International Trade Terms I flashcards

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Export

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The process of sending goods or services to another country for sale.

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Import

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The process of bringing goods or services into a country from abroad for sale.

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Quota

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A limit set on the quantity or value of a product that can be imported or exported.

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Tariff

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A tax imposed on imported or exported goods, usually to protect local industries.

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Customs

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The official department that administers and collects duties and controls the flow of goods in and out of a country.

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Customs clearance

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The process of getting official permission to move goods through customs.

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Incoterms

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International rules that define the responsibilities of buyers and sellers during shipping and delivery.

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Bill of Lading

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A legal document between a shipper and carrier that lists and describes the goods being transported.

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Freight Forwarder

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A company that arranges the storage and shipment of merchandise on behalf of its shippers.

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Containerization

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The system of transporting goods in large standard-sized containers, making transfer between transport modes easier.