Terms used in international trade business such Standard shipping note,Steamship conference,Stocking Distributor, Strike price,Subsidy

 

Terms used in international trade business such Standard shipping note,Steamship conference,Stocking Distributor, Strike price,Subsidy etc.

 

This post explains about terms used in international trade business such as Specific duty,Spot exchange,Standard shipping note,Steamship conference,Stocking Distributor, Strike price,Subsidy,Surcharge ,SWIFT 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 international trade business

 

Specific duty - Duty based on some measure or quantity, such as weight, length, or number of units.

 

specific tariff:Tariff levied as a fixed charge for each unit of a good imported.

 

Specification packaging - Packaging conforming to one of the specifications or standards for packaging in the transport regulations.

 

Terms used in international trade business such Standard shipping note,Steamship conference,Spot contract:A contractual obligation to buy or sell foreign currency for settlement on a date which typically is two business days after the trade was made.

 

Spot exchange - Purchase or sale of foreign exchange for immediate delivery.

 

Spot FX:A contract for exchanging one currency for another at a fixed rate of exchange in two working days' time

 

Spot rate - Rate of exchange quoted for purchases and sales of a foreign currency for immediate delivery and payment.

 

Spot rate: Exchange rate for foreign exchange transactions for immediate or near-immediate execution.

 

SRCC:Strikes, Riots and Civil Commotion

 

SS:Steamship / Short Shrift

 

SSD:Supplementary Statistical Declaration

 

SSN:Standard Shipping Note

 

Standard industrial classification (SIC) - Standard numerical code system used by the U.S. government to classify products and services.

 

Standard international trade classification (SITC) - Standard numerical code system developed by the United Nations to classify commodities used in international trade.

 

STANDARD INTERNATIONAL TRADE CLASSIFICATION: A standard numerical code system developed by the United Nations and used in international trade to classify commodities, primarily designed for statistical and economic purposes.

 

Standard shipping note: document completed by the exporter which tells destination ports and container depots how the goods should be handled. A dangerous goods note must also be sent with hazardous goods.

 

Standby letter of credit: A letter of credit designed to be used only when the applicant defaults on another agreed method of payment.

 

STANDBY LETTER OF CREDIT:A letter of credit issued to cover a particular contingency, such as foreign investors guaranteed payment for commercial paper. (See Letter of Credit.)

 

Standby letter of credit:Issued by a bank to guarantee the performance of a customer or strengthen their credit worthiness. The parties involved in the trade don't expect that the letter of credit will ever be drawn upon

 

State controlled trading company - ­In a country with a state trading monopoly, a trading entity empowered by the country’s government to conduct export business.

 

STC (said to contain) / STW (said to weigh) - Notations on transport documents by which carriers give notice that they do not wish to accept responsibility for the accuracy of a shipper’s declarations as to the content, weight, or quantity of a particular shipped. See Shipper’s load and count.

 

STC:Said To Contain

 

Steamer guarantee - See Letter of indemnity.

 

Steamship conference - A group of steamship operators that operate under mutually agreed-upon freight rates.

 

Stevedore - Terminal operator who facilitates the operation of loading and discharging vessels and other terminal activities.

 

Stocking Distributor:A distributor who maintains an inventory of goods of a manufacturer.

 

Stowage - Placing of cargo in a ship’s hold in such a fashion as to assure safe and stable transport.

 

Straight bill of lading - A non-negotiable bill of lading in which the goods are consigned directly to a named consignee.

 

Straight bill of lading - Nonnegotiable bill of lading in which the goods are consigned directly to a named party.

 

Strike price:Price at which the option buyer can purchase (call option) or sell (put option) the underlying currency. Also called the exercise price.

 

STRIKES, RIOTS AND CIVIL COMMOTIONS (S.R.&C.C.): A term referring to an insurance clause excluding insurance of loss caused by labor disturbances, riots and civil commotion or any person engaged in such actions.

 

Stripping - Unloading goods from a container. See devanning, destuffing.

 

Structural Impediments Initiative:A 1990 agreement between the United States and Japan aimed at trying to decrease nontariff barriers restricting imports into Japan.

 

Stuffing - Loading goods inside a container.

 

Subsidiary hazard - Hazard of a material other than the primary hazard.

 

Subsidy - Two general types of subsidies: export and domestic. An export subsidy is a benefit conferred on a firm by the government that is contingent or exports. A domestic subsidy is a benefit not linked to exports, conferred by the government upon a specific industry or enterprise or group of industries or enterprises.

 

Substantial transformation - Item is substantially transformed if it has a new name, use or character. Once an item has been substantially transformed, the country the item was transformed in becomes the new country of origin.

 

SUE AND LABOR CLAUSE: A provision in marine insurance obligating the insured to take necessary steps after a loss to prevent further loss and to act in the best interests of the insurer.

 

Surcharge - Charges added to ocean freight, variously, for bunker (fuel), currency fluctuation, congestion, port detention, or extra risk insurance.

 

Surety bond - Contract between principal and responsible third party (surety) that makes surety momentarily responsible for principals fulfillment of obligation to obligee (party who is protected).

 

Swap transaction:A foreign exchange swap transaction is an exchange one currency against another currency on a specified date and a reverse exchange of those two currencies at a later date specified in the contract.

 

Swaps:A foreign exchange instrument that enables you and your trading partners to lend to each other on different terms

 

SWIFT payment - International electronic funds transfer via the system known as SWIFT (Society for World-Wide Inter-bank Financial Telecommunications) offered by most major banks.

 

SWIFT: Society for Worldwide Interbank Financial Telecommunication. An organization that operates the major interbank electronic communication system for financial messages (payments, letters of credit, securities transactions etc.)

 

SWL:Safe Working Load

The above details describes about terms called in international trade business such as Specific duty,Spot exchange,Standard shipping note,Steamship conference,Stocking Distributor, Strike price,Subsidy,Surcharge ,SWIFT etc. These phrases may help importers and exporters on their day to day export import business activities. The readers can also add more information about terms used in international business trade below this post.Terms used in international trade business such as SIGHT DRAFT,Sight letter of credit,Small-ticket Leasing,Soft Currency, Sovereign risk

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