Export Import Glossary

• Packing list
A list showing the number and kinds of items being shipped, as well as other information needed for transportation purposes.
• Parcel post receipt
The postal authorities' signed acknowledgment of delivery to receiver of a shipment made by parcel post.
• PEFCO
Private Export Funding Corporation. A corporation that lends to foreign buyers to finance exports from the United States.
• Perils of the sea
A marine insurance term used to designate heavy weather, stranding, lightning, collision, and sea water damage.
• Phytosanitary inspection certificate
A certificate, issued by the U.S. Department of Agriculture to satisfy import regulations for foreign countries, indicating that a U.S. shipment has been inspected and is free from harmful pests and plant diseases.
• Political risk
In export financing, the risk of loss due to such causes as currency inconvertibility, government action preventing entry of goods, expropriation or confiscation, and war.
• Pro forma invoice
An invoice provided by a supplier prior to the shipment of merchandise, informing the buyer of the kinds and quantities of goods to be sent, their value, and important specifications (weight, size, etc.).
• Purchasing agent
An agent who purchases goods in his or her own country on behalf of foreign importers such as government agencies and large private concerns.
• Quota
The quantity of goods of a specific kind that a country permits to be imported without restriction or imposition of additional duties.
• Quotation
An offer to sell goods at a stated price and under specified conditions.
• Remitting bank
The bank that sends the draft to the overseas bank for collection.
• Representative
See Foreign sales agent.
• Revocable letter of credit
A letter of credit that can be canceled or altered by the drawee (buyer) after it has been issued by the drawee's bank. Compare Irrevocable letter of credit.
• Shipper's export declaration
A form required for all shipments by the U.S. Treasury Department and prepared by a shipper, indicating the value, weight, destination, and other basic information about an export shipment.
• Ship's manifest
An instrument in writing, signed by the captain of a ship, that lists the individual shipments constituting the ship's cargo.
• Sight draft (S/D)
A draft that is payable upon presentation to the drawee. Compare Date draft and Time draft.
• Spot exchange
The purchase or sale of foreign exchange for immediate delivery.
• Standard industrial classification (SIC)
A standard numerical code system used to classify products and services.
• Standard international trade classification (SITC)
A standard numerical code system developed by the United Nations to classify commodities used in international trade.
• Steamship conference
A group of steamship operators that operate under mutually agreed-upon freight rates.
• Straight bill of lading
A nonnegotiable bill of lading in which the goods are consigned directly to a named consignee.
• Tare weight
The weight of a container and packing materials without the weight of the goods it contains. Compare Gross weight.
• Tenor (of a draft)
Designation of a payment as being due at sight, a given number of days after sight, or a given number of days after date.
• Through bill of lading
A single bill of lading converting both the domestic and international carriage of an export shipment. An air waybill, for instance, is essentially a through bill of lading used for air shipments. Ocean shipments, on the other hand, usually require two separate documentsan inland bill of lading for domestic carriage and an ocean bill of lading for international carriage. Through bills of lading are insufficient for ocean shipments. Compare Air waybill, Inland bill of lading, and Ocean bill of lading.
• Time draft
A draft that matures either a certain number of days after acceptance or a certain number of days after the date of the draft. Compare Date draft and Sight draft (see chapter 13).
• Tramp steamer
A ship not operating on regular routes or schedules.
• Transaction statement
A document that delineates the terms and conditions agreed upon between the importer and exporter.
• Trust receipt
Release of merchandise by a bank to a buyer in which the bank retains title to the merchandise. The buyer, who obtains the goods for manufacturing or sales purposes, is obligated to maintain the goods (or the proceeds from their sale) distinct from the remainder of his or her assets and to hold them ready for repossession by the bank.
• Warehouse receipt
A receipt issued by a warehouse listing goods received for storage.
• Wharf age
A charge assessed by a pier or dock owner for handling incoming or outgoing cargo.
• Without reserve
A term indicating that a shipper's agent or representative is empowered to make definitive decisions and adjustments abroad without approval of the group or individual represented. Compare Advisory capacity.