Terms used in export business such as Buying Agent,Cost and Freight,Call money,Cargo Community System , Cartel ,Cash In Advance etc.
This post explains about terms used in export business such as Brussels Tariff Nomenclature,Buying Agent,Cost and Freight,Call money,Cargo Community System , Cartel ,Cash In Advance ,Cash with order etc. These terms used in international business are arranged in alphabetical order and you may add more information about terms used in export business at the end of this article, if you wish.
Terms used in export business
British International Freight Association (BIFA): body representing the UK international freight services industry. BIFA can provide you with a list of freight forwarders (see Freight forwarders) and customs clearing agents. See the the BIFA website for more information.
British Trade International: Government body operated by the Department of Trade and Industry and the Foreign and Commonwealth Office to promote trade development and promotion in the UK. Through UK Trade & Investment, it offers free and impartial advice to businesses which trade abroad, both online and through its information centre. See the UK Trade & Investment website for more information.
Brussels Tariff Nomenclature:See "Nomenclature of the Customs Cooperation Council."
Budget - A summary of intended expenditures along with proposals for how to meet them. A budget can provide guidelines for managing future investments and expenses.
Budget deficit - is the amount by which government spending exceeds government revenues during a specified period of time usually a year.
Bull - An investor with an optimistic market outlook; an investor who expects prices to rise and so buys now for resale later .
Bureau of Industry and Security (BIS) – An agency of the Department of Commerce responsible for implementing and enforcing the Export Administration Regulations (EAR), which regulate the export and re-export of most commercial items.
Bureau:A third party providing a service to National Export System (NES) authorised traders to act as their direct representative for the submission of pre-shipment and supplementary declarations.
buyer credit: Term to provide the exporter with prompt payment by the overseas importer, who borrows the necessary funds from the bank. The payment is usually made directly by the importer’s bank to the exporter.
Buying agent - See Purchasing agent.
Buying Agent:An agent who buys in this country for foreign importers, especially for such large foreign users as mines, railroads, governments, and public utilities. Synonymous with "purchasing agent."
C&F named port: Cost and freight. The seller must pay all costs of goods and transportation to the named port; these costs are included in the price quoted. Buyer pays risk insurance once the goods are aboard the ship up to overseas inland destination.
C. & F. - Cost and Freight: Same as C.I.F., except that insurance is covered by the buyer.
C.& F.: A pricing term indicating that "cost and freight changes" are included in the quoted price.
C.F.R. (Cost and Freight) and C.I.F. (Cost, Insurance, and Freight)—indicate that the seller will deliver the goods onto a vessel and pay all the normal charges to get the cargo to the named seaport. The buyer assumes all risks from the time the cargo is placed onto the vessel at the seaport of loading. C.I.F. also indicates that the seller arranges for insurance as an automatic condition of the contract.
C.I.F. & C.: A pricing term indicating that "cost, insurance, freight, and commission" charges are included in the quoted price.
C.I.F. & E.: A pricing term that indicates that "cost, insurance, freight, and (currency) exchange" charges are included in the quoted price.
C.I.F.: A pricing term indicating that "cost, insurance, freight" charges are included in the quoted price.
C.I.F.:Cost, Insurance, and Freight. A pricing term under which the seller pays all expenses involved in the placing of merchandise on board a carrier and in addition prepays the freight and insures the goods to an agreed destination.
Call money - Price paid by an investor for a call option. There is no fixed rate for call money. It depends on the type of stock, its performance prior to the purchase of the call option, and the period of the contract. It is an interest bearing band deposits that can be withdrawn on 24 hours notice.
Capital - Capital is the contribution to productive activity made by investment is physical capital (machinery, factories, tools and equipments) and human capital (eg general education, health).
Capital account - Part of a nation's balance of payments that includes purchases and sales of assets, such as stocks, bonds, and land.
Capital budget - A plan of proposed capital outlays and the means of financing them for the current fiscal period.
Capital gain tax - Tax paid on the gain realized upon the sale of an asset. It is a tax on profits from the sale of capital assets, such as shares.
Cargo Community System (CCS-UK) :The computerised cargo processing system that controls goods in an inventory linked environment. It consists of a central database and a "switch" to transfer messages between the various computer systems connected to it.
Carnet - A customs document permitting the holder to carry or send merchandise temporarily into certain foreign countries (for display, demonstration, or similar purposes) without paying duties or posting bonds.
Carriage and insurance paid to (named place of destination) (CIP) :An Incoterm, where the seller clears the goods for export and pays for carriage to the named destination. The goods are delivered when the seller passes the goods to its carrier. From this point the buyer takes responsibility for all costs and risks. But the seller must also take out insurance to cover the buyer's risk during transport.
Carriage paid to (named place of destination) (CPT) :An Incoterm, where the seller clears the goods for export and pays for carriage to the named destination. The goods are delivered when the seller passes the goods to its carrier. From this point the buyer takes responsibility for all costs and risks.
Carrier:A transportation line that hauls cargo.
Cartel - An organization of producers seeking to limit or eliminate competition among its members, most often by agreeing to restrict output to keep prices higher than would occur under competitive conditions.
Cash Against Documents (C.A.D.): A payment method by which title to the goods is given to the buyer when the buyer pays cash to an intermediary acting for the seller, usually a commission house.
Cash Crops - Crops such as coffee or cut flowers grown specifically for export.
Cash In Advance (C.I.A.): A payment method for goods in which the buyer pays cash to the seller before the shipment of the goods. Usually required by the seller when the goods are customized, such as specialized machinery.
Cash With Order (C.W.I.): A payment method for goods by which cash is paid at the time of order and the transaction then becomes binding for both buyer and seller.
Cash with order (CWO) - Payment for goods in which the buyer pays when ordering and in which the transaction is binding on both parties.
CCC Mark: An acronym for China Compulsory Certification mark. A symbol printed on a product or product label by its manufacturer or importer declaring compliance with the requirements of various Chinese government laws for manufactured products related to human life and health, animals, plants, environmental protection and national security.
Census - Official gathering of information about the population in a particular area.
Central bank - Major financial institution responsible for issuing currency, managing foreign reserves, implementing monetary policy, and providing banking services to the government and commercial banks.
Centrally planned economy - An economic system in which the production, pricing, and distribution of goods and services are determined by the government rather than market forces.
The above details describes about terms called in export business such as Brussels Tariff Nomenclature,Buying Agent,Cost and Freight,Call money,Cargo Community System , Cartel ,Cash In Advance ,Cash with order etc. These phrases may help importers and exporters on their day to day business activities. The readers can also add more information about terms used in export trade below this post.continue reading: Terms used in export business such as Basic products,Bill of Exchange,Bilateral Trade Agreement,Bimetallism,Birth rate,Bonded warehouse
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