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Importing and Exporting
Importing refers to the act of bringing services and goods from a foreign market into the country. Exporting, on the other hand, refers to the act of selling goods and services from the home country to other countries.
5,102 Questions
How much oil does the us import from Canada?
2,149 barrels per day according to the US Dpt. of Energy
A shipping bill is an important legal financial document that is used in the transport of the goods.
HIGH SEA SALES
1. High Sea sales (HSS) is a sale carried out by the carrier document consignee to another buyer while the goods are yet on high seas or after their dispatch from the port/ airport of origin and before their arrival at the port / airport of destination.
2. HSS is accepted under the import trade control regulation. Refer para - of export import policy.
3. HSS contract/ agreement should be signed after dispatch of goods from origin & prior to their arrival at destination. The agreement should be on stamp paper.
4. On concluding the HSS agreement, the B/Lshould be endorsed in favour of the new buyer. In respect of air shipment, HSS seller should write to the airline / consol agent informing that a HSS agreement has been established with the HSS buyer and that the carrier document should therefore be considered as endorsed in favour of the HSSbuyer and further the IGM should be filed by the carrier in the name of the HSS buyer.
5. If the EDI system allows name of HSSbuyer to be entered in the system, then there may not be any need to amend the IGM. In this case the B/E is filed in the name of the original importer as the IGM is in this importer name. However , the B/E shows the name of HSS buyer under a separate head in the B/E format. If the system has no provision for showing the name of HSSbuyer on the B/E ,then the IGM should be got amended and B/E filed in the name of the HSS buyer.
6. In the case of HSS , the CIF value for calculation of duty is taken to be the HSS value.
7. There is practice followed in customs that in case the HSS transfer takes place at import invoice value only , the custom would add 4% of CIF value as HSS loading factor . There have been cases where HSS sellers have sold at two percent more than import CIF but custom have added 4% of CIF as HSS value addition. Such practice of customs can be challenged at the customs duty is chargeable on genuine transaction value.
8. In HSS contracts the HSS seller may not like to disclose the import value to the HSS buyer. However, the customs can call for the original import invoice, in which case the HSS seller may have to part with this information. To overcome this, HSS seller should take on the responsibility of custom clearance and site delivery. After custom clearance, the HSS seller could withdraw import invoices and only hand over clearance documents with HSS agreement to the HSSbuyer. The custom bill of entry does not indicate original import value and is prepared on HSS value.
9. There is no bar on same goods being sold more than once on high seas. In such cases, the last HSS value is taken by customs for purposes of duty levying. The last HSSagreement should give indication of previous title transfers. The last HSS buyer should also obtain copies of previous HSS agreement as such documents may be called upon by the customs.
10. HSS is considered as a sale carried out outside the territorial jurisdiction of India. Accordingly, no sales tax is levied in respect of HSS. The customs documents (B/E)is either filed in the name of HSS buyer or such B/Ehas an endorsement indicating HSS buyer's name.
11. The title of goods transfers to HSS buyer prior to entry of goods in territorial jurisdiction of India. The delivery from customs is therefore on account of HSS buyer. The CENVAT credit in respect of CVD paid on import is entitled to HSS buyer.
12. HSS goods are entitled to classification, rates of duty and all notification benefits as would be applicable to similar import goods on normal sale.
13. HSS is also applicable to goods imported by air. Sea appearing in HSS should not be constructed by its grammatical meaning. As long as the sale is formalized after dispatch from airport / port of origin and before arrival at the first port of discharge / airport at destination, such sale is considered as HSS.
14. Sometime HSS buyers buy goods after their arrival. Such sale are not HSS. The stamp paper on which the HSS agreement is executed must not bear the stamp paper purchase date as being post cargo arrival date. Such a case can easily be detected by customs as being a post arrival sale.
15. If the HSS does not mind disclosing original import values to HSS buyer, in such case it is better from custom clearance point of view for the seller to endorse the B/L, invoice , packing list in favour of the HSSbuyer. The endorsement should read "Transferred on High Sea Sales basis to M/S -------- for a sales consideration of Rupees --------". Such endorsement should be stamped and signed by the HSS seller.
Many countries depend on China for its electrical equipment exports etc. which means when there is a natural disaster or something happens in their economy those countries depending on it will be affected.
How does buying oil futures work?
"Futures" are just contracts for a delivery of a certain commodity (oil, in this case) for a "future" delivery. If oil prices never changed, then a oil futures contract would be the base price of oil plus some storage cost and administrative fees.
But this would make for some pretty dull trading and, in fact, oil prices do change -- and sometimes they change a LOT. Like all commodiities, the price is a function of the supply of the commodity v. the demand for that commodity. If supplies are short (e.g. OPEC announces it will cut production by 20%), prices will typically go up. If demand goes down (e.g. Big Oil, Inc. announces it can synthesize oil from old AOL disks, thus making oil as accessible as water), prices for the commodity go down.
A trader may buy an oil futures contract (an agreement on a certain amount of oil at a certain point in the future) in the expectation that the price of oil will rise. If it does, the contract may be worth more. Since the trader doesn't pay the full amount of the contract, but only a small percentage, the trader has a great deal of leverage and their profits (and losses) are much greater than had they simply bought oil itself. (You can also SELL the commodity first, planning to buy back the contract later when/if the price goes down -- a process known as "shorting".)
