Tuesday, September 22, 2009

Trade Terms Tuesday

Welcome to Trade Terms Tuesday! Each Tuesday, we will share three trade-related terms. In order to reach out to our diverse readership, we will try to provide one for exports, one for imports and one for logistics/transportation. This week, we continue with the V’s.

The volume is the size or measure of anything in three dimensions. Air freight rates are usually quoted based on actual scale weight or actual volume (dimensional) weight of a shipment.

Volume = Length x Width x Height

Valuation is the process of determining the worth of an imported product for the purposes of calculating the amount of duty payable and making the declaration to Customs and Border Protection. Various methods can be used to determine the value, but the methods must be used in order, as appropriate, and in accordance with the regulations.

Validated Export License
A validated export license is document issued by the U.S. government providing permission for the export of commodities for which written export authorization is required by law. Exporters should submit license requests early as they may take time to process.

No comments: