Terms used in export business such as Excise goods,Eximbank,Export,Export broker,Export duties



Terms used in export business such as Excise goods,Eximbank,Export,Export broker,Export duties etc.


This post explains about terms used in export business such as Ex work,Exchange permit,Excise goods,Eximbank,Export,Export broker,Export duties,Export house ,Export incentives 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


Ex work (EXW) :An Incoterm, where the seller makes the goods available to the buyer at their own premises or another named place. The buyer assumes all the costs and risks of clearing the goods for export and loading and transporting the goods.


Exchange control - A governmental policy designed to restrict the outflow of domestic currency and prevent a worsened balance of payments position by controlling the amount of foreign exchange that can be obtained or held by domestic citizens.


Exchange permit - A government permit sometimes required by the importer's government to enable the import firm to convert its own country's currency into foreign currency with which to pay a seller in another country.

Terms used in export business such as Excise goods,Eximbank,Export,Export broker,Export duties etc

Exchange rate - It is the price of one currency in terms of another i.e. the number of units of one currency can be exchanged for one unit of another currency.


Exchange Regulations/Restrictions:Restrictions imposed by an importing country to protect its foreign exchange reserves. See "Exchange Permit."


Excise Duty :A UK duty charged on both UK produced and imported goods. Goods subject to excise duty include beer, wine, spirits and other alcoholic drinks, hydrocarbon oils (including fuel oil), and tobacco goods. The rate of duty is set separately for each product.


Excise goods :Goods, other than chewing tobacco, which are chargeable with a duty of excise by or under the Alcoholic Liquor Duties Act 1979, the Hydrocarbon Oils Duties Act 1979 or the Tobacco Products Act 1979.

Excise Tax:A domestic tax assessed on the manufacture, sale, or use of a commodity within a country. Usually refundable if the product is exported.


Excise warehouse :A warehouse authorised by HM Revenue & Customs (HMRC) for the deposit, without payment of duty, of goods liable to excise duty. There are special requirements for premises for the storage of oil.


Exempt persons :Importers who are not registered for VAT or registered taxable persons who are re-importing goods other than in the course of their business.


Ex-Im Bank: The Export-Import Bank of the United States (Ex-Im Bank) is the official export credit agency of the United States. Ex-Im Bank’s mission is to assist in financing the export of US goods and services to international markets. Ex-Im Bank enables US companies — large and small — to turn export opportunities into real sales that helps to maintain and create US jobs and contribute to a stronger national economy.Ex-Im Bank does not compete with private sector lenders but provides export financing products that fill gaps in trade financing. We assume credit and country risks that the private sector is unable or unwilling to accept. We also help to level the playing field for US exporters by matching the financing that other governments provide to their exporters. Ex-Im Bank provides working capital guarantees (pre-export financing); export credit insurance; and loan guarantees and direct loans (buyer financing). No transaction is too large or too small. On average, 85% of Ex-Im Banks transactions directly benefit US small businesses.

Eximbank - Export-Import Bank of the United States.


Expiration Date:The final date upon which the presentation of documents and drawing of drafts under a letter of credit may be made.


Export - Generally, an export means (1) an actual shipment or transmission of items controlled under the EAR or ITAR out of the United States; (2) any written, oral, or visual release or disclosure of controlled technology, information, or software to a Foreign Person either in the United States or outside the United States, or (3) any actual use or application of controlled technology on behalf of or for the benefit of any foreign entity or person anywhere.


Export :Movement of goods from the UK to a destination outside the European Union. This includes the Channel Islands.


Export Administration Regulations (EAR) – (15 CFR § 774) Code of Federal Regulations (CFR) promulgated and implemented by the Department of Commerce that regulate the export of goods and related technology identified on the Commodity Control List (CCL), Title 15 CFR 774, Supp. 1. Goods and technology on the CCL are not inherently military in nature; they are primarily and inherently commercial or potentially commercial in nature.


Export broker - An individual or firm that brings together buyers and sellers for a fee but does not take part in actual sales transactions.


Export Cargo Shipping Instruction (ECSI): issued by exporters to the freight forwarder or carrier, telling them what the goods are, the terms and conditions for movement of the goods and cost allocation.

Export commission house - It is a term used for an organization that, for a commission, acts as a purchasing agent for a foreign buyer.


Export Control Classification Number (ECCN) - Identifies items on the Commerce Control List that are subject to the export licensing authority of the Bureau of Industry and Security.


Export Control Exemption and/or Exclusion: Specific, legally-recognized contexts in which export control regulations are inapplicable to the transmission of information, e.g., Fundamental Research, Public Domain/Publically available, Educational Information, and Disclosures to Bona-fide Full Time Employees (ITAR exemption only).


Export Control Laws and Regulations: These include, but are not limited to, ITAR, EAR, and OFAC:


Export Credits Guarantee Department (ECGD) :The UK government's official export credit agency. It helps UK manufacturers and investors trade overseas by providing them with insurance and backing for finance to protect against non-payment.


Export declaration - It is a formal statement which declares the complete details about goods being exported. It is made to customs at a port of exit.


Export declaration - See Shipper's export declaration.


Export duties - It is the taxes or duties imposed on goods being exported from a country.


Export house :Intermediary organisation between an exporter and a buyer.


Export incentives - Public subsidies, tax rebates, and other kinds of financial and nonfinancial measures designed to promote a greater level of economic activity in export industries.


Export invoice :Part of the documentation needed if you ship your goods abroad. It should contain a full description of your goods, their price, weight and country of origin.


Export licence :Government document legally required for the export of certain goods such as pharmaceuticals, chemicals and munitions. It's the exporter's responsibility to obtain a licence if necessary.


Export license - The approval documentation issued by an export agency authority authorizing the recipient to proceed with the export, re-export, or other regulated activity as specified on the application.


Export License Exception: An authorization that, under very specific conditions, allows for the export or re-export of items that would normally require an export license. Export License Exceptions are detailed in EAR § 740.


Export License:A governmental permit required to export certain products to certain destinations.


Export management company - A private firm that serves as the export department for several producers of goods or services, either by taking title or by soliciting and transacting export business on behalf of its clients in return for a commission, salary, or retainer plus commission.


Export Management Company (EMC):A firm which acts as local export sales agent for several non-competing manufacturers. (Term synonymous with "Manufacturer's Export Agent.")


The above details describes about terms called in export business such as Ex work,Exchange permit,Excise goods,Eximbank,Export,Export broker,Export duties,Export house ,Export incentives 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 ,Empowered Official,End-user,Entitled vessel, Entry , Eurodollars 

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