IMPORT AND EXPORT DICTIONARY
With this import and export dictionary we want to clarify various foreign trade and international trade terms for interested users. In addition, we offer import consulting, export consulting and business consulting.
What is an import?
“The import of goods and services is the set of goods and services that are purchased by an importing country from a foreign exporting country for consumption or use.
Therefore, it is simply buying products, equipment and services outside our borders in order to consume them within our borders. Normally, imports occur when it is more profitable to buy from other countries.
What is an export?
“Exports of goods and services are the goods and services that are sold by an exporting country to an importing foreign country for consumption or use.
Therefore, exporting is simply selling our products, equipment and services outside our borders. Normally, exporting occurs when there is demand for the bundle of goods and services in another country, either because of the cheaper availability of the product in the exporting country, because of economy of scale differences and/or because of government subsidies to the exporting country encouraging commercial sales to other importing countries.
- How to export
- How to export to India
- How to export to China
Terms Incoterm 2020
Incoterms 2020 are the international terms of trade. With incoterms, both importer and exporter define the distribution of costs, the transfer of risks, the point of delivery of the goods and the handling of customs documents between buyer and seller within the framework of an international sales contract.
INCOTERMS terms have 4 categories:
- E terms are direct delivery and the term is EXW Ex works (goods delivered ex works, named place).
- F terms are incoterms of direct delivery without payment of the main carriage.
- FCA Free carrier (the seller undertakes to deliver the goods to the buyer at an agreed place),
- FAS Free alongside ship (free alongside the ship at the named port of loading),
- FOB Free on board (free on board at the named port of loading).
- C terms are Incoterms with indirect delivery, but with payment of the main carriage:
- CFR Cost and freight (the seller delivers the goods to the buyer cost and freight at the named port of destination),
- CIF Cost insurance and freight (cost, insurance and freight at the named port of loading),
- CPT Carriage paid to (carriage paid to named place),
- CIP Carriage and insurance paid to (carriage and insurance paid to named place),
- D terms are direct delivery on arrival:
- DPU Delivered at place unloaded (goods delivered at place and unloaded at place),
- DAP Delivered at place (goods delivered at a point at the named place),
- DDP Delivered Duty Paid (goods delivered duty paid at the named place).
Bill of lading document
The maritime bill of lading is the Bill of lading B/L document, which is the maritime transport document issued by the shipping company, the consignee or the freight forwarder. The issued document is given to your supplier and from that point on, the Bill of lading document will be sent to you by your supplier when you pay him or if the operation is a financial one, he will send it to you to release the money and be able to collect the payment. If you are the buyer, with the Bill of Lading document you will be able to collect the goods from the port and clear them through customs.
Air Way Bill document
The Air Way Bill AWB is an air transport document issued by the airline itself and certifies a contract of carriage of goods by air. The Air Way Bill is the equivalent document to the Bill of Lading for maritime transport but in air transport.
A freight forwarder is an international freight forwarder that provides international freight forwarding services. A freight forwarder acts on behalf of exporters or importers to organise the international transport of goods in such a way that the transport is safe, cost-effective and efficient. The freight forwarder is an intermediary between the importer or exporter and the transport companies.
What are customs duties
Customs import tariffs are the duties, taxes and charges that a country applies to goods entering a country. For tariff data visit the World Trade Organization.
TARIC tariff codes, HTS tariff code
Tariff codes are numbers assigned according to an internationally standardised classification system, if not a little crazy!!!!. With these codes all goods can be categorised at the entry and exit of a border for import and export. The harmonised system for categorising goods is based on the Harmonised Commodity Description and Coding Systems (HS).
If you want to consult the tariffs according to the Taric codes for the European Union, you can consult them here: TARIC tariff codes
If you want to consult the tariffs according to the HTS tariff codes for the United States, you can consult them here: HTS tariff codes
Foreign trade is the buying or importing and selling or exporting, i.e. the import and export of goods, merchandise, products and services that takes place outside the borders of a country.
International trade, foreign trade and world trade is the movement of merchandise, goods, products and services between different countries and international markets.
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