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| Validated Export License |
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A document issued by the U.S. Government authorizing the export of commodities for which written export authorization is required. |
| Validity |
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The time period for which a letter of credit is valid.
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| Valuation |
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The appraisal of the worth of imported goods by customs officials for the purpose of determining the amount of duty payable in the importing country. |
| Valuation Charges |
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Transportation charges assessed shippers who declare a value of goods higher than the value of the carriers' limits of liability. |
| Value Added |
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That part of the value of produced goods developed in a company. It is determined by subtracting from sales the costs of materials and supplies, energy costs, contract work, and so on, and it includes labor expenses, administrative and sales costs, and other operating profits. |
| Value-Added Tax |
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An indirect tax on consumption that is assessed on the increased value of goods at each discrete point in the chain of production and distribution, from the raw material stage to final consumption. The tax on processors or merchants is levied on the amount by which they increase the value of items they purchase and resell. |
| Vendor |
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A company or individual that supplies goods or services. |
| Vertical Export Trading Company |
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An export trading company that integrates a range of functions taking products from suppliers to consumers. |
| Vessel Ton |
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A unit of measurement in the shipping industry assuming that 100 cubic feet of cargo equals one ton. |
| Visa |
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A license issued by the government of an exporting country for the export to a specific importing country of a certain quantity of a quota controlled commodity subject to a voluntary export restriction or a voluntary restraint agreement. |
| Visa Waiver |
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A program of selected countries to eliminate their visa requirement on a test basis. |
| Volatility |
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The measure of the relative deviation of a price from the mean. |
| Volume Rate |
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A rate applicable in connection with a specified volume of freight. |
| Voluntary Export Restriction |
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An understanding between trading partners in which the exporting nation, in order to reduce trade friction, agrees to limit exports of a particular good. |
| Voluntary Restraint Agreements |
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Informal bilateral or multilateral arrangements through which exporters voluntarily restrain certain exports, usually through export quotas to avoid economic dislocation in an importing country and to avert the possible imposition of mandatory import restrictions. |
