Question

Why is trade enquiry essential in Import Trade?

Answer 1

An enquiry is a written request from the intending buyer or his agent for information regarding the price and the terms on which the exporter will be able to supply goods. ... The import trade in India is controlled under theImports and Exports (Control) Act, 1947

Answer 2

Trade enquiry is essential in Import Trade as it enables the importer to mention all the details regarding the quantity of items needed. It is a written request regarding the price and the terms on which the exporter will be able to supply goods.

Explanation:

• When goods are purchased from some foreign country, it is called import trade. The payment for exported goods is also made in terms of foreign currency.  

Trade Enquiry:

• If some business firm in India wants to import certain goods, first of all, it has to gather information about such suppliers who can supply the required goods.
• Such information can be gathered through trade directions, trade associations, and organizations.
• After identifying the countries and firms, a trader has to send a trade enquiry for collecting information about their export prices, policies and terms of exports.

Learn more about trade enquiry:

What is mean by trade inquery

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Explain the meaning of the following documents used in connection with import transaction:

a) Trade enquiry

b) Import license

c) Shipment of advice

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