EXIM Glossary and Definition
Exporters and importers around the globe use various EXIM terms for ease of usage in communication and as a standard for understanding.
Here are some of the top export and import glossaries, with definitions, to help you learn new terms and practices. These are the terms and abbreviation that stands for various meanings and have importance within the context of trade and logistics. Understand the terminologies and EXIM vocabulary for anyone who is involved in the industry.
AWB: Air Waybill
An Air Waybill is a document accompanying the goods shipped by an international shipment to provide detailed information and tracking of the shipment.
BL: Bill of Lading
A bill of lading is a document issued by the carrier to acknowledge the receipt of the goods for shipment.
Import Duty
These are customs duties paid on goods that are imported by a business in a country.
LC: Letter of Credit
Letter of Credit is a financial instrument that guarantees the payment from buyer to customer in international trade.
WTO: World Trade Organization
Established in 1995, WTP is the successor to the 1948 General Agreement on Trade & Tariffs. The organization administers trade agreements and provide a general forum for trade negotiations and monitor trade policy for 164 member countries.