Words and phrases used in import-export, with definitions and sample sentences - free for students of business English who need to learn business vocabulary. Business English for ESL learners.
Definition
An import export business is a company that facilitates trades of goods and commodities between domestic and foreign companies. In other words, it’s a company that buys goods internationally and ships them in for domestic purchases and vise versa.
Elements
Are you new to the import-export business? If so, there are some key vocabulary terms you need to know. Here is a quick guide to some of the most important import-export business vocabulary.
Incoterms: Incoterms are international rules that govern the sale of goods between buyers and sellers. There are 11 different Incoterms, each with its own specific meaning and implications.
Export Licensing: Export licensing is required for some goods that are being shipped out of the country. This is usually done to control the exports of goods that could be used for military purposes.
Free Trade Agreement: A free trade agreement is a pact between two or more countries to reduce or eliminate trade barriers between them. This can include tariffs, quotas, and other restrictions on trade.
Harmonized Tariff Schedule: The Harmonized Tariff Schedule is a list of all the tariffs that are applied to imported goods. This schedule is used by customs officials to determine the correct duties and taxes that need to be paid on imported goods.
Conclusion
These are just a few of the key vocabulary terms you need to know when you are getting involved in the import-export business. By familiarizing yourself with these terms, you will be better prepared to navigate the world of international trade.
