Like in most fields, import business too has its own terminology. In fact, hundreds of these unique importing acronyms and terms are used today.

Here are some of the used importing acronyms and terms commonly used:

ATA Carnet: It is a custom document that allows one to send or carry goods but for only temporary account without posting bonds or duty payments to foreign countries.

Airwaybill: The agreement between the air carrier and the shipper obtained from airlines for the shipment of goods.

Broker – A party that acts the mediator of the buyer and the seller. As of their job is negotiating contracts, sales in return and purchases for only a commission fee.

C. I. F.: Cost, Insurance and Freight. It is a term for pricing which seller pays expenses that involved when the merchandise is placed on board. Additionally, seller prepays the freight.

C-TPAT: Customs Trade Partnership against Terrorism.

Customs: This is a government service that regulates for the Custom Law’s administration and collection of duties and taxes.

Ex Quay (Point of Origin): pricing term wherein the seller’s responsibility is only to clear goods and make it available for a buyer with an agreed location.

F. C. A.: Free Carrier At. When this is indicated, it means that the seller accepted that it is free of the transportation cost and that he will be responsible for any risks until it is handled to the agreed place.

F. O. B.: Free on Board. Usually in the vessel, the seller have to deliver goods on board at his own expense.

GATT: General Agreement on Tariffs and Trade. A trade treaty that is multilateral among governments with embodied obligations and rights.

Harmonized Tariff Schedule – Listing of goods that are organized according to their rates of duty and the basis in classifying products. This is based from the international Harmonized System Convention.

INCO terms: Acronym of International Chamber of Commerce. It has lots of number of member companies in many countries. As a set of rules, its purpose is for interpreting the common terms used in trading including foreign parties. In this way, the misunderstanding and litigation between parties can be avoided.

L/C - Letter of Credit.

Maturity Date: a date which an acceptance becomes due for the payment.

Quota: a trade limitation or restriction to the quantity of goods before it will be imported to a specific country. They have the same parameters with export quotas.

Rate of Exchange: On the agreement, this is the basis as to which one country’s money will be used for exchanged.

S. I. T. C: Standard International Trade Classification. Classifies commodities that are used in trading international.

Sanitary Certificate: a statement notarized by an official for the food safety certifying the purity or absence of disease in the food products, seeds, live animals and plants to the shipment.

S/D: Sight Draft drawn payable

USCBP: United States Customs and Border.

Wharfage: assessed charge against merchandise or cargo, pier, vessel’s stores or through any wharf. The rate does not include weighing, sampling, sorting and coopering.

If you are looking for importing acronyms and terms that are not found here, you might check the International Trade Data in their website. Just use search engine to find more terms and acronyms including that of exports.