Import Export Specialist

Confirmed letter of credit is letter of credit issued by an overseas bank but also confirmed by a domestic bank (in your country). Under these circumstances you'll be paid by the domestic bank even if your buyer or other bank defaults, providing the terms of the letter are met fully. (see letter of credit)

Certificate of insurance is shows insurance cover has been arranged for goods being exported. It should detail the degree of cover and list the policy number and all other relevant details.

Duty is you may be required to pay import duty if you are bringing goods into the country. There is no duty on goods that re in free circulation (See Free circulation with the EUL).

For goods that are imported from outside the EU, the rate of duty depends on the product and the country of origin. Duty is based on the cost, insurance and freight value (ad valorem duties) of the goods. Rates of duty can vary suddenly and without warning and can have a significant effect on the value of the goods.

Open General Import Licence is available from the Department of Trade and Industry, this allows the import of most goods from outside the EU without licensing formalities. But some goods require a special licence and are listed in a schedule to OGIL.

Standard shipping note is document completed by the exporter which tells destination ports and container depots how the goods should be handled. A dangerous goods note must also be sent with hazardous goods.

Customs Freight Simplified Procedures (CFSP) is electronic declaration methods that simplify customs procedures for clearing non-EU imported goods either at a frontier or upon removal from a free zone or customs warehouse. Find more information about CFSP at the Customs and Excise website.

Certificate of manufacture is statement (often legalised by a notary) in which a producer of goods certifies that manufacture has been completed and the goods can be bought.

Customs commodity code is eight-digit commodity code required for exports outside the EU. It needs to be entered on your customs export declaration. Sometimes known as the “first eight digits of the Customs Tariff number” or “CN (Customs nomenclature) code”, it's also used as the basis for the import declaration in the country of destination. Find more information about Customs community codes in Customs Notice 600 on the Customs and Excise website.

Import license is some countries may require import licences for certain or all goods. As an exporter it's normally your customer's responsibility to comply with import procedures, but it's a good idea to check they're doing so.

Pre-shipment inspection (PSI) is a few countries require goods and documents to be examined before export by an independent agency. In some countries it's optional but can be requested by the customer. Usually, countries where PSI applies have appointed one dedicated agency to perform the pre-shipment inspection. Normally, your freight forwarder or customer will be able to advise on the necessary arrangements.

Foreign and Commonwealth Office (FCO) is government department responsible for foreign affairs. With the Department of Trade and Industry, the FCO manages British Trade International to support international trade by UK exporters and boost inward investment by overseas firms in Britain .

CIP is carriage and insurance paid to (named place of destination). This is an Incoterm. Find out more information about Incoterms on the Incoterms 2000 website. The seller clears the goods for export and pays for delivery to the named destination. The goods are delivered when the seller passes the goods to its carrier. From this point the buyer takes responsibility for all costs and risks. But the seller must also take out insurance to cover the buyer's risk during transport.

Groupage is this allows exporters of small consignments to gain the benefits of containerisation. A freight forwarder undertakes to group together different exporters' consignments to fill a whole container for a particular destination.

Forwarding agent is most smaller importers use a forwarding agent to handle customs clearance for goods coming into the UK from outside the EU.

DEQ is delivered ex quay (named port of destination). This is an Incoterm. Find more information about Incoterms at the Incoterms 2000 website. The seller clears the goods for export and pays for delivery. The goods are delivered when they're placed on the quay at the named port of destination. The buyer is responsible for clearing the goods for import and associated costs, unless agreed otherwise.

Inward processing relief (IPR) is if you intend to re-export goods you've imported after processing them, you can apply for inward processing relief. This means VAT and duty only become payable if you decide to sell your goods in the UK or if you fail to meet the conditions of the scheme.

Bonded warehouse is warehouse authorised by Customs for storing goods on which payment of duty is deferred until the goods leave the warehouse.

Credit-risk insurance is insurance for exporters designed to cover risk of non-payment for delivered goods. (See Export Credits Guarantee Department).

Export house is intermediary organisation between an exporter and a buyer.