe may use the following ways to correct its BOP if its unfavourable […]
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