Glossary of Terms
Find out the key terms and jargon commonly used in the import, export, and logistics industries with this resource.
A
Air Waybill (AWB)
A document that accompanies goods shipped by an international air courier, proving that the shipment has been received and the goods are being transported to the destination.
B
Bill of Lading (B/L)
A legal document issued by a carrier to a shipper, detailing the type, quantity, and destination of the goods being carried. It also serves as a shipment receipt when the carrier delivers the goods at the predetermined destination.
Bonded Warehouse
A secure space where goods are stored without the payment of duties until they are removed and entered for consumption.
C
Cargo
Goods or products that are transported, typically for commercial gain, by ship, aircraft, train, or truck.
Certificate of Origin (COO)
A document used in international trade that certifies that the goods in a particular shipment were wholly obtained, produced, manufactured, or processed in a particular country.
Customs Broker
A professional who is licensed to act on behalf of importers and exporters to clear goods through customs and ensure compliance with all relevant regulations.
D
Duty
A tax imposed by a government on the import or export of goods.
E
Export License
A government document that authorizes the export of specific goods in specific quantities to a particular destination. It is often required for goods that are subject to export controls.
F
Freight Forwarder
An agent who acts on behalf of shippers to arrange transportation services. Freight forwarders handle the logistics of shipping and can arrange for the movement of goods via multiple modes of transportation.
H
Harmonized System (HS) Code
A standardized numerical method of classifying traded products. It is used globally to ensure that goods are categorized and tariffs and duties are applied consistently.
I
Incoterms
A set of international rules published by the International Chamber of Commerce (ICC) that define the responsibilities of sellers and buyers for the delivery of goods under sales contracts.
Invoice
A commercial document issued by a seller to a buyer, indicating the products, quantities, and agreed prices for products or services the seller has provided.
L
Logistics
The management of the flow of goods between the point of origin and the point of consumption to meet the requirements of customers or corporations.
M
Manifest
A document listing the cargo, passengers, and crew of a ship, aircraft, or vehicle for the use of customs and other officials.
N
Non-Tariff Barrier (NTB)
A form of restrictive regulation and policy (such as quotas, embargoes, sanctions, or levies) other than tariffs that countries use to control the amount of trade across their borders.
P
Packing List
A document prepared by the exporter that lists the details of the shipment, including the description, quantity, and weight of each item, as well as the packaging information.
Port of Entry
A place where goods or individuals enter a country, and where customs and immigration checks are carried out.
R
Re-Export
The export of goods that have been imported from another country.
S
Shipping Mark
A symbol, letter, or number placed on each package to identify the shipment and its contents. It helps in the identification and handling of the goods.
T
Tariff
A tax imposed on imported goods and services. Tariffs are used to restrict trade, as they increase the price of imported goods and services, making them more expensive to consumers.
Trade Compliance
The process of ensuring that all import and export activities meet all legal requirements, including adherence to international trade laws, regulations, and agreements.
U
Unit Load Device (ULD)
A pallet or container used to load luggage, freight, and mail on wide-body aircraft and specific narrow-body aircraft. It allows a large quantity of cargo to be bundled into a single unit.
W
Warehouse Receipt
A document issued by a warehouse listing the goods received for storage. It can be a negotiable instrument used in financing agreements.
This Glossary of Terms aims to provide clarity and assist you in navigating the complexities of international trade. If you have any questions or need further assistance, please contact us.