Читаем Английский язык. Практический курс для решения бизнес-задач полностью

Английский язык. Практический курс для решения бизнес-задач

–Merchandise trade consists of all raw materials and manufactured goods bought or sold. Since early 1990s, the merchandise trade account has been combined with services to determine the «balance of trade».

– Services include tourism, transportation, engineering, and business services, such as law, management consulting, and accounting. Fees from patents and copyrights on new technology, software, books, and movies also are recorded in the service category.

–Income receipts record investment incomes made up of interest and dividend payments and earnings of domestic owned firms operating abroad.

–Unilateral transfers are payments that do not correspond to the purchase of any good, service or asset. These usually take the form of international aid, gifts, or worker remittances from abroad.

Capital Account

The capital account measures the difference between sales of assets to foreigners and purchases of assets located abroad. U.S. – owned assets abroad are divided into official reserve assets, government assets, and private assets. These assets include gold, foreign currencies, foreign securities, reserve position in the IMF, U.S. credits and other long-term assets, direct foreign investment, and U.S. claims reported by U.S. banks.

Foreign-owned assets in the U.S. are divided into foreign official assets and other foreign assets. These assets include U.S. government, agency, and corporate securities; direct investment; U.S. currency, and U.S. liabilities reported by U.S. banks.

Balance of Payments Deficit and Surplus

In theory, the current account should balance with the capital account. The sum of the balance of payments statements should be zero. Therefore, when a country buys more goods and services than it sells (a current account deficit), it must finance the difference by borrowing, or by selling more capital assets than it buys (a capital account surplus).

The accounts do not exactly offset each other, due to statistical discrepancies, accounting conventions, and exchange rate movements.

Measuring Imports and Exports

Imports: U.S. importers file tax documents with the U.S. Customs Service describing the type and value of imported goods. These reports are processed and tabulated to arrive at the overall level of U.S. imports. Inaccurate reports, delays in processing data, and smuggling can affect their value.

Exports: There is no tax on exports, so to collect information, the U.S. Department of Commerce developed a form called the Shippers’ Export Declaration (SED) form, which is filled out when goods are sent overseas. These are tallied to arrive at export totals.

The Bretton Woods Agreements Act of 1945 requires the publication of balance of payments information. The statistics are generally reliable although the collection process is often difficult, especially in case of data on travel, services, FDI and financial transactions.

Sometimes it is difficult to classify a good as an import or an export. Trade is usually tabulated on the basis of national origin rather than national ownership. If a product is shipped from the U.S. to Germany, it is considered a U.S. export and a German import. It makes no difference whether a foreign company owns the U.S. factory or if it is a U.S. firm in Germany that imports the product. If a U.S. company owns a plant in Brazil and sells a product to a Japanese company in Canada, the transaction is recorded as a Canadian import and a Brazilian export.

Source: www.newyorkfed.org

Essential Vocabulary

1. infant industry – «молодая» отрасль экономики

2. ad valorem (ad val) – «со стоимости», «адвалорный» (метод расчета налога, тарифа или вознаграждения в форме фиксированного процента от стоимости)

3. levy n – налог, сбор, взнос; арест собственности по судебному приказу

levy v

– взимать, собирать (налог)

4. voluntary restraint – добровольное ограничение

5. tax break – налоговая льгота

6. trade ban – запрет на торговлю

7. health, safety and environmental (HSE) standards – стандарты по здравоохранению, безопасности и экологии

8. retaliatory action – ответное действие

9. balance of trade (ВОТ) – торговый баланс

10. favorable balance of trade

– положительный (активный) торговый баланс

11. negative (unfavorable) balance of trade – отрицательный (пассивный) торговый баланс