Terms used in export business such as Hedging Tools,Import duties,Import licence,Importation of goods etc.
This post explains about terms used in export business such as Hedging Tools,Import duties,Import licence,Importation of goods,Import VAT,In Bond,Incoterms,Inherent Vice 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
Health Certificate:Document issued by the competent country when agricultural or food products are being exported, to certify that they comply with the relevant legislation in the exporter's country and were in good condition at time of inspection, prior to shipment and fit for human consumption.
Hedging Tools: Hedging tools provide a way to protect against the potential currency exchange risks of the market. The frequently used hedging tools for international trade are netting, forward contract, futures contracts and currency options. Regarding exports from the US, it is an agreement with a bank whereby the exporter is guaranteed a definite rate of exchange upon presentation of a specified foreign currency on a predetermined rate.
High risk CAP goods :Goods subject to special Common Agricultural Policy (CAP) controls that are considered to be of high revenue risk. Such goods must only be moved in sealed containers/vehicles under bond.
HM Revenue & Customs (HMRC) :UK government department with responsibility for collecting VAT and other taxes and Customs duties. It's also charged with trying to stop illegal imports of drugs, alcohol and tobacco smuggling and preventing VAT and duties fraud.
Home use removal/delivery :Removal from registered premises or an excise warehouse for duty paid consumption in the UK.
Horticultural Marketing Inspectorate (HMI) :Part of the Rural Payments Agency Inspectorate Department for the Environment, Food and Rural Affairs. The HMI is responsible for enforcing European Union food marketing standards at all levels of the distribution chain.
House Air Waybill (HAWB):An air consignment note issued by an air freight agent to provide the cargo description and records. Again, it is not a title document.
House Bill of Lading (Groupage) :A bill of lading issued by a forwarder and, in many cases, not a title document. Shippers choosing to use a house bill of lading, should clarify with the bank whether it is acceptable for letter of credit purpose before the credit is opened. Advantages include less packing, lower insurance premiums, quicker transit, less risk of damage and lower rates than cargo as an individual parcel / consignment.
Import / Export Declaration: A statement made to the Director of Customs at port of entry/exit, declaring full particulars of the shipment, eg. the nature and the destination/exporting country of the ship's cargo. Its primary use is for compiling trade statistics.
Import / Export Licence: A document issued by a relevant government department authorising the imports and exports of certain controlled goods.
Import duties - Customs duties payable on importation.
Import duty :Taxes HM Revenue & Customs charge on goods imported into the European Union. These include Customs duty, Common Agricultural Policy Charges, and Anti-Dumping Duty.
Import licence :Some countries may require import licences for certain or all goods. As an exporter it's normally your customer's responsibility to comply with import procedures, but it's a good idea to check they're doing so.
Import paperwork :Goods in free circulation within the European Union (EU) generally require minimal documentation. But if your imports exceed £260,000 you must provide Intrastat declarations to HM Revenue & Customs for statistical purposes. Some goods need special documentation. Goods imported from outside the EU require a range of import documentation, usually including the Single Administrative Document, and may also need an import licence.
Import VAT :The VAT chargeable on imported goods. VAT is also charged on any other taxes or duties due on the goods.
Import VAT certificate :Official evidence of VAT paid on imported goods before recovering the VAT as input tax. The normal evidence is the monthly certificate, known as form C79.
import: To bring foreign goods or services into a country.
Import:To bring merchandise into a country from another country or overseas territory.
Importation of goods :The entry of goods from a place (or places) outside the European Union territory.
Imported goods :Goods imported from outside the European Union and not in free circulation.
Imported services :Services received from outside the UK.
Imported tobacco products :Tobacco products which originate outside the UK and enter the UK from either another European Union member state or a third country.
Importer :Any owner or other person possessing or having an interest in the goods between the time of importation and when they are released into free circulation.
Imports:The inflow of goods and services into a country’s market for consumption. A country enhances its welfare by importing a broader range of higher-quality goods and services at lower cost than it could produce domestically. The expansion of world trade since the end of World War II has therefore been a principal factor underlying a general rise in living standards in most countries.
In Bond:A term applied to the status of merchandise admitted provisionally into a country without payment of duties. See "Bonded Warehouse."
Inco Terms:Indicate whether the buyer or the seller carries the risk, responsibility, liability, or costs at specific points during a transaction.
Inconvertibility:The inability to exchange the currency of one country for the currency of another.
Incoterms:Incoterms are a set of rules which define the responsibilities of sellers and buyers for the delivery of goods under sales contracts for domestic and international trade. They are published by the International Chamber of Commerce (ICC) and are widely used in international commercial transactions. The most recent version of Incoterms, Incoterms 2010, was launched in September 2010 and became effective January 1, 2011.The two main categories of Incoterms® 2010 are now organized by modes of transport. Used in international as well as in domestic contracts for the first time, the new groups aim to simplify the drafting of contracts and help avoid misunderstandings by clearly stipulating the obligations of buyers and sellers.Group 1. Incoterms® that apply to any mode of transport are:1.EXW Ex Works2.FCA Free Carrier3.CPT Carriage Paid To4.CIP Carriage and Insurance Paid To5.DAT Delivered at Terminal6.DAP Delivered at Place7.DDP Delivered Duty Paid Group 2. Incoterms that apply to sea and inland waterway transport only:1.FAS Free Alongside Ship 2.FOB Free on Board3.CFR Cost and Freight4.CIF Cost, Insurance, and Freight 5.View Incoterms 2010 with Definitions
In-Country Transfer: The transfer of an item or information to a person or entity that is named on the Entity List maintained by the Bureau of Industry and Security in the U.S. Department of Commerce.
Indirect export :Refers to goods declared in the UK leaving the European Union via another member state.
Indirect representation :A third party who makes a Customs declaration in their own name, but on behalf of a trader.
Individually validated export license - A required document issued by the U.S. Government authorizing the export of specific commodities. This license is for a specific transaction or time period in which the exporting is to take place. Compare General export license.
Informal work/er - Informal work refers to work performed in an employment relationship that is not recognised or protected under legal or regulatory frameworks.
Inherent Vice:Defects or characteristics of a product that could lead to deterioration without outside influence. An insurance term. See "All Risk Clause."
Inland bill of lading - A bill of lading used in transporting goods overland to the exporter's international carrier. Although a through bill of lading can sometimes be used, it is usually necessary to prepare both an inland bill of lading and an ocean bill of lading for export shipments. Compare Air waybill, Ocean bill of lading, and Through bill of lading.
Inland bill of lading - It is a bill of lading that is used in transporting goods overland to the exporter's international carrier.
The above details describes about terms called in export business such Hedging Tools,Import duties,Import licence,Importation of goods,Import VAT,In Bond,Incoterms,Inherent Vice 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 Fumigation Certificate,General License,Guarantee
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