Import Export Specialist

Export Cargo Shipping Instruction (ECSI) is the UK Government's official export credit agency. It helps UK manufacturers and investors trade overseas by providing them with insurance and backing for finance to protect against non-payment. Find information on the ECGD at the Export Credits Guarantee Department website.

Foreign-currency accounts is it may be more convenient for you to set up foreign-currency which is volatile or very weak. Some currencies present extra difficulties – for example, there may be exchange controls requiring government approval before you can exchange a particular currency.

Import paperwork is Goods imported from outside the EU require a range of import documentation and may also need an import licence. Goods in free circulation within the EU generally require minimal documentation. But if your imports exceed £221,000 you must provide Intrastat (see Intrastat) declarations to Customs for statistical purposes. And, some goods need special documentation.

Marine insurance is warehouse-to-warehouse insurance that covers exporters transporting goods overseas for losses they can't legally recover from the carrier. Despite its name, it covers all transport modes.

Standard international trade classification (SITC) is standard numerical code system developed by the United Nations to classify commodities used in international trade.

VAT is value added tax – in general terms VAT is payable on all imports at the same rate that would apply to the product or service if supplied in the UK . Many exports are zero-rated for VAT.

Cash in advance (CIA) is full payment for exported goods before shipment is made.

Air waybill is a bill of lading (see Bill of lading) that covers both domestic and international flights carrying goods to a specified destination.

Commercial agent or sales agent is a person or organisation appointed by exporter to sell and distribute goods in a foreign country.

Customs and Excise is UK government department with the responsibility for collecting VAT and other taxes and customs duties. It's also charged with preventing illegal imports of drugs, alcohol and tobacco smuggling and VAT and duties fraud.

Documentary credits is letters of credit are the most secure method of payment (other than payment in advance). Your customer arranges a letter of credit with its bank which pays a corresponding bank domestically – the advising bank – once you submit all the necessary documentation.

An accurate and authentic “irrevocable” letter of credit, verified by your bank, carries little credit risk. Documentary credits are typically used for exports to customers you have not sold to before, and for customers and countries that present particular credit risks.

DDU is delivered duty unpaid (named place of destination). This is an Incoterm. Find more information about Incoterms at the Incotyerms2000 website. The seller clears the goods for export and pays for delivery. The goods are delivered when they arrive at the named destination place, not cleared for import or unloaded. The buyer is responsible for clearing the goods for import and the associated costs and risk, though the seller can agree to bear some of these costs.

Incoterms (International Commercial Terms) is agreed rules which set out the delivery terms for goods which are traded internationally.

They allow the buyer and seller to agree responsibilities for the carriage of the goods, customs clearance and a division of costs and risks. The current version of Incoterms, agreed in 2000, contains 13 terms. They are grouped into categories covering various modes of transport. Find more information about Incoterms at the Incoterms 2000 website.

Asian dollars is US dollars deposited in Asia and the Pacific Basin .

Tariff quotas is European Union (EU) system to allow the importation of limited amounts of certain goods (sometimes from specified countries) at a rate of duty lower than would otherwise apply.

Consolidator is company issuing bills of lading (see Bill of lading) for the carriage of cargo on vessels or aircraft.

Eurodollars is US dollars deposited in Europe .

Dangerous goods note is document required when shipping hazardous or potentially hazardous goods.

Free trade zone is port designated by a country's government for duty-free entry of non-prohibited goods.

Marking is letters, numbers and other symbols placed on cargo to enable it to be identified more easily.