English for International Trade | Business English Vocabulary
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In this Video Vocab lesson, we'll look at business English vocabulary, words and phrases for international trade.
The journey starts with finished merchandise being inspected and given a certificate of manufacture.
The seller will then issue a pro forma invoice, while the buyer may obtain a letter of credit to finance the payment. Next, the seller will draw up a bill of lading and arrange shipment under internationally agreed Incoterms such as CFR, CIF and FOB.
On arrival, merchandise is often stored in a bonded warehouse until the import tax, or duty, is paid. A customs broker may then help clear the goods through customs.
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