MAIN DOCUMENTS USED IN FOREIGN TRADE.

Hey Guyz, Happy Friday to you all. Thank God its Friday feeling is in the air and once again we ought to be grateful to God for the precious gift of Life. THANK YOU JESUS. Let’s get started.

There are various documents which facilitate International Trade and they include the following:

1. CERTIFICATE OF ORIGIN

This is a document that shows where goods come from or where it is manufactured. This document also enables the custom and excise authorities to determine the duties, the importer should pay on the goods because it attracts preferential duties. It must be signed by custom officers in the exporting countries.

2. AIRWAY BILL

It is used when goods are been transported by air. It shows the name of the consignor/exporter, airport of loading, destination. It also shows the nature, weight, value of goods and the fright charged.

3. SHIPPING NOTE

It is a document sent to the shipping agent, by the exporter instructing the shipping company to transport the goods to a named destination at a particular time.

4. SHIPPING MANIFEST

It is a document to be completed by the captain of a ship, and lodged with the custom authorities before the ship can leave the port. It shows particulars of the ship, passengers and cargoes. The shipping manifest must be left with the custom before the ship leaves the port and a copy is sent to the ship agent at the port of destination.

5. MATE RECEIPTS

This is usually signed by an authorized officer of the ship, stating that the goods are received in good condition.

6. SHIP REPORT

It is a document which must be supplied by the master of a ship to the custom authorities on arrival at a port. It gives report of the particulars of the ship, Passengers, Cargo and the port of departure. The goods cannot be off-loaded until this report is received.

7. DOCK WARRANT

It is a receipt for goods delivered and stored in the warehouse. It enables the holder of the receipt to take possession of the goods.

8. BILLS OF SIGHT

It is a document used in import trade which is submitted to the custom authorities if a full description of the imported goods cannot be provided.

9. BILLS OF ENTRIES

It is a document which provides the custom authorities the particulars of goods imported which must be at the seaport on arrival before the goods are allowed into the country.

10. CALLING FORWARD NOTE

It is a document sent by the shipping company to the forward agent stating the date which goods must arrive at the port for loading.

TERMS OF QUOTING PRICE IN INTERNATIONAL TRADE

1. Cost, Insurance and Fright (C.I.F)- This price means that the price quoted includes the cost of the goods, the fright and insurance up to the port of destination while the purchaser is responsible for other subsequent charge.

2. Free on Board (F.O.B)- Means that the price covers all costs up to the ship including charges, payable for loading goods on the ship.

3. Franco- Means the price quoted includes the cost of insurance, fright and all delivery charges to the importers warehouse.

This concludes our session for today. Hope you find this helpful and fun. Until we meet again, remain ever blessed. Remember you are for SIGNS & WONDERS. God Bless You.