Import and Export News-2024-10-15- Waymore Tools

Today's news:

On October 13, UnionPay International and the National Payment Corporation of Vietnam (NAPAS) signed a memorandum of cooperation in Hanoi, agreeing to deepen the cooperation in cross-border interconnection of QR codes and promote the scanning payment of UnionPay QR code wallets and local Vietnamese wallets on each other's networks. At present, merchants accepting Vietnam's national QR code VietQR have supported the users of Cloud QuickPass App and UnionPay cooperative wallets to scan and pay locally.

After two consecutive months of stagnation, the British economy grew slightly in August. The latest data released by the UK National Statistics Office on the 11th stated that the country's GDP grew by 0.2% month-on-month in August.

Serbia and Turkey signed a number of agreements in Belgrade, the capital of Serbia, on the 11th to strengthen cooperation in the economic and other fields between the two countries, covering free trade, energy transformation, youth cooperation, disaster management and other fields.

On the 10th, Tesla, the American artificial intelligence giant, held a new product launch conference full of "future sense", and unmanned taxis, unmanned vans and humanoid robots "Optimus Prime" appeared one after another.

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Today's Insights: The Most Comprehensive Global Trade Freight Forwarding Terms

Freight Forwarding Charges Terminology
Bill of Lading Terminology
Common Booking Terms
Common Freight & Port Fees Terminology
Types of Containers
Additional Fees
Common Freight Forwarding Questions

Freight Forwarding Charges Terminology

Customs clearance charge
Customs transmit clearance charge
Sheet patch up fees
Amendment charge
Commodity inspection fee
Exchange fee for CIP
Service charge for inspection
Customs inspection fee
Service charge for customs inspection
Customs seal fee

Bill of Lading Terminology

Shipping order
Delivery order
Shipping advice
Parcel receipt
Shipping permit
Charter party
Voyage charter
Time charter
Lay days
Demurrage

Common Booking Terms

Booking number
Vessel
Voyage
CY Closing Date
Closing Date/Time
SI CUT OFF date/time
Expiry date
Sailing date
ETA (Estimated Time of Arrival)
ETD (Estimated Time of Delivery)

Common Freight & Port Fees Terminology

Air Freight
Ocean Freight
Local Charge
Surrender Fee
Combined Charge
Amend Fee
Trucking Fee
Courier Fee
Fumigation Charge
Document Fee

Types of Containers

Dry Cargo Container
Open Top Container
Flat Rack Container
Tank Container
Reefer Container
Platform Container
Ventilated Container
Bulk Container
Pen Container
Car Container

Additional Fees

AMS: Automatic Manifest System
BAF: Bunker Adjustment Factor
CAF: Currency Adjustment Factor
DDC: Destination Delivery Charge
EBA: Emergency Bunker Additional
EBS: Emergency Bunker Surcharge
FAF: Fuel Adjustment Factor
GRI: General Rate Increase
IFA: Interim Fuel Additional
ORC: Origin Receipt Charge

Common Freight Forwarding Questions

1. What do TT and VIA mean in freight forwarding?

TT refers to the transit time, which indicates the number of days a shipment will take. VIA refers to "transshipped at", meaning the goods will be transferred at an intermediate port before reaching their destination.

2. What does RT mean in freight forwarding?

RT stands for "Revenue Ton". In LCL (Less-than-Container Load) shipping, it refers to the method used for billing freight charges, which is based on either volume (CBM) or weight, whichever is higher.

3. What is FAK?

FAK (Freight for All Kinds Rate) is a uniform rate charged for transporting different types of goods in the same container, making the billing process simpler. However, this rate can negatively impact lower-value cargo.

4. What does "dual customs clearance" mean?

Dual customs clearance means that the freight forwarder handles both the export and import customs procedures, ensuring smooth delivery of goods to the destination country.