Glossary of International Trade Terms

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Information about Glossary of International Trade Terms

Published on February 27, 2014

Author: tradegalleries



In this post we have compiled an extensive list of the different terms that are widely used in the conducting of transactions in International Trade.

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 Ad Valorem: Charge that is levied onto the value.  Duty: This refers to the tax that is imposed by the customs authority of a country on imports.  Applicant: An individual or a corporation which applies for the right to establish, operate and maintain a trade zone internationally.  Beneficiary: This refers to the individual or the group in whose favor a draft or a Letter of Credit is drawn.  District Director: The director of the customs for the particular district in which the zone is present.

 Clean Draft: This refers to a draft in which no documents have been attached.  Charter Party: This signifies a written contract between the owner of the ship and the one who is buying the charter to rent the vessel or part of the freight space of the vessel.  Commercial Invoice: This invoice contains a list of goods which have been shipped.  Customs Territory: This refers to the territory within the U.S where the tariff laws of the United States apply.  Discrepancy: When there are documents presented which do not match the letter of credit is known as discrepancy.

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