Glossary of International Trade Terms
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| Easement |
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A right to use another person's property. |
| Edge Act Corporations |
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Banks that are subsidiaries either to bank holding companies or other banks established to engage in foreign business transactions.
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| EDI |
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Electronic Data Interchange. |
| Electronic Commerce |
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A system of integrated communications, data management, and security services that allow business applications within different organizations to automatically interchange information. |
| Electronic Funds Transfer |
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System of transferring funds from one account to another using electronic pulses instead of paper. |
| Electronic Meat Health Certificate |
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A demonstration project that illustrates the electronic transmission of fresh meat health certificates. |
| ELVIS |
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Electronic Visa Information System: An electronic data prototype which provides information on non-US issued textile visas. |
| Embargo |
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A prohibition upon exports or imports with respect to specific products or specific countries. |
| En Route |
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In transit (referring to goods, passengers, or vessels). |
| Entrepot |
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An intermediary storage facility where goods are kept temporarily for distribution. |
| Entrepot Trade |
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The import and export of goods without the further processing of the goods. Usually refers to a party that buys and sells as a middleman. |
| Entry |
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A statement of the kinds, quantities, and values of goods imported together with duties due and declared before a customs officer. |
| Entry Documents |
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The documents required to secure the release of imported merchandise. |
| Entry Summary |
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Documentation which is necessary to enable US Customs to assess duties, collect statistics, and determine whether other requirements of law or regulations are met upon importation. |
| Entry Summary System |
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An ACS module that automates the entry processing cycle. |
| Environmental Protection Agency |
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An independant agency in the executive branch whose mandate is to control and abate pollution in the areas of air, water, solid waste, pesticides, radiation, and toxic substances. |
| Equalization |
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Money alloted to the customer if the goods are picked up at a destination other than the one named on the bill of lading. |
| Escape Clause |
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A provision in a bilateral or multilateral commercial agreement permitting a signatory nation to temporarily violate their obligations when imports threaten serious harm to the producers of competitive domestic goods. |
| ETA |
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The expected date and time of arrival. |
| ETD |
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The expected date and time of departure. |
| Eurobond |
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A bond issued in a foreign currency, different than the one in which the bond is sold. |
| Ex Factory |
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A sale term where the buyer gains ownership of goods when they leave the vendor's dock. |
| Ex Works EXW- Incoterms 2000 |
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"Ex Works" means that the seller delivers when he places the goods at the disposal of the buyer at the seller's premises or another named place (i.e. works, factory, warehouse, etc.) not cleared for export and not loaded on any collecting vehicle.
This term thus represents the minimum obligation for the seller, and the buyer has to bear all costs and risks involved in taking the goods from the seller's premises.
However, if the parties wish the seller to be responsible for the loading of the goods on departure and to bear the risks and all the costs of such loading, this should be made clear by adding explicit wording to this effect in the contract of sale. This term should not be used when the buyer cannot carry out the export formalities directly or indirectly. In such circumstances, the
FCA term should be used, provided the seller agrees that he will load at his cost and risk.
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| Exception Rates |
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Shipping rates set higher because the commodity requires special handling and care (i.e. live animals). |
| Exchange Rate |
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The price of one currency expressed in terms of another. |
| Excise Tax |
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A selective tax; sometimes referred to as a consumption tax. |
| Exculpatory Clause |
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A contractual clause that releases one party from liability in case of wrong doing by the other party involved. |
| Expiry Date |
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A foreign exchange term for the last day that options can be executed; an expiration date. |
| Export |
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To send or transport abroad merchandise, especially for sale or trade.
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| Export Broker |
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A firm that specializes in bringing buyers and sellers together for a fee but does not participate in the actual business transaction. |
| Export Control |
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Retaining control over exports for statistical and strategic purposes. |
| Export Declaration |
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A required customs document for exportation from the United States. |
| Export Draft |
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An order for the importing party to pay the seller for the exported goods. |
| Export Duty |
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A tax imposed on exports of some nations. |
| Export License |
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A government document which gives permission to export a specified quantity of a specified commodity. |
| Export Management Company |
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A private firm that serves as the export department for several manufacturers and handles the exporting aspect of the business for a commission or salary. |
| Export Merchant |
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A company that buys products directly from manufacturers, then packages and marks the merchandise for resale under its own name. |
| Export Processing Zone |
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Industrial parks designated by a government to provide tax and other incentives to export firms. |
| Export Quotas |
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Specific restrictions on the value or volume of exports from a nation. |
| Export Restraints |
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Restrictions as to the number of exports that are alloted for certain foreign markets. |
| Export Statistics |
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The statistics that contain the total volume or value of all exports leaving the United States. |
| Export Subsidies |
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Government payments to induce exportation by domestic producers.
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| Export Trading Company |
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A corporation organized for the principal purpose of exporting goods and services. |
| Exporter |
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An individual or company that transports goods or merchandise from one country to another in the course of trade. |
| Exporter Identification Number |
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An identification number required on the Shipper's Export Declaration for all export shipments. |
| External Value |
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The purchasing power of a currency abroad, converted using the exchange rate. |
| Extradition |
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The return of an alleged criminal from one country to the country that has jurisdiction. |
