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Foreign economic activity. Foreign economic activity (FEA): concept, essence, meaning (the most important)

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2. Foreign economic activity (FEA): concept, essence, meaning

Foreign economic activity - this is a separate sphere of activity of enterprises, the basis of which is export production within the framework of a single technological process of creating and selling products.

FEA is carried out at the level of production structures (firms, organizations, enterprises, associations) with full independence in choosing the external market and foreign partner, the range and assortment positions of goods for an export-import transaction, in determining the price and cost of the contract, the volume and delivery time, and is part of their production and commercial activities with both domestic and foreign partners.

FEA belongs to the market sphere, is based on the criteria of entrepreneurial activity and structural connection with production, is distinguished by legal autonomy, economic and legal independence from any sectoral departments and ministries.

Essence of FEA in that it is based on the principle of commercial calculation on the basis of economic and financial independence and self-sufficiency, taking into account its own monetary, financial and material and technical capabilities.

Of particular importance is the principle of currency self-sufficiency, which is provided by foreign exchange earnings from export sales in the foreign market. Concentrated on the current currency account, they form the currency fund of a foreign economic activity participant.

A FEA participant can open a currency account in any foreign currency or in several currencies at once, the so-called multi-currency account and conversion account. Opening a currency account in several types allows you to avoid the conversion of currencies from one to another and the additional costs that accompany the process of exchange transactions. Exchange differences related to currency translation (in case of conversion) are charged to the company's currency account.

Currency funds can also be kept in deposit accounts. Deposits on deposit accounts accrue interest on account of the increase in the size of foreign exchange funds, and there are advantages to using a bank loan and innovative financing. The amount of accrued interest is accepted either on the basis of an agreement between the authorized bank and its client, or is based on the rates of the corresponding period, effective on the date of acceptance of foreign exchange funds on the international interbank market by type of currency.

At the time of opening a foreign exchange account, a foreign trade participant opens two types of accounts at once: transit and current, which are maintained in parallel. Foreign exchange earnings from the export of goods (works, services) are credited first to the transit account, and then, after the mandatory sale on the domestic foreign exchange market, the rest of it is transferred to the current foreign exchange account of the participant in foreign economic activity. The currency received from transactions in the domestic foreign exchange market is credited directly to the current foreign exchange account.

Sources of foreign exchange earnings in the domestic foreign exchange market of Russia are foreign exchange earnings received from the sale of goods (works, services) by bank transfer or for cash, as well as by checks, credit and debit cards; currency bought on the currency exchange and in the bank; donations, etc.

Cash receipts in the form of the unused balance of the cash currency previously received by them may be credited to the current currency accounts of FEA participants in authorized banks without limitation.

No interest is accrued on the currency funds available on the transit account. Banks accrue and pay interest on foreign currency held in current foreign currency accounts only in those currencies for which they receive income from their placement on the international foreign exchange market.

Author: Bobkova O.V.

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