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As per IMF balance of payment manual, import export of goods should be presented on :
- a)FOB basis
- b)FOR basis
- c)CIF basis
- d)All of these
Correct answer is option 'A'. Can you explain this answer?
Most Upvoted Answer
As per IMF balance of payment manual, import export of goods should be...
Explanation:
The International Monetary Fund (IMF) Balance of Payment Manual recommends that imports and exports of goods should be presented on the Free on Board (FOB) basis.
FOB Basis:
FOB stands for Free on Board. It means that the seller is responsible for the goods until they are loaded onto the ship at the port of shipment. After that, the buyer is responsible for the goods. The FOB price includes the cost of the goods, the loading charges, and the transport charges to the port of shipment.
Reasons for using FOB Basis:
The following are the reasons why the IMF recommends using the FOB basis:
1. Reflects the value of the goods: The FOB value represents the value of the goods at the point of export. It includes the cost of production and the profit margin of the exporter.
2. Reflects the export performance of the country: The FOB value reflects the export performance of the country as it takes into account the value of the goods produced and exported from the country.
3. Consistency across countries: The FOB basis provides consistency across countries in terms of how they report their trade data. This makes it easier to compare trade data between countries.
Conclusion:
In conclusion, the IMF Balance of Payment Manual recommends that imports and exports of goods should be presented on the FOB basis. This is because the FOB basis reflects the value of the goods, the export performance of the country, and provides consistency across countries.
The International Monetary Fund (IMF) Balance of Payment Manual recommends that imports and exports of goods should be presented on the Free on Board (FOB) basis.
FOB Basis:
FOB stands for Free on Board. It means that the seller is responsible for the goods until they are loaded onto the ship at the port of shipment. After that, the buyer is responsible for the goods. The FOB price includes the cost of the goods, the loading charges, and the transport charges to the port of shipment.
Reasons for using FOB Basis:
The following are the reasons why the IMF recommends using the FOB basis:
1. Reflects the value of the goods: The FOB value represents the value of the goods at the point of export. It includes the cost of production and the profit margin of the exporter.
2. Reflects the export performance of the country: The FOB value reflects the export performance of the country as it takes into account the value of the goods produced and exported from the country.
3. Consistency across countries: The FOB basis provides consistency across countries in terms of how they report their trade data. This makes it easier to compare trade data between countries.
Conclusion:
In conclusion, the IMF Balance of Payment Manual recommends that imports and exports of goods should be presented on the FOB basis. This is because the FOB basis reflects the value of the goods, the export performance of the country, and provides consistency across countries.
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