Methods of controlling volume of imports
- Tariffs – Involves levying import duty on goods that are entering a country
- Quotas – Is a quantitative restriction permitting only a given number of units of a commodity to be imported during a specific period
- Exchange control – Refers to the control by the government on the exchange value of the currency of a country. Importers can only import goods when they seek permission for acquiring foreign exchange.
- Trade agreements – Is an agreement between different countries regarding the foreign trade.
- Total ban / Embargo – Involves imposing a complete ban on import of some specific commodities
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