Tuesday, February 9, 2010

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 P’s.

Pro Number
Short for progressive number, the “pro number” is used by carriers to identify a shipment for tracking and payment purposes.

Prior Disclosure
A prior disclosure provides a method for importers to report an instance of noncompliance with import laws and regulations. The importer must report the error before CBP discovers and notifies the importer of the noncompliance in order to take advantage of the prior disclosure process and receive reduced penalties.

Pre-shipment Inspection (PSI)
A few countries require goods and documents to be examined before export by an independent agency. Even when the inspection is optional, a customer may request it. Usually, countries where PSI applies have appointed one dedicated agency to perform the pre-shipment inspection. A freight forwarder or customer will be able to provide information on the arrangements.

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