Name: VV 32 - English Vocabulary for International Trade | Business English Vocabulary
Uploaded: 2020-07-03T02:45:17.000Z
Duration: 9 min 44 s
Description: Thousands of YouTube videos with English-Chinese subtitles! Now you can learn to understand native speakers, expand your vocabulary, and improve your pronunciation...

you're watching video vocab by business English part dot com In this lesson, we'll look at the process of international trade.

The journey starts with finished merchandise being inspected and given a certificate of manufacturer.

Modal verbs - B1

The seller will then issue a pro former 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 terms such as C, F, R, C, I, F and F O B.

On arrival, merchandise is often stored in a bonded warehouse until import tax or duty is paid.

A customs broker may then help clear the goods through customs merchandise.

Merchandise goods that are bought and sold in trade are called merchandise.

When merchandise is being moved or shipped, it may be called freight or cargo trucks took the merchandise in containers from the factory to the port Certificate of manufacturer certificate of inspection.

When the merchandise is ready, the manufacturer will issue a certificate of manufacturer certifying that the goods have been made to the buyer's specifications.

Likewise, a certificate of inspection shows that the goods meet the required standards prior to shipment.

The goods appeared damaged, so the buyer checked to see that the certificate of inspection was valid.

Pro former invoice, pro former invoice Before a supplier sins merchandise to a buyer, The supplier provides a pro former invoice.

This invoice list the exact quantity, value and specifications of the merchandise.

When the shipment arrived, we checked the contents against the pro former invoice we had received Letter of credit letter of credit in large trades.

A buyer will finance the transaction using a letter of credit.

This document guarantees that the payment will be made when the seller meets the conditions of the sale.

Once Wayland Exports received the letter of credit, they contacted the shipping company to arrange transport bill of lading bill of lading.

A bill of lading is a contract between an exporter and a transportation company.

The bill of lading lists the goods being carried and must remain with the merchandise at all times.

An airline may issue a bill of lading to a cellar, either before or after payment for goods is made.

Inco terms The internationally agreed terms of a sale under which most trade is governed are called Inco Terms.

Some of the most common terms include F O B or free on board means the seller is responsible for the goods until they are loaded.

The seller must pay all costs related to getting the goods to port and on to ship.

CFR, or cost and freight means that a quoted price includes the cost of goods and transport.

F or cost insurance and freight means that a quoted price includes the cost of goods, insurance and transportation to the destination port.

The seller agreed to pay a cost and freight, so the buyer had to buy insurance for the goods.

Bonded Warehouse Bonded Warehouse A bonded warehouse is a place where goods are stored after shipping, but before the payment of duties on those goods at any major port facility, there will be a number of bonded warehouses available to store goods.

Customs duty customs is the authority or organization that controls the flow of goods in and out of a country.

Customs authorities collect the duties or taxes applied to imports and exports within a port.

Customs officials have the right to board and search any ship, customs broker, customs broker, a customs broker is a person or business that helps importers and exporters move their goods through customs, customs brokers prepared documents, help with communication and arrange payment of duties.

Many customs brokers specialize in certain types of goods, such as textiles, food or computer equipment.

Now it's your turn to practice some of the words we have studied in this episode you'll hear a series of sentences with the word replaced with a beep.

Repeat the whole sentence, including the missing word.

For example, if you hear the bank issued a letter of to the Furniture Exporter, you can say the bank issued a letter of credit to the furniture exporter.

We'll play the correct answer after each question ready, Let's give it a go.

The good sat in a bonded for three months before the duty was paid.

The good sat in a bonded warehouse for three months before the duty was paid.

The agreed terms were cost, and so the buyer had to buy insurance.

The agreed terms were cost and freight, so the buyer had to buy insurance.

When the shipment arrived, we checked the contents against the bill of answer.

When the shipment arrived, we checked the contents against the bill of lading.

After so many delays in customs, we switched to a better customs, uh, answer.

After so many delays in customs, we switched to a better customs broker.

That's all for this episode of video vocab.

 Be sure to check out our website at www dot video vocab dot tv for more videos on business English vocabulary Thanks for watching and see you again soon. 