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English Vocabulary for International Trade

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Learn English vocabulary for international trade. International trade is a cornerstone of our global economy, as goods are constantly flowing by air and ship around the world. In this lesson, we’ll look at how it all works. Along the way, we’ll learn English vocabulary related to the process of international trade.

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English Vocabulary for International Trade

  1. 1. www.VideoVocab.TV Text
  2. 2. International TRADE INCOTERMS merchandise inspection proformainvoice CERTIFICATE letter of credit FOBCFR CIF Customs DUTY BondedWarehouse bill of lading Broker
  3. 3. merchandise
  4. 4. Text merchandise Goods that are bought and sold in trade are called merchandise.
  5. 5. Text When merchandise is being moved or shipped, it may be called freight or cargo. merchandise
  6. 6. Text Trucks took the merchandise in containers from the factory to the port. example:
  7. 7. Text certificate of manufacture
  8. 8. Text certificate of manufacture The manufacturer will issue a certificate of manufacture certifying that the goods are have been made to the buyer’s specifications.
  9. 9. Text certificate of inspection A certificate of inspection shows that the goods meet therequired standards prior to shipment.
  10. 10. Text “The goods appeared damaged, so the buyer checked to see that the certificate of inspection was valid.” example:
  11. 11. Text pro forma invoice
  12. 12. Text Before a supplier sends merchandise to a buyer, the supplier provides a pro forma invoice. pro forma invoice
  13. 13. Text pro forma invoice This invoice lists the exact quantity, value, and specifications of the merchandise.
  14. 14. Text “When the shipment arrived, we checked the contents against the pro forma invoice we had received.” example:
  15. 15. Text letter of credit
  16. 16. Text letter of credit In large trades, a buyer will finance the transaction using a letter of credit.
  17. 17. Text letter of credit This document guarantees that payment will be made when the seller meets the conditions of sale.
  18. 18. Text “ Whe n Wayland Inc. received the letter of credit, they contacted the shipping company to arrange transport.” example:
  19. 19. Text bill of lading
  20. 20. A bill of lading is a contract between an exporter and a transportation company. Text bill of lading
  21. 21. The bill of lading lists the goods being carried and must remain with the merchandise at all times. Text bill of lading
  22. 22. Text example: “An airline may issue a bill of lading to a seller either before or after payment for goods is made.”
  23. 23. Text incoterms
  24. 24. C I P DAT E X W FOB INCOTERMS c f r CIFFAS FCA dap DDP
  25. 25. Text Free On Board Free on Board (FOB) means the seller is responsible for the goods until they are loaded.
  26. 26. Text Free On Board The seller must pay all costs related to getting the goods to port and onto the ship.
  27. 27. Text CFR means that a quoted price includes the cost of goods and transport charges to the destination port. Cost & Freight
  28. 28. Text CIF means that the quoted price includes the cost of goods, insurance, and transportation to the destination port. Cost Insurance Freight
  29. 29. Text example: “The seller agreed to pay cost and freight, so the buyer had to buy insurance for the goods.”
  30. 30. Textbonded warehouse
  31. 31. Text bonded warehouse A bonded warehouse is a place where goods are stored after shipping but before the payment of duties on those goods.
  32. 32. Text “At any major port facility there will be a number of b o n d e d w a r e h o u s e s available to store goods.” example:
  33. 33. Text customs / duty
  34. 34. Text customs Customs is the authority or organizationthat controlsthe flow of goods in and out of a country.
  35. 35. Text duty Customs authorities collect the duties – or taxes - applied to imports and exports.
  36. 36. Text “Within a port, customs officials have the right to board and search any ship.” example:
  37. 37. Text customs broker
  38. 38. Text customs broker A customs broker helps importers and exporters move their goods through Customs.
  39. 39. Text customs broker Customs brokers prepare documents, help with communication, and arrange payment of duties.
  40. 40. Text “Many customs brokers specialize in certain types of goods, such as textiles, food, orcomputer equipment.” example:
  41. 41. Text Practice Now, it’s your turn to practice!
  42. 42. Text example For example, if you hear… The bank issued a letter of <beep> to the furniture exporter.
  43. 43. Text example You can say ... The bank issued a letter of credit to the furniture exporter.
  44. 44. Text get ready to speak
  45. 45. Text The goods sat in a bonded <beep> for three months before the duty was paid. question 1
  46. 46. Text answer 1 The goods sat in a bondedwarehouse for three months before the duty was paid.
  47. 47. Text The agreed terms were cost and<beep>, so the buyer had to buy insurance. question 2
  48. 48. Text The agreed terms were cost and freight, so the buyer had to buy insurance. answer 2
  49. 49. Text question 3 When the shipment arrived, we checked the contents against the bill of <beep>.
  50. 50. Text answer 3 When the shipment arrived, we checked the contents against the bill of lading.
  51. 51. Text question 4 After so many delays in customs, we switched to a better customs <beep>.
  52. 52. Text After so many delays in customs, we switched to a better customs broker. answer 4
  53. 53. www.VideoVocab.TV Text

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