No country is complete by itself. Each country is required to interact with others in the world in many ways, such as sharing natural resources, trade and economy, etc. Imports (buying goods from a foreign nation) and exports (selling goods to another country) ensure the flow of foreign exchange on both sides, leading to positive global economic growth. With a little knowledge of cross-border business management, you can start your own export-import trade. You should be aware of the terminologies used in EXIM trading before delving deeper. Read further to find out more.

• Customs duties: This is nothing more than the tax that is applied when certain materials are imported. This is a way for the government to control over-importation in order to protect domestic producers, as well as increase their income.
• Discounts and Subsidies: Some governments offer subsidies and tax exemptions for exporters of certain commodities. They also provide specialized free zones without tariffs or quotas to encourage organizations to do business there. Global providers offer discounts to their international customers, which reduces expenses for your organization.
• Bill of Lading: This is the contract between the shipper (seller/exporter) and the customer (buyer/importer in another country), which is a physical confirmation of receipt of the goods. It includes the description of the goods, quality and quantity and proof of ownership.
• CIF: They are the initials of all the prices involved in cost, insurance and freight. Normally the buyer has to bear these charges.
• FOB – Another acronym often used in global business jargon, where the shipper bears the costs involved in delivering the goods to the ship/aircraft as agreed by the buyer, plus all expenses will be borne by buyer’s charge. .