Terms used in export business such as Sovereignty,Special territories,Spot exchange,Stocking Distributor

Posted on 19 April 2023 Category : Export Terms

Terms used in export business such as Sovereignty,Special territories,Spot exchange,Stocking Distributor etc.

This post explains about terms used in export business such as Software,Single market,Sovereignty,Special territories,Spot exchange,Stocking Distributor, Subsidy,Subsidies 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

Simplified clearance procedure (SCP) :A procedure under which exporters of goods may submit an abbreviated Customs pre-entry or an approved commercial document at the time of export. Full statistical information must be provided after the goods are exported.

Simplified declaration procedure (SDP) :Requires a two-stage declaration to the Customs Handling of Import and Export Freight system. The first stage is the provision of brief details of the consignment against which Customs clearance is given. The second stage requires the submission of a full supplementary declaration within a specified period. The SDP is only available under the New Export System.

Simplified declaration warehouse (SDW) :A supplementary declaration submitted for goods removed from a warehouse under Customs freight simplified procedure arrangements.

Simplified frontier declaration (SFD) :A Customs declaration for goods imported under the Customs freight simplified procedure arrangements. A simplified frontier declaration (SFD) contains a minimum amount of information and is submitted at the frontier. Presentation of an SFD enables clearance at the frontier or removal to local clearance procedure.

Simplified procedure values (SPV) :A special system for valuing certain fresh fruit and vegetables.

Single Administrative Document (SAD) :A multi-purpose Customs document designed to simplify and harmonise customs information requirements within the European Union (EU). The full form of the single administrative document (SAD) is an eight-part document. It is also available in shorter forms suitable for use in particular applications. There are also electronic equivalents of the SAD for computer input purposes. Also known as the C88, this document must be completed for all exports, imports and goods transiting the EU.

Single European Declaration (SED) :The European Union form used to declare imported goods to Customs.

Single market :Measures brought into force by the European Union, creating an area without internal frontiers in which the free movement of goods, persons, services and capital is ensured. These required important changes to the way VAT and some excise duties are charged and accounted for.

SITPRO (formerly The Simpler Trade Procedures Board): public body which aims to help businesses trade more effectively across national borders and cut the red tape associated with international trade. See the SITPRO website for more information.

Software – A collection of one or more "programs" or "microprograms" fixed in any tangible medium of expression.

Sourcing company - A company that purchases product from another company, for either direct or indirect onward sale to the consumer.

Sovereignty - The principle that the state exercises absolute power over its territory, system of government, and population.

Special territories :Countries or areas that are effectively part of the Customs territory of the European Union but not part of the fiscal (excise duty and VAT) territory. Goods imported from these territories are liable to VAT and excise duty (if appropriate) unless they are eligible for a relief. These territories are the Aland Islands, the Canary Islands, the Channel Islands, French Guiana, Guadeloupe, Martinique, Mount Athos and Reunion.

Specially Designated National (SDN) - List of designated entities and individuals found by the US. Government to be agents of the sanctioned countries, terrorism sponsoring organizations, international narcotics traffickers, weapons proliferators or otherwise engaged in activities that threaten the security of the US.

Specific Delivery Point:A point in sales quotations which designates specifically where and within what geographical locale the goods will be delivered at the expense and responsibility of the seller; e.g., F.A.S. named vessel at named port of export.

Specific duty - It is the duty or tax calculated as a rate per unit of measure of the merchandise, such as number, volume, weight, etc.

Specified Technologies - Technologies, items or information that appear on either the Commerce Control List (CCL) or the U.S. Munitions List (USML).

Spot exchange - It is the term used for the sale or purchase of foreign exchange for immediate delivery.

Spot exchange - The purchase or sale of foreign exchange for immediate delivery.

Stakeholder - The term refers to any individual, community or organisation that affects or is affected by the operations of a company.

Standard exchange system (SES) :The SES is a variant of outward processing relief, which allows duty relief to be granted on goods imported as replacements for faulty goods which have been exported from the community for repair. Traders may import replacements before the faulty goods are exported, if they are authorised to use SES with prior importation.

Standard import values (SIV) :A special system for valuing certain fresh fruit and vegetables at certain times of the year, when the entry price system is in force. SIVs do not operate concurrently with simplified procedure values.

Standard industrial classification (SIC) - A standard numerical code system used to classify products and services.

Standard international trade classification (SITC) - A standard numerical code system developed by the United Nations to classify commodities used in international trade.

Standard shipping note (SSN) :Document completed by the exporter which tells destination ports and container depots and ports how the goods should be handled. A dangerous goods note must also be sent if the goods are classified as dangerous or hazardous.

Standard shipping note: document completed by the exporter which tells destination ports and container depots how the goods should be handled. A dangerous goods note must also be sent with hazardous goods.

Standby Credit:An arrangement between customer and his bank by which the customer may enjoy the convenience of cashing cheques, up to a value. Or a credit set up between the exporter and the importer guaranteeing the exporter will pay the importer a certain amount of money if the contract is not fulfilled. It is also known as performance bond. This is usually found in large transactions, such as crude oil, fertilizers, fishmeal, sugar, urea, etc.

standby letter of credit: A letter of credit issued to cover a particular contingency, such as foreign investors guaranteed payment for commercial paper.

Steamship conference - A group of steamship operators that operate under mutually agreed-upon freight rates.

Stocking Distributor:A distributor who maintains an inventory of goods of a manufacturer.

Straight bill of lading - A nonnegotiable bill of lading in which the goods are consigned directly to a named consignee.

Straight bill of lading - A term for a non-negotiable bill of lading in which the merchandise is consigned directly to a named consignee.

Subsidies - Grants of money made by the government to either a seller or a buyer of a certain product or service, thereby altering the price or cost in a way which affects the output.

Subsidy:An economic benefit granted by a government to domestic producers of goods or services, often to strengthen their competitive position.

Supplementary declaration (SD) :Another name used to describe a post-shipment declaration. Under the New Export System it is an electronic message sent to the Customs Handling of Import and Export Freight system to declare statistical and control information for all consignments exported under either the local clearance procedure or the simplified declaration procedure.

The above details describes about terms called in export business such as Software,Single market,Sovereignty,Special territories,Spot exchange,Stocking Distributor, Subsidy,Subsidies 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 Relevant goods,Royalty Payment,Sanction,Sea waybill,Shed identity

Terms used in export business such as Sovereignty,Special territories,Spot exchange,Stocking Distributor

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