All Global Terms That Import and Export Companies Should Know for Customs Procedures
Global Terms and Explanations
1. Bill of Lading (Bill of Lading)
Official document showing that the cargo has been transported and will be received by the carrier.
2. Certificate of Origin
A document showing the country where a product was produced or processed.
3. Customs Broker
Authorized person acting on behalf of the importer or exporter to arrange customs procedures and documents.
4. Customs Duty
Tax collected on import or export goods.
5. Free Trade Agreement
An agreement between two or more countries that aims to reduce or eliminate trade barriers.
6. Harmonized System (HS Code)
Multi-digit code system used to classify goods traded around the world.
7. Import License
A permit issued by the government to import goods into a country.
8. Export License
A permit issued by the government to export goods from a country.
9. Incoterms (International Trade Terms)
Standard terms that determine the responsibilities and costs of the seller and buyer in international trade.
10. Customs Clearance
The process of completing the customs procedures of imported or exported goods.
11. Tariff (Tarife)
List of tax rates and fees charged on import or export goods.
12. Freight Forwarder
Intermediary company that organizes the transportation of goods and provides logistics services.
13. Proforma Invoice
Preliminary invoice issued before import or export transactions.
14. Letter of Credit
The document in which the buyer's bank guarantees payment to the seller.
15. Quota
Limiting the amount of goods that can be imported or exported within a certain period of time.
16. Duty Drawback (Customs Duty Refund)
Refund of customs duties paid in case of re-export of imported goods.
17. Bill of Entry (Customs Declaration)
The document in which the imported goods are notified to the customs administration.
18. Carnet (Temporary Import Carnet)
A document showing that goods temporarily imported or transported are exempt from customs duty.
19. Consignee (Buyer)
The person or organization to whom the cargo will be delivered.
20. Consignor
The person or organization sending the cargo.
21. Customs Bond
The financial guarantee given that the importer or exporter will fulfill its customs obligations.
22. Trade Barrier
Government policies and regulations that limit or make difficult imports or exports.
23. Valuation
The value of imported or exported goods determined for customs duty calculation.
24. Customs Tariff
Official list of customs duties and fees.
25. Export Declaration
The document in which the exported goods are notified to the customs administration.
26. Import Quota
A limitation on the amount of goods that can be imported in a certain period.
27. Non-Tariff Barriers
Regulations and policies that restrict or make it difficult to trade, but are not taxes.
28. Importer of Record (Official Importer)
The person or organization legally responsible during import operations.
29. Harmonized Tariff Schedule (HTS)
Code system used for the classification and tariffing of products used in international trade.
30. Free Carrier (FCA)
Incoterm by which the seller delivers the goods to the designated carrier and responsibility passes to the buyer.
31. Delivered Duty Paid (DDP)
Incoterm by which the seller delivers the goods to the buyer with customs duties paid and delivered.
32. Free on Board (FOB)
Incoterm in which the seller delivers the goods on board and the risk passes to the buyer.
33. Cost, Insurance, and Freight (CIF)
Incoterm in which the seller delivers the goods to the buyer by covering the cost, insurance and freight charges.
34. Commercial Invoice
Invoice issued by the seller and containing the price, quantity and other information of the goods.
35. Packing List
Document showing the content and packaging details of the goods sent.
36. Air Waybill
Transport document issued for goods transported by air.
37. Sea Waybill (Sea Waybill)
Transport document issued for goods transported by sea.
38. Dangerous Goods Declaration
Document containing the safety and regulatory information required during the transportation of dangerous goods.
39. Importer Security Filing (ISF)
Data that importers into the United States must report in advance to the Customs and Border Protection Agency.
40. Sanitary and Phytosanitary (SPS) Measures
Trade regulations implemented to protect human, animal and plant health.
41. Advance Cargo Declaration (ACD)
Requirement of prior notification of imported or exported goods to the customs administration.
42. Customs Valuation Agreement
International agreement on determining the values to be used in calculating customs duties.
43. Import Compliance
Obligation of importers to comply with all legal and regulatory requirements during import operations.
44. Authorized Economic Operator (AEO)
Businesses with safe and secure supply chain practices that are recognized by customs authorities.
45. Customs Bonded Warehouse
A place where goods for which customs duties have not been paid are temporarily stored.
46. Export Control Classification Number (ECCN)
USA expanse Classification code of products subject to acat control regulations.
47. Anti-Dumping Duty
Additional tax applied to prevent imported goods from being sold at low prices in local markets.
48. Countervailing Duty (Countervailing Duty)
Tax imposed to offset government subsidies given to foreign producers.
49. Generalized System of Preferences (GSP)
Tariff reduction program developed to encourage exports of developing countries.
50. Foreign Trade Zone (FTZ)
A special trade area where goods can be stored, processed or produced without paying customs duty.
These terms and their explanations provide the necessary information to carry out import and export transactions.
