Terms used in international trade business such as Adjustment Factor,Customhouse broker,Currency option,Customs,Customs commodity code

 

Terms used in international trade business such as Adjustment Factor,Customhouse broker,Currency option,Customs,Customs commodity code etc.

 

 

This post explains about terms used in international trade business such as Currency Adjustment Factor,Customhouse broker,Currency option,Customs,Customs commodity code,Customs entries,Customs tariff ,Customs Valuation,Cylinder,Customs 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

 

CRN:Customs Registered Number

 

CSC - Container service charge. See Terminal handling charge.

 

CSC:Convention for Safe Containers

 

Terms used in international trade  business such as Adjustment Factor,Customhouse broker,Currency option,Customs,CST - Commodity Specialist Team.

 

CT:Counter Trade

 

CTD:Combined Transport Document

 

Ctge:Cartage

 

CTO:Combined Transport Operator

 

Cumulative Revolving Letter of Credit - Revolving L/C under which unused amounts can be carried forward and become available under the next draft.

 

Currency Adjustment Factor (CAF) - Additional charge in carrier’s tariff when the currency used for payment is valued low in relation to other currencies.

 

Currency future - Contract for the future delivery of a commodity, currency or security on a specific date.

 

Currency option - Contractually-agreed right to buy (call option) or to sell (put option) a specific amount of a foreign currency at a predetermined price on a specific date (European option) or up to a future date (American option).

 

Currency option: Foreign exchange transaction in which a party buys the right (but not the obligation) to buy or sell a given amount of foreign currency at a given exchange rate at either: a given future date or at any point within a future time period.

 

current account deficit:The current account of the balance of payments is insurplus when a country exports more goods and services that it imports.

 

Customhouse broker - An individual or firm licensed to enter and clear goods through customs.

 

Customhouse Broker: An individual or company licensed by the government to enter and clear good through customs.

 

Customs - Authorities designated to collect duties levied by a country on imports and exports. The term also applies to the procedures involved in such collection.

 

Customs and Excise: UK Government department with responsibility for collecting VAT and other taxes and customs duties. It's also charged with preventing illegal imports of drugs, alcohol and tobacco smuggling and VAT and duties fraud.

 

Customs bonded warehouse - Authorized by Customs to store or manufacture goods while deferring payment of duties until goods are moved into Customs territory. These goods are not subject to duties if reshipped to foreign ports.

 

Customs broker - Individual or firm licensed to enter and clear goods through customs.

 

Customs commodity code: eight-digit commodity code required for exports outside the EU. It needs to be entered on your customs export declaration. Sometimes known as the "first eight digits of the Customs Tariff number" or "CN (Customs nomenclature) code", it's also used as the basis for the import declaration in the country of destination. For more information read Customs Notice 600 on the Customs and Excise website.

 

Customs duty - Tax levied by the government on goods crossing the customs border, usually a tax imposed on imports.

 

Customs entries - Custom entries are classified in several ways:

 

Customs Freight Simplified Procedures (CFSP): electronic declaration methods that simplify customs procedures for clearing non-EU imported goods either at a frontier or upon removal from a free zone or customs warehouse. See the Customs and Excise website for more information.

 

Customs import value - U.S. Customs' appraisal value of merchandise.

 

Customs tariff - Charges imposed by governments on imported and/or exported goods.

 

Customs union - Association between two or more countries whereby they eliminate tariffs and other import restrictions on each other’s goods and establish a common tariff on the goods from all other countries.

 

Customs Valuation Code - Formally known as the “Agreement on Implementation of Article VII of the General Agreement on Tariffs and Trade,'' this MTN agreement provides detailed rules for the determination of value for customs purposes. These rules are designed to provide a fair, uniform and neutral system of valuation based on transaction value and preclude the use of arbitrary or fictitious values.

 

Customs Valuation: The appraisal of the worth of imported goods by customs officials for the purpose of determining the amount of duty payable in the importing country. The GATT Customs Valuation Code obligates Governments that sign it to use the "transaction value" of imported goods - or the price actually paid or payable for them - as the principal basis for valuing the goods for customs purposes.

 

Customs: The government authorities designated to collect duties levied by a country on imports and exports. The term also applies to the procedures involved in such a collection.

 

Cut-off - Last possible date cargo may be delivered to vessel or designated point.

 

cw - Commercial weight.

 

CWE:Cleared Without Examination

 

CWO - Cash with order.

 

cwt - Hundredweight; unit of measurement.

 

CY - See Container Yard.

 

CY/CFS - Cargo loaded in a full container by a shipper at origin, delivered to pier facility at destination, and then devanned by carrier for loose pick up.

 

CY/CY - Cargo loaded by shipper in a full container at origin and delivered to carrier's terminal at destination for pick up intact by consignee.

 

Cy:Currency

 

Cylinder - Pressure vessel designed for pressures higher than 40 psia and having a circular cross section. It does not include a portable tank, multi-unit tank car tank, cargo tank, or tank car.

 

D.E.Q.:Delivered Ex Quay—indicates that the seller must deliver the goods onto the quay (dock or wharf), having cleared the goods for import and paid all taxes, duties, etc. applicable to that clearance.

D/A - See Documents against acceptance.

 

D/C - Documentary credit. See Letter of credit.

 

D/D - Delivered.

 

D/D l: Days after Date

 

D/N:Debit Note

 

D/O - See Delivery Order.

 

D/O:Delivery Order

 

D/P - See Documents against payment.

 

The above details describes about terms called in international trade business such as Currency Adjustment Factor,Customhouse broker,Currency option,Customs,Customs commodity code,Customs entries,Customs tariff ,Customs Valuation,Cylinder,Customs 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 Counterpurchase,Countervailing duty,Country of origin ,Country risk,Court of international trade, Cover note

Related posts about free online training on export and import business:

 

 

How to import your product?
Click here to know HS code of your product
What is the ITC code (Indian Tariff Code) of your product?
Dispute settlement in international business
Export Promotion Councils and Commodity Boards, product wise
Foreign Trade Agreements of India
MEIS scheme for Indian Exporters
Coir Board
Coffee Board
CDB,Coconut Development Board
Cashew Export Promotion Council of India
Carpet Export Promotion Council
How to amend measurements in IGM (Import General Manifest) in India
How to amend number of packages in Import General Manifest (IGM)
How to amend quantity of goods in Import General Manifest (IGM)
How to amend shipper name in Import General Manifest (IGM)


Discussion Forum

You can also share your thoughts about this article.
Any one can answer on question posted by Readers