Terms used in export business such as Basic products,Bill of Exchange,Bilateral Trade Agreement,Bimetallism,Birth rate,Bonded warehouse


Terms used in export business such as Basic products,Bill of Exchange,Bilateral Trade Agreement,Bimetallism,Birth rate,Bonded warehouse etc.


This post explains about terms used in export business such Average total cost,bank guarantee,Basic products,Bill of Exchange,Bilateral Trade Agreement,Bimetallism,Birth rate,Bonded warehouse,Break even 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


Average propensity to save - is the proportion of income the average family saves (does not spend on consumption).


Average total cost - is the sum of all the production costs divided by the number of units produced.


back-to-back credits: A term commonly used to denote letters of credit issued for account of different buyers to cover the same shipment, the terms of which credits are similar that documents under one are subsequently applicable against one another.

Terms used in export business such as Basic products,Bill of Exchange,Bilateral Trade Agreement,Bimetallism,

Balance of trade - It is the difference between the total export and import of a country. If the export exceeds the import, it is known as favourable balance of trade and trade deficit is just the opposite.


Balance of Trade:The balance between a country's exports and imports. Beneficiary: The person in whose favor a letter of credit is issued or a draft is drawn.


bank guarantee: An assurance, obtained from a bank by a foreign purchaser, that the bank will pay an exporter up to a given amount for goods shipped if the foreign purchaser defaults.


banker’s acceptance: Occurs when a draft is drawn on and accepted by the importer’s bank. Depending on the bank’s creditworthiness, the acceptance becomes a financial instrument which can be discounted.


Banned and restricted goods:Restricted goods require a licence or certificate before they can be imported into, or exported from the UK whereas banned goods cannot be imported even under licence.


Barter - It is a term for those types of trade in which the merchandise is exchanged directly for other merchandise without making use of money. It is useful for those countries where the currency is not readily convertible.


Barter system - System where there is an exchange goods without involving money.


Base year - In the construction of an index, the year from which the weights assigned to the different components of the index is drawn. It is conventional to set the value of an index in its base year equal to 100.


Basic products:In the Common Agricultural Policy (CAP), a product of the soil, of stock farming and of fisheries, shown in Annex I to the Treaty of Rome. The term also covers goods which are the result of first stage processing of certain basic products.


Bear - An investor with a pessimistic market outlook; an investor who expects prices to fall and so sells now in order to buy later at a lower price.


Beneficiary - A term for a person in whose favour a letter of credit is issued or a draft is drawn.


beneficiary: The person in whose favor a draft is drawn or a letter of credit is opened.


BERR (Department for Business, Enterprise and Regulatory Reform):Government department that works to create the conditions for business success and help the UK respond to the challenge of globalisation.

Bid price - The highest price an investor is willing to pay for a stock.


Bilateral Trade Agreement - A trade agreement between a small group of countries - this term should indicate a trade agreement between just two countries, but it gets loosely used in trade agreements with five or more countries.


Bill of Exchange (B/E) or Draft: An unconditional written order, in which the importer addressed to and required by the exporter to pay on demand or at a future date a certain amount of money to the order of a person or bearer.


Bill of exchange: written document in which a supplier is guaranteed payment of a specified amount by a drawee by a fixed date. The drawee is generally the customer but is likely to be the customer's bank if the bill of exchange is used with a term letter of credit (see Letter of credit). The bill can request immediate payment ("at sight" or "on demand"). It can specify payment at a later date ("the term"). Drawees become legally liable for payment once they accept (agree to pay) the bill.


bill of exchange: Also a draft. A written unconditional order for payment from a drawer to a drawee, directing the drawee to pay a specified amount of money in a given currency to the drawer or a named payee at a fixed or determinable future date.


Bill of Lading - A contract document agreement between the shipper and the customer that acts as a receipt for the goods delivered to the carrier for shipment; a definition or description of the goods; and evidence of title to the relative goods.


Bill of lading - A document that establishes the terms of a contract between a shipper and a transportation company under which freight is to be moved between specified points for a specified charge. Usually prepared by the shipper on forms issued by the carrier, it serves as a document of title, a contract of carriage, and a receipt for goods. Also see Air waybill, Inland bill of lading, Ocean bill of lading, and Through bill of lading.


Bimetallism - Bimetallism is a monetary standard in which the value of the monetary unit can be expressed either with a certain amount of gold or with a certain amount of silver: the ratio between the two metals is fixed by law.


Binding European retrieval of Tariff information (BERTI):The correspondence handling and management system used by the Tariff Classification Service. It is used to produce binding Tariff information classification decisions for issue to importers and exporters and liability rulings for issue to Customs staff.


Binding Tariff information (BTI):System for implementing the Common Customs Tariff. The information is issued to economic operators by the customs authorities of the European Union (EU) member states. Thus, traders will know, in advance, the tariff classification of the goods they intend to import or export. This information is introduced into a database run by the European Commission (EC) and is legally valid in all member states, regardless of the member state which issued it.


Birth rate - The number of births in a year per 1,000 population.


Bond - A certificate of debt (usually interest-bearing or discounted) that is issued by a government or corporation in order to raise money; the issuer is required to pay a fixed sum annually until maturity and then a fixed sum to repay the principal.


Bond:A written promise to repay a debt at an agreed time and to pay an agreed rate of interest -issued by governments, companies, banks etc. Interest rates may be variable or fixed.


Bonded warehouse - A warehouse authorized by customs authorities for storage of goods on which payment of duties is deferred until the goods are removed.


Bonded Warehouse:A building authorized by customs authorities for the storage of goods without payment of duties until removal.


Bonded warehouse:A place approved by HM Revenue & Customs (HMRC) for the deposit, keeping and securing of goods liable to excise duty, without payment of that duty. This term is often applied to a Customs warehouse -incorrectly, since no bond is usually required for these.


Booking - An arrangement with a steamship company for the acceptance and carriage of freight.


Boom - A state of economic prosperity


Border inspection post (BIP):Control point at the place of importation into the European Union (EU) where products of animal origin (POAO) and live animals are subject to the veterinary checks regime.

Break even - This is a term used to describe a point at which revenues equal costs (fixed and variable).


British Chamber of Commerce (BCC):An organisation comprising a national network of local chambers of commerce spread throughout the UK. There are also a number of British chambers of commerce in other countries. Chambers of commerce provide a range of business services for members.


The above details describes about terms called in export business such as Average total cost,bank guarantee,Basic products,Bill of Exchange,Bilateral Trade Agreement,Bimetallism,Birth rate,Bonded warehouse,Break even 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 Aircraft spare parts depot,Alongside,Anti-dumping duty,arrival notice,ATA Carnet 

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Anurag Mishra : My self Anurag and i belong to Company which is a Manufacturer of Animal Health Products, Veterinary Herbal Feed Supplements.We are located at Kanpur in Eastern Uttar Pradesh, India. We are 7 year old company and wanted to export our product outside india. We have recently started to work on export and got very good response from countries like Bangladesh, Egypt, Srilanka. For a person like me it is very difficult to understand the terminology and details for export as we are like a new born in this mode of business. When a person from outside india asked me to send my product C&F CIF Pricing, your portal helps me like anything to understand the basic terminology in export. Now We want to send our product to Bangladesh ( Chittagong Port ) from Kanpur. Please inform about the procedures and details of the documentation for the same. Also guide us on how freight charges works on export.

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