Terms used in export business such as Consolidation,Consumption ,Cost and freight , Countertrade

 

Terms used in export business such as Consolidation,Consumption ,Cost and freight , Countertrade etc.

 

This post explains about terms used in export business such as Consignee, Consignment,Consolidation,Consumption,Continuous improvement ,Convertible currency ,Cost and freight ,Cost, insurance and freight ,Countertrade 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

 

Confirmed letter of credit :Letter of credit issued by an overseas bank but also confirmed by a UK bank. Under these circumstances you'll be paid by the UK bank even if your buyer or the other bank defaults, providing the terms of the letter are met fully.

 

Confirmed Letter of Credit:Issued by a bank abroad whose validity and terms are confirmed to the beneficiary in the United States by a U.S. bank.

 

Terms used in export business such as Consolidation,Consumption ,Cost and freight , Countertrade etcConsignee :Duty suspension -the person to whom duty suspended goods are consigned and who accounts for those goods in the member state of
destination. This may be: a warehouse keeper who is approved to store the goods in duty suspension, a registered trader who accounts for duty on arrival or a non-registered trader who must have accounted for the duty to his fiscal authority before the goods are despatched.

 

Consignee:The person, firm, or representative to whom a seller or shipper sends merchandise and who, upon presentation of the necessary documents, is recognized as the owner of the merchandise for the purpose of the payment of customs duties. This term is also used as applying to one to whom goods are shipped, usually at the shipper's risk, when an outright sale has not been made. See "Consignment."

 

Consignment - A term for the shipment of goods from an exporter (consignor) to an agent (consignee) under an agreement that the consignee undertakes to sell them for a commission. The consignor retains the title to the goods until they are sold.

 

Consignment control label number (CCLN) :A unique 12 digit number on a control label allocated to a consignment note CIM (note confirming that the carrier has received the goods and that a contract exists between the trader and carrier) by which the consignment note, its country and station of issue can be identified.

 

Consignment record :The record of an import or export consignment held on a computer inventory system.

 

Consignor :Duty suspension -the authorised person from whose premises goods are dispatched in duty suspension.

 

Consolidation :A procedure whereby a number of small consignments are loaded together to form a single, larger consignment. This must be carried out as part of a contract to transport the goods.

 

Consolidator :Company issuing transport documents for the carriage of cargo by sea, air, road and rail where consignments have been consolidated.

 

Consolidator: company issuing bills of lading (see Bill of lading) for the carriage of cargo on vessels or aircraft.

 

Consul: A government official residing in a foreign country charged with representing the interests of his country and its nationals.

 

Consular declaration - It is a formal statement, which is made to the consul of a foreign country with the description of the goods to be shipped.

 

Consular invoice - A document, required by some foreign countries, describing a shipment of goods and showing information such as the consignor, consignee, and value of the shipment. Certified by a consular official of the foreign country, it is used by the country's customs officials to verify the value, quantity, and nature of the shipment.

 

Consumers:Individuals or groups that use economic goods and services, thus deriving utility from them.

 

Consumption:The purchase and utilization of goods or services for the gratification of human desires or in the production of other goods or services. The consumer may be an individual, a business firm, a public body, or other entity.

 

Containerised/containerisation :The packing of goods for transport in sealed containers.

 

Continuous improvement - It refers to a system of constant or ongoing incremental improvements to a process or product based on constant or ongoing examination and evaluation of the process or product.

 

Controlled country - A list of countries designated controlled for national security purposes found in Country Group D:1, including: Albania, Armenia, Azerbaijan, Belarus, Bulgaria, Cambodia, the People's Republic of China, Estonia, Georgia, Kazakhstan, Kyrgyzstan, Laos, Latvia, Lithuania, Moldova, Mongolia, Romania, Tajikistan, Turkmenistan, Ukraine, Uzbekistan, and Vietnam. Cuba and North Korea are controlled countries, but they are listed in Country Group E:2 (unilateral embargoes) rather than Country Group D:1.

 

Convention International Merchandises Chemins de Fer (CIM/TIEx) :International rail carriage receipt. This document confirms that the rail carrier has received the goods and that a contract of carriage exists between trader and carrier.

 

Convention Merchandises Routiers (CMR) :Conditions for the international carriage of goods by road.

 

Convention on International Trade in Endangered Species (CITES) :Regulatory body which oversees the international movement and trade of endangered species.

 

Convertible currency - A currency that can be bought and sold for other currencies at will.

 

Convertible currency - A term for a currency, which can be legally exchanged for other currencies or gold at market rates.

 

Convertible currency :A currency that can be bought and sold for other currencies at will.

 

Corporate Social Responsibility (CSR) - A concept of business ethics based on the idea that companies have stakeholders who are broadly defined as anyone or group affected by the activities of the company.

 

Correspondent bank - A bank that, in its own country, handles the business of a foreign bank.

 

Cost and freight (CFR) :An Incoterm, where the seller clears the goods for export and meets the cost of carriage to the port in the destination country. But the buyer bears all risks after delivery, which occurs when the seller delivers the goods on board the vessel at the port of shipment. The buyer also bears any extra costs caused by events that happen after delivery.

 

Cost benefit analysis - A technique that assesses projects through a comparison between their costs and benefits, including social costs and benefits for an entire region or country.

 

Cost, insurance and freight (CIF) :An Incoterm, where the seller clears goods for export and meets the cost of carriage to the port in the destination country, including insurance. But the importing buyer bears all risks, except marine insurance, after delivery. Delivery occurs when the seller delivers the goods on board the vessel at the port of shipment. The buyer also bears any extra costs caused by events that happen after delivery.

 

Cotton Corporation of India Ltd. (CCI CAFTA) - The Central American Free Trade Agreement (otherwise known as DR-CAFTA) is a pending agreement that has been negotiated between the United States, five Central American countries.

 

Count Certificate: This particular document will certify the accuracy and quantity of a shipment with regard to the count of its parts or units.

 

Countertrade - It is the sale of goods or services, which is paid by the transfer of goods or services either in whole or in part from a foreign country.

 

Countertrade: International trade in which the seller is required to accept goods or other instruments of trade in partial or whole payment for its products.

 

Countervailable Subsidy:Foreign governments subsidize industries when they provide financial assistance to benefit the production, manufacture or exportation of goods. Subsidies can take many forms, such as direct cash payments, credits against taxes, and loans at terms that do not reflect market conditions. The statute and regulations establish standards for determining when an unfair subsidy has been conferred. The amount of subsidies the foreign producer receives from the government is the basis for the subsidy rate by which the subsidy is offset, or "countervailed," through higher import duties.

 

The above details describes about terms called in export business such as Consignee, Consignment,Consolidation,Consumption,Continuous improvement ,Convertible currency ,Cost and freight ,Cost, insurance and freight ,Countertrade 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 Commercial agent,Commercial Invoice,Commodity code,Commodity,Community transit 

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