When you embark on a journey in import, export, and shipping, you may encounter specialized terminology that can be confusing at first. But understanding these terms is essential to international business success. Here are some of the most important terms you may encounter in the industry:
1. Importing and exporting:
- Importing: The process of buying goods and services from another country and bringing them into your own.
- Exporting: The process of selling goods and services from your country to another country.
2. Customs and taxes:
- Customs: The fees and charges that must be paid when importing or exporting goods across international borders.
- Customs Duties: These are fees charged by the government on imported or exported goods.
- Value Added Tax (VAT): A tax levied on the value added to goods and services at each stage of production and distribution.
3. Certificate of Origin:
- Certificate of Origin: A document that proves the origin of a commodity and manufacturing details, and helps determine customs duties and trade reservations.
4. Shipping and transportation:
- Sea Freight: The transportation of goods across the sea using sea vessels.
- Air Freight: The transportation of goods by air using airplanes.
- Land Freight: The transportation of goods over land using trucks or trains.
5. Logistics:
- Supply Chain Management: The process of managing the flow of materials and information from the point of origin to the point of consumption.
- Warehousing: The process of storing goods in specialized warehouses until the time of shipment.
- Distribution: The process of distributing goods from warehousing to end customers.
6. Temporary release:
The term "provisional release" refers to a process by which goods are temporarily allowed to enter a particular country without paying the usual customs duties or performing full customs formalities. This process is used in a variety of situations and circumstances, and is usually aimed at facilitating the circulation of goods and offering companies and individuals some flexibility in business operations.
Conclusion:
This is just a brief overview of some of the key terms in import, export, and logistics operations. Traders in this field should familiarize themselves with more terms and understand them better to facilitate the flow of trade across international borders.
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