All commodities trading is a "zero-sum game". For every dollar won, someone loses a dollar. Futures trading is a truly excellent way to lose money in a stunningly fast manner. "Futures" are just contracts for a delivery of a certain commodity (oil, in this case) for a "future" delivery. If oil prices never changed, then a oil futures contract would be the base price of oil plus some storage cost and administrative fees.
But this would make for some pretty dull trading and, in fact, oil prices do change -- and sometimes they change a LOT. Like all commodiities, the price is a function of the supply of the commodity v. the demand for that commodity. If supplies are short (e.g. OPEC announces it will cut production by 20%), prices will typically go up. If demand goes down (e.g. Big Oil, Inc. announces it can synthesize oil from old AOL disks, thus making oil as accessible as water), prices for the commodity go down.
A trader may buy an oil futures contract (an agreement on a certain amount of oil at a certain point in the future) in the expectation that the price of oil will rise. If it does, the contract may be worth more. Since the trader doesn't pay the full amount of the contract, but only a small percentage, the trader has a great deal of leverage and their profits (and losses) are much greater than had they simply bought oil itself. (You can also SELL the commodity first, planning to buy back the contract later when/if the price goes down -- a process known as "shorting".)
All commodities trading is a "zero-sum game". For every dollar won, someone loses a dollar. Futures trading is a truly excellent way to lose money in a stunningly fast manner.
Does fob ever mean freight on board?
Okay,
So You were very very very close! It means free on board. Here is the definition! I researched this and i found this on a website for definitions of abreviations!
Free on Board. Indicates that all delivery, inspection and elevation or loading costs involved in putting commodities on board a carrier have been paid.
So there you have it. That's probably what it meant if it was on a package or something you got via mail, or delivery. If it was on a tshirt, chances are it was a shirt for my favorite band, fall out boy. You can see why fob would stand for fall out boy. Fall Out Boy. In fact i am wearing a fall out boy shirt now, but fob never means freight on board. Sorry i just had to add in the fall out boy part........: ) If you want to do further research you can go to this website it is a Google one and it has definitions:
http://www.Google.com/search?hl=en&rls=com.Microsoft:en-us:IE-SearchBox&rlz=1I7ADBS&defl=en&q=define:fob&sa=X&oi=glossary_definition&ct=title
So just copy and paste into the address bar to go to it! hope this helps!
Race Developed, Liquid Cooled. When appertaining to Yamaha Motorcycles. The RD was an air cooled two stroke street bike available in various engine capacities. Then Yamaha made a range of liquid cooled two stroke engined bikes, based on the earlier RD, hence RD LC.
What is the cost of cement per metric ton in America and Europe?
95.00 usd per metric ton. If you need some email me at wm_scoggins@sbcglobal.net
What are the credit facilities of IMF?
The International Monetary Fund extends credit and loans to countries for development projects. The Fund is able to keep with most of the demand for credit.
What fate was shared by the Aztecs and the natives who fought with the Spanish against them?
They woud all eventually die of an invisible force, diease.
What does clean on board bill of lading mean?
It means that the product wil be load without dirts or damages!!
All cargo when loaded must be loaded in the condition described in the contract, any difference, deviation (poor storage,packing,handling etc causes dirt, damage ) from the stated condition. This difference is normally noted as a remark in the Bill of Lading. As almost all banks will not pay out if the Bill of lading is "dirty", shippers request a "clean bill of lading" ie one without any remarks. However if the condition of the cargo is unacceptable , It is better not to accept the cargo on the vessel until a proper survey is carried out.
What are Canada's top imports?
Canada's top imports include machinery and equipment, motor vehicles and parts, crude oil, chemicals, electricity, durable consumer goods. Most Canadian imports are from the United States, China, and Mexico.
What are the characteristics of foreign exchange market?
The foreign exchange market, also known as the Forex or FX market is the largest and the most liquid financial market in the world. The Forex market average daily turnover is more than 4 trillion US dollars. The Forex market is also the only financial market that operates 24/5. Forex traders can earn even when the market falls.
Yes DHL suck. Only time I used them for my current address they also totaly failed. At previous address an urgent 48hour delivery took 10days.
Never again DHL and please ask your drivers to stop lying about leaving cards and saying that the customer was not in when they can't be bothered to call.
DHL, we knight thee Sir Suck A Lot!
What are the elements of international business contracts?
They will include all legal issues. There are a lot of things that are different in other countries and these must be accounted for.
How a forward premium or discount is computed?
forward exchange rate can be computed from spot exchange by adding or subtracting premium ir discount. also forward rate can be at forward premiun of discount when comapred to spot exchange rate.
How much meat does Angola import annually?
Angola imports a great deal of meat. The meat that Angola imports the most of is poultry at 333,000 tons a year.
Who are Spain's trading partners?
Spanish Export Partners
* France 18.8% * Germany 11% * Portugal 9% * Italy 8.6% * UK 8% * US 4.4%
(All statistics are from the CIA Factbook)
What is the major export of China?
The most important export products are machinery and transport equipment. Agricultural products contribute only a very small share of China's exports. In fact, 93% of China's exports in 2004 where manufactured goods. With this export profile, China is not comparable with most other developing countries which are typically exporting raw products, such as oil, natural gas, minerals or agricultural products.
Source: china-profile.com
