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TERM IN INTERNATIONAL TRADE

TERM IN INTERNATIONAL TRADE

ADVISING BANK A bank, operating in the exporter’s country, that handles LETTERS OF CREDIT  for a foreign bank by notifying the exporter that the credit has been opened in his or her favor.
AIR WAYBILL A BILL OF LADING  that covers both domestic and international flights transporting goods to a specified destination.
APPLICANT A corporation applying for the right to establish, operate and maintain a foreign-trade zone.
ARBITRAGE The process of buying FOREIGN EXCHANGE, stocks, bonds and other commodities in one market and immediately selling them in another market at higher prices.
BARTER Trade in which merchandise is exchanged directly for other merchandise without use of money.
BENEFICIARY The person in whose favor a LETTER OF CREDIT  is issued or a DRAFT is drawn.
BILL OF LADING A 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.

CASH IN ADVANCED (C.I.A.) Payment for goods in which the price is paid in full before shipment is made.
CERTIFICATE OF ORIGIN  

A document, certifying the country of origin of specified goods.

COST AND FREIGHT (C & F)  A pricing term indicating that the cost of the goods and freight charges are included in the quoted price.
COST AND INSURANCE (C & I ) A pricing term indicating that the cost of the product and insurance are included in the quoted price.
COST, INSURANCE, FREIGHT A pricing term indicating that the cost of the goods, insurance, and freight are included in the quoted price.
COMMERCIAL INVOICE An itemized list of goods shipped, usually among an exporter’s COLLECTION PAPERS.
CONSIGNMENT Delivery of merchandise from an exporter (consignor) to an agent (consignee) under agreement that the agent sell the merchandise for the account of the exporter.
CORRESPONDENT BANK A bank that, in its own country, handles the business of a foreign bank.
CUSTOMS The authorities designated to collect duties levied by a country on imports and exports.
DEVALUATION The official lowering of the value of one country’s currency in terms of one or more foreign currencies.
DISTRIBUTOR A foreign agent who sells for a supplier directly and maintains an inventory of the supplier’s products.
DOCUMENTARY AGAINST ACCEPTANCE (D/A) Instructions given by a shipper to a bank indicating that documents transferring title to goods should be delivered to the buyer only upon the buyer’s acceptance of the attached draft.
DUMPING    Exporting/Importing merchandise into a country below the costs incurred in       production and shipment.
EXCHANGE RATE The price of one currency in terms of another, i.e., the number of units of one currency that may be exchanged for one unit of another currency.
FOREIGN EXCHANGE The currency or credit instruments of a foreign country.
FREIGHT FORWARDER An independent business which handles export shipments for compensation.
LETTER OF CREDIT(L/C) A document, issued by a bank per instructions by a buyer of goods, authorizing the seller to draw a specified sum of money under specified terms, usually the receipt by the bank of certain documents within a given time.

References:

John McLaren (2012), “International Trade”, Wiley Publishing


Published at : Updated
Written By
Dony Saputra, S.Kom, M. Kom, MM
Deputy Head of IBM | SoBM
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  1. Oleh: Dony Saputra, Mkom, MM – IBM

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