Terms used in export business such as Export preferences,Export,Extract,Floating policy etc.
This post explains about terms used in export business such as Export Merchant, Export preferences,Export,Extract,Floating policy,Force majeure,Free in 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
Export Merchant:A producer or merchant who sells directly to a foreign purchaser without going through an intermediate such as an export broker.
Export packing list :This is attached to the outside of the package to be shipped and specifies the weight, volume and type of cargo.
Export preferences :Preferential rates of duty charged on certain goods exported from the UK, in effect allowing the buyer to benefit from a lower or zero rate of customs duty. To be eligible, your goods must satisfy a number of rules. To be eligible, your goods must satisfy a number of rules. You can find out more on the Customs and Excise website.
Export reception list (ERL) :A sequentially numbered computer produced list containing specified details of all export consignments which have been received and for which details have been recorded on the computer since the production of the previous list.
Export refund :A payment made to exporters under Common Agricultural Policy (CAP) provisions on the export to non-European Union (EU) countries of certain goods originating in the EU, or in free circulation, where EU prices are above world prices.
Export shop :An excise warehouse approved for the supply of excise goods to entitled passengers without payment of excise duty.
Export time out :A period of time agreed with customs locally, after which, if there has been no customs intervention, goods may be loaded for export.
Export trading company - A firm similar or identical to an export management company.
Export: An export occurs when an item is transferred physically from the U.S. to a foreign country, e.g., actual shipment of goods or carried during international travel, as well as when information is transmitted to a person or entity in a foreign country, whether in writing, or via email, phone, fax, internet, and verbal conversations.
Exported tobacco products :Tobacco products which are manufactured in the UK and are exported to another European Union (EU) member state or to a third country, either directly or indirectly.
Exporter :For Customs purposes this is considered to be the person on whose behalf the export declaration is made and who is the owner of the goods, or has a similar right of disposal over them at the time the declaration is accepted. Where the ownership, or a similar right of disposal over the goods, belongs to a person established outside the European Union (EU) pursuant to the contract on which the export is based, the exporter is considered to be the contracting party established in the EU.
Export-Import Bank (Ex-Im Bank): An independent U.S. government agency created to facilitate U.S. trade relations primarily through providing financing, insurance, and feasibility studies.
Extract :A supplementary licence or certificate issued by a competent authority for part of the quantity authorised by an existing licence or certificate.
EXW: ex work. This is an Incoterm - see the Incoterms 2000 website for more information. 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 loading and transporting the goods.
F.A.S.:"Free Alongside (vessel)" is a pricing term indicating that the quoted price includes the cost of delivering the goods alongside a designated vessel.
F.C.A.—Free Carrier At—indicates that the seller delivers the goods to the named place 'free' of any transportation cost, having cleared the cargo for export. The seller accepts transportation costs, risks, and responsibilities until the cargo is handed over at the named place.
F.I.: "Free In" is a pricing term indicating that the charterer of a vessel is responsible for the cost of loading goods onto the vessel.
F.I.O.: "Free In and Out" is a pricing term indicating that the charterer of a vessel is responsible for the cost of loading and unloading goods from the vessel.
F.O. : "Free Out" is a pricing term indicating that the charterer of a vessel is responsible for the cost of loading goods from the vessel.
F.O.B. Named Inland Carrier: Seller must place the goods on the named carrier at the specified inland point and obtain a bill of lading. The buyer pays for the transportation.
F.O.B. Named Port of Exportation: Seller is responsible for placing the goods at a named point of exportation at the seller’s expense. Some European buyers use this form when they actually mean F.O.B. vessel.
F.O.B.: "Free on Board" is a pricing term indicating that the quoted price includes the cost of loading the goods into transport vessels at the specified place.
Fair Trade - These companies negotiate directly with the growers or producers of products to establish a fair price for the product.
FAS - Free alongside ship. A pricing term indicating that the quoted price includes the cost of delivering the goods alongside a designated vessel.
FCA - "Free carrier" to named place. Replaces the former term "FOB named inland port" to designate the seller's responsibility for the cost of loading goods at the named shipping point. May be used for multi-modal transport, container stations, and any mode of transport, including air.
FCIA - Foreign Credit Insurance Association.
FDI - Foreign Direct Investment is the purchase by the investors or corporations of one country of non-financial assets in another country.
FI - Free in. A pricing term indicating that the charterer of a vessel is responsible for the cost of loading and unloading goods from the vessel.
Final Supplementary Declaration (FSD) :A customs document for summary declaration stating how many supplementary declarations should have been made in the month and how many have been sent. It must be sent once, at the end of the month.
Finalise/finalisation :The status of an entry after which no further amendment can be made.
Floating policy - See Open policy.
FO - Free out. A pricing term indicating that the charterer of a vessel is responsible for the cost of loading goods from the vessel.
FOB - It is 'Free on board' at named port of export. It is an incoterm where the risk passes to buyer, included the transportation and insurance payment, once delivered on board the ship by the seller. It is only used for sea or inland waterway transportation.
FOB: Freight Prepaid: The same as F.O.B. named inland carrier, except the seller pays the freight charges of the inland carrier.
FOR/FOT:FOR and FOT mean "Free on Rail" and "Free on Truck." These terms are synonymous since the word "truck" relates to the railway wagons. They should only be used when the goods are to be carried by rail.
Force majeure - It is the title of a standard clause in marine contracts which exempts the parties for non-fulfillment of their obligations as a result of conditions beyond their control, like earthquakes, floods, or war.
Foreign and Commonwealth Office (FCO) :Government department responsible for foreign affairs. With the Department for Business, Enterprise and Regulatory Reform (BERR), the Foreign and Commonwealth Office (FCO) manages UK Trade and Investment (UKTI) to support international trade by UK exporters and boost inward investment by overseas firms in Britain.
Foreign Credit Insurance Association (FCIA): An association of 50 insurance companies that operate in conjunction with the EXIMBANK to provide comprehensive insurance for exporters against nonpayment. FCIA underwrites the commercial credit risks. EXIMBANK covers the political risk and any excessive commercial risks.
Foreign currency accounts :It may be more convenient for you to set up foreign currency bank accounts if you frequently issue foreign currency invoices. In particular, a euro bank account gives you flexibility in trading with businesses in eurozone countries.
The above details describes about terms called in export business such as as Export Merchant, Export preferences,Export,Extract,Floating policy,Force majeure,Free in 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 Excise goods,Eximbank,Export,Export broker,Export duties
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