《国际贸易实务pa》PPT课件.ppt

Contents Part 5. WTO instead, futures contracts are bought and sold. Chapter 18 Futures Trading Futures Contract Hedging Futures contract is an agreement to buy or sell a fixed quantity of a particular commodity, currency, or security for delivery at a fixed date in the future at a fixed price. It involves a definite purchase or sale; therefore it may entail a potentially unlimited loss. However, futures provide an opportunity for those who must purchase goods regularly to hedge against changes in price. Hedging is a type of economic insurance used by dealers in commodities, foreign exchange and securities, manufacturers, and other producers to prevent loss due to price fluctuations. Hedging consists of counterbalancing a present sale or purchase by a purchase or sale of a similar commodity or of a different commodity, usually for delivery at some future date. The desired result is that the profit or loss on a current sale or purchase be offset by the loss or profit on the future purchase or sale. Chapter 19 Counter Trade Barter Exporter In Country A Importer In Country B Bartered Goods for Export Bartered Goods for Import Barter is the oldest form of trade, which is a direct exchange of one goods for another deemed to be of approximately equivalent value without any flow of money taking place. It is a primitive way of exchanging. Chapter 19 Counter Trade Counterpurchase Exporter In Country A Importer In Country B Export Goods Import Goods Foreign Exchange Foreign Exchange Counterpurchase is one of the most common forms of countertrade, where an exporter agrees to purchase a quantity of unrelated goods or services from a country in exchange for and in approximate value to the goods he has sold. Chapter 19 Counter Trade Direct Compensation Trade Compensation or buy back means exporters of heavy equipment, technology, or even entire facilities agree to purchase a certain percentage of the output of the new facility once it is in production. Generally, there are two ways. Compensation Trade Direct Compensation Trade Chapter 19 Counter Trade Switch Trade Switch is exporting and importing through a third nation, where the currency paying for the goods can be easily exchanged into one acceptable to the seller. Switch trade is a more complicated form of barter, which involves a chain of buyers and sellers in different markets. A switch arrangement permits the sale of unpaid balances in a clearing account to be sold to a third party, usually at a discount, which may be used for producing goods in the country holding the balance. So, switch may involve at least three parties, of even four of five parties. It is closely linked with the bilateral clearing agreements, a kind of basis for barter transactions between governments. Chapter 19 Counter Trade Offset Offset means that the exporter agrees to use goods and services from the buyers country in the product being sold. Offset may be direct or indirect, depending on whether the goods and services are integral parts of the product. In a direct offset a Chinese manufacturer selling a product in a country uses a component that is made in the purchasing country. In an indirect offset, the exporter would buy products made in the purchasing country that are peripheral to the manufacture of its product. Usually, the principal export goods are of a very high value, such as aircraft, power-station equipment, or an air defense system. To alleviate the heavy foreign exchange expenditure involved in purchases of this nature, the buyer usually insists that offset be applie