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 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 under this system, goods can only be imported from some specific countries only.
- Total ban/ Embargo – Involves imposing a complete ban on import of some specific commodities.
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