Terms used in export business such as Sustainability,Tare weight,course of their business,Technical assistance etc.
This post explains about terms used in export business such as Switch Arrangements, Sustainability,Tare weight,course of their business,Technical assistance,Technical data , Technology ,Throughput level ,Tobacco products,Trade Bloc,Third country 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
Supply:The quantity of an economic good that sellers will make available at a given price at a certain time in a specific market. A supply schedule indicates the quantity of an economic good that might enter the market at all possible prices at a particular time. Supply in a market economy is principally determined by the response of many individual entrepreneurs and firms to their perceptions of opportunities for earning profits.
Surplus:The amount of a commodity that cannot be absorbed in a given market at the existing price.
Sustainability - Meeting the needs of the present without compromising the ability of future generations to meet their own needs.
Sustainable Growth - Growth that does not negatively affect the poor, workers and the environment; economic growth that is just and fair and improves the likelihood of such growth in the future
Swap Arrangements:A form of trade in which title to similar or identical products from different locations is traded to save transportation costs.
Switch Arrangements: A form of countertrade in which the seller sells on credit and then transfers the credit to a third party.
System for exchange of excise data (SEED) :A European Union wide database of tax warehouses and registered traders.
Tare weight - It is the weight of the container and/or packed materials without considering the weight of the goods inside the container.
TARIC codes :A comprehensive set of commodity codes used by HM Revenue & Customs for import and export purposes.
Tariff - A duty(or tax) applied to goods transported from one country to another, or on imported products.
Tariff quota (TQ) :A form of European Commission preference under which limited amounts of specified goods may be admitted to free circulation at reduced or nil rates of duty and/or Common Agricultural Policy levy within a given period. The limit may be expressed in units of weight, volume, quantity or value. Once a quota has been exhausted, the commodity may still be imported, but duty or levy must be charged at the non-quota rate.
Tariff quota serial number (TQSN) :The specific number given to each separate Tariff quota to allow claims to each quota to be readily identified.
Tariff quotas: European Union (EU) system to allow the importation of limited amounts of certain goods (sometimes from specified countries) at a rate of duty lower than would otherwise apply.
Tariff: customs duties on imports of goods. They give price advantages or parity to similar locally produced goods and raise revenues for the government that levies them.
Taxable person :Importers who are registered for VAT and are re-importing goods in the course of their business.
Technical assistance - Technical assistance may take forms such as instruction, skills training, working knowledge, consulting services, and may also involve the transfer of technical data.
Technical data - Information required for the design, development, production, manufacture, assembly, operation, repair, testing, maintenance, or modification of controlled articles. This includes information in the form of blueprints, drawings, plans, instructions, diagrams, photographs, etc. May take forms such as blueprints, plans, diagrams, models, formulae, tables, engineering designs and specifications, manuals and instructions written or recorded on other media or devices such as disk, tape, or read-only memories. The ITAR definition does not include information concerning general scientific, mathematical, or engineering principles commonly taught in schools, colleges, and universities, or information in the public domain (ITAR 120.10(5)).
Technology - Any specific information and know-how (whether in tangible form, such as models, prototypes, drawings, sketches, diagrams, blueprints, manuals, software, or in intangible form, such as training or technical services) that is required for the development, production, or use of a good, but not the good itself.
Temporary duty suspensions :Designed to allow European Union (EU) manufacturing and processing industries to compete on equal terms with non-EU producers of finished products. Import duties on components or raw materials intended for further processing are partially or completely suspended. This is providing that the goods are either not available, or not available in sufficient quantities within the EU.
Temporary importation (TI) :A relief for goods imported to the European Union for certain purposes, or under certain conditions, and which will then be re-exported.
Tenor (of a draft) - Designation of a payment as being due at sight, a given number of days after sight, or a given number of days after date.
Terms of delivery: cover the division of responsibility for the costs of an export or import sale and for the risk of loss or damage in transit.
The Tariff :The Integrated Tariff of the United Kingdom. This sets out information about Customs procedures for the import, export and transit of goods. It also includes details of how goods are classified for Customs purposes and the rates of duty and VAT which apply to them.
Third country :Any country or territory which is not part of the European Union.
Through bill of lading - A single bill of lading converting both the domestic and international carriage of an export shipment. An air waybill, for instance, is essentially a through bill of lading used for air shipments. Ocean shipments, on the other hand, usually require two separate documents - an inland bill of lading for domestic carriage and an ocean bill of lading for international carriage. Through bills of lading are insufficient for ocean shipments. Compare Air waybill, Inland bill of lading, and Ocean bill of lading.
Throughput level :The quantity of goods passing through a warehouse.
Time draft - A draft that matures either a certain number of days after acceptance or a certain number of days after the date of the draft. Compare Date draft and Sight draft (see chapter 13).
TIR: transports internationaux routiers. International system that allows goods to be packed in a container under customs inspection at point of origin. The container can then pass across all national frontiers without being opened by customs officers.
Tobacco products :These products include cigarettes, cigars, hand-rolling tobacco, other smoking tobacco, and chewing tobacco, which are manufactured wholly or partly from tobacco or any substance used as a substitute for tobacco. Tobacco products are liable to excise duty which is generally based on the quantity or weight of the goods. Cigarettes are also liable to a duty based on the value of the goods that is known as the "ad valorem component" of the duty.
Trade Barriers:Government laws, regulations, policies, or practices that either protect domestic products from foreign competition or artificially stimulate exports of particular domestic products.
Trade Bloc - A trade bloc is a large free trade zone or near-free trade zone formed by one or more tax, tariff and trade agreements.
Trade Deficit - The value of a nation's imports exceeds the value of its exports.
Trade facility warehouse :Approval is restricted to the specific needs of an export shop. The qualifying criteria of a general storage and distribution warehouse is not required for this type of warehouse.
Trade Liberalization - The reduction of tariffs, quotas, and other barriers to permit more foreign trade and investment.
Trade union organisation - There are two kinds of trade union organisations - those that have workers as members and those that have trade unions as members.
The above details describes about terms called in export business such as Switch Arrangements, Sustainability,Tare weight,course of their business,Technical assistance,Technical data , Technology ,Throughput level ,Tobacco products,Trade Bloc,Third country 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 Sovereignty,Special territories,Spot exchange,Stocking Distributor
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