Terms used in international trade business such as balance of trade,banker’s acceptance,baseefa,beneficiary,bifa,bill of exchange, big-ticket

Posted on 08 April 2023 Category : International Business Terms

Terms used in international trade business such as balance of trade,banker’s acceptance,baseefa,beneficiary,bifa,bill of exchange, big-ticket etc.

This post explains about terms used in international trade business such as balance of payments ,balance of trade,banker’s acceptance,baseefa,beneficiary,bifa,bill of exchange, big-ticket,bill of lading 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 international trade business

BACS:Banker's Automated Clearing System

BAF - See Bunker adjustment factor.

BAF:Bunker Adjustment Factor

Bag - Flexible packaging made of paper, plastic film, textiles, woven material or other similar materials.

Balance of payments - Difference between a country’s total imports and exports. If exports exceed imports, a favorable balance of trade exists; if not, a trade deficit is said to exist.

balance of payments :the difference between the amount of money a country pays to foreign countries and the amount it receives from them

balance of payments accounts:National accounts that track both payments to andreceipts from foreigners.

Balance of trade - The difference between a country's total imports and exports. If exports exceed imports, a favorable balance of trade exists; if not, a trade deficit is said to exist.

balance of trade :the difference between the value of all the goods a country sells to foreign countries and all the goods it buys from them

Balance of Trade: The difference between a country's total imports and exports; if exports exceed imports, a favorable balance of trade exists; if not, a trade deficit is said to exist.

Bank guarantee - Assurance obtained from a bank by a buyer that the bank will pay the seller the stated amount of the guarantee should the buyer default on payment. A bank guarantee may not be issued in the U.S. by U.S. banks. See Letter of Credit.

Bank release - Negotiable time draft drawn on and accepted by a bank which has added its own credit to that of the buyer.

Banker’s acceptance - Draft drawn on and accepted by a bank. Depending on the bank’s creditworthiness, it can be a financial instrument that can then be discounted.

Banker's draft - Draft drawn by or on behalf bank itself. Regarded as cash, it is payable on demand and cannot be returned unpaid.

Bargain Purchase Option: A lease provision allowing the lessee, at its option, to purchase the equipment for a price predetermined at lease inception, that is substantially lower than the expected fair market value at the date the option can be exercised.

Barratry - Negligence or fraud on the part of a ship’s officers or crew resulting in injury or loss to the ship’s owners.

Barter - Trade in which merchandise is exchanged directly for other merchandise without use of money. Barter is an important means of trade with countries using currency that is not readily convertible.

BASEEFA:British Approvals Service for Electrical Equipment in Flammable Atmospheres

Basic points - One thousandths; 1/100 of 1%; i.e., 100 basis points is equal to 1%.

BBB:Before Breaking Bulk

BCC:British Chambers of Commerce

BCN:Banker's Cover Note

Bd:Bond

Bdi:Both dates inclusive

BEA:British Exporters Association

BEMAS:Buoy Monitor and Alarm System

Beneficiary - The person in whose favor a letter of credit is issued or a draft is drawn.

Beneficiary: a party who receives a legal benefit. In a letter of credit situation, the party to whom payment will be made. Normally, but not always, the seller or exporter.

Beneficiary:The person in whose favour a letter of credit is issued or a draft is drawn

Benelux:A Customs Union between Belgium, the Netherlands and Luxembourg

Berne Union - International Union of Credit and Investment Insurers.

Berth - Location alongside a quay (pier) where a ship ties up to load or discharge cargo.

Bf or B/fwd:Brought Forward

BIFA:British International Freight Association

Big Emerging Markets: A group of fast growing economies identified by the Department of Commerce as having the most potential for US exporters. They are: The Chinese Economic Area (China, Hong Kong and Taiwan), India, Indonesia, South Korea, Argentina, Brazil, Mexico, Poland, Turkey and South Africa.

Big-Ticket: A market segment of leasing, sales, etc for items costing over $2 million. In leasing, this sector is generally dominated by leveraged leases, represented by lease financing over $2 million.

Bill of Entry:A written description of the nature and value of goods for customs purposes

BILL OF EXCHANGE: Also a draft. A written unconditional order for payment from a drawer to a drawee, directing the drawee to pay a specified amount of money in a given currency to the drawer or a named payee at a fixed or determinable future date.

Bill of exchange: written document in which a supplier is guaranteed payment of a specified amount by a drawee by a fixed date. The drawee is generally the customer but is likely to be the customer's bank if the bill of exchange is used with a term letter of credit (see Letter of credit). The bill can request immediate payment ("at sight" or "on demand"). It can specify payment at a later date ("the term"). Drawees become legally liable for payment once they accept (agree to pay) the bill.

Bill of lading - . Serves as: 1. a receipt for goods taken in charge 2.evidence of the carriage contract 3.a document of title - if appropriately drawn up, it can allow bearer to claim the goods.

Bill of lading (B/L) - Document that establishes the terms of a contract between a shipper and a transportation company under which freight is to be moved between specified points for a specified charge. Usually prepared by the shipper and actuated by the carrier, it serves as a document of title, a contract of carriage, and a receipt for goods. Also see Air waybill, Inland bill of lading, Ocean bill of lading, and Through bill of lading. It may also be used as an instrument of ownership, which can be bought, sold or traded while the goods are in transit. To be used in this manner, it must be a negotiable "Order Bill of Lading.""Clean B/L" is issued when the shipment is received in good order. If damage or a shortage is noted, a clean bill of lading will not be issued."On Board B/L" certifies that the cargo has been placed aboard the named vessel and is signed by the master of the vessel or his representative. On letter of credit transactions, an On Board B/L is usually necessary for the shipper to obtain payment from the bank. When all bills of lading are processed, a "ships manifest" is prepared by the steamship line. This summarizes all cargo aboard the vessel by port of loading and discharge."Inland Bill of Lading" is also known as the "Waybill" on rail or the "Pro Forma B/L" in trucking. It's used to document the transportation of the goods between the port and the point of origin or destination. It should contain information, such as marks, numbers, steamship line, etc., to match with a dock receipt.

The above details describes about terms called in international trade business such as balance of payments ,balance of trade,banker’s acceptance,baseefa:,beneficiary,bifa,bill of exchange, big-ticket,bill of lading etc. These phrases may help importers and exporters on their day to day export import business activities. The readers can also add more information about terms used in international business trade below this post.

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Terms used in international trade business such as balance of trade,banker’s acceptance,baseefa,beneficiary,bifa,bill of exchange, big-ticket etc.

Terms used in international trade business