8 Export and Import

visible exports (imports) invisible exports (imports) freight borrow (v) trade surplus trade deficit

експорт (імпорт) товарів невидимий експорт (імпорт) фрахт, перевезення вантажу позичати (у когось - from) надлишок торгового балансу дефіцит торгового балансу

earn (v) purchase (v) the IMF exceed (v) surplus foreign currency

заробляти купувати МВФ перевищувати надлишок іноземна валюта

Exporting and importing are two aspects of foreign trade.

Exports are goods and services produced in one country but sold in another. Trade in goods is known as visible exports and trade in services is known as invisible exports. Exports are important because they allow a country to earn foreign exchange which can be used for buying imports from abroad.

Imports are those goods and services which are consumed in one country but which have been purchased from another country. Imports of goods such as food, raw materials, or manufactured goods are known as visible imports; imports of services such as insurance, tourism, freight are known as invisible imports.

Imports are paid for by foreign currency earned by exporters, or by borrowing from foreign governments and agencies like the International Monetary Fund.

If exports exceed imports there is a trade surplus. If imports exceed exports there is a trade deficit.

1 What are the principal aspects of foreign trade? 2 What are exports? 3 What are imports? 4 What do we call visible exports? 5 What do we call invisible exports? 6 Why are exports important? 7 What are imports? 8 What is known as visible imports (invisible imports)? 9 What are imports paid for by? 10 What is a trade surplus? 11 When do we speak about a trade deficit?

1 Match words that have a similar meaning:

foreign exchange exceed buy important goods freight

transported goods merchandise significant purchase surpass foreign currency

2 Match the words and phrases in the box with the correct defi-nition: 1) an item, a service, an idea that is sent from one country to another to be sold; 2) an item, a service, an idea that is brought into one country from another; 3) goods, as opposed to services, that are sold to other countries; 4) services such as banking, insurance and tourism that are brought from other countries; 5) an agency of the

United Nations that lends money to encourage trade and economic development in poor countries; 6) a situation where a country exports more goods than it imports; 7) condition in which there are more goods imported than exported; 8) the transport of goods by sea or air.

3 Choose the correct word from the box to complete the gaps. Translate the sentences into Ukrainian:

Exporting; imports; restrictions; import; invisible exports; visible import; imported; exports; exceeded; purchased.

1 She... a new car. 2 Sales of the new product... our estimates. 3 Canada... wheat in great quantities. 4 This wine is... from France. 5 Foreign technology is a significant.... 6 This country.... luxury items to Northern Europe. 7 Tourism is the most important part of the Cypriot.... 8 Sixty percent of the goods they... come from Asia. 9 Sometimes governments put... on foreign trade. 10 This... company will be 100 years old next year.