Export/Import Management Cheat Sheet
The core ideas of Export/Import Management distilled into a single, scannable reference — perfect for review or quick lookup.
Quick Reference
Incoterms
A set of internationally recognized commercial trade terms published by the International Chamber of Commerce (ICC) that define the responsibilities of buyers and sellers regarding the delivery of goods, transfer of risk, and allocation of costs in international transactions.
Letter of Credit (L/C)
A financial instrument issued by a bank on behalf of the buyer guaranteeing that the seller will receive payment provided that the terms and conditions stated in the letter of credit are met and proper documentation is presented.
Harmonized System (HS) Code
An internationally standardized numerical classification system developed by the World Customs Organization (WCO) to categorize traded products. The first six digits are uniform worldwide, while individual countries add further digits for tariff and statistical purposes.
Customs Valuation
The process of determining the monetary worth of imported goods for the purpose of calculating ad valorem duties. The primary method under the WTO Customs Valuation Agreement is the transaction value, which is the price actually paid or payable for the goods.
Free Trade Zone (FTZ)
A designated geographic area within a country where goods may be imported, stored, handled, manufactured, or reconfigured and then re-exported without being subject to the customs duty regime that applies to the rest of the country.
Bill of Lading (B/L)
A legal document issued by a carrier to a shipper that serves three functions: a receipt for the goods shipped, a contract of carriage, and a document of title that can be used to transfer ownership of the goods.
Rules of Origin
Criteria used to determine the national source of a product. They are essential for applying tariffs, quotas, and preferential trade agreements, and they typically require that a product undergo substantial transformation or meet a specific regional value content threshold.
Export Controls and Sanctions
Government regulations that restrict or prohibit the export of certain goods, technology, software, or services to specific countries, entities, or individuals for reasons of national security, foreign policy, or non-proliferation objectives.
Anti-Dumping Duties
Tariffs imposed by an importing country on foreign goods that are sold at less than their normal value (typically below the home-market price or cost of production), in order to protect domestic industries from unfair price competition.
Trade Compliance Program
An internal corporate framework of policies, procedures, training, and auditing mechanisms designed to ensure that all import and export activities conform to applicable laws, regulations, and trade agreements across every jurisdiction in which the company operates.
Key Terms at a Glance
Get study tips in your inbox
We'll send you evidence-based study strategies and new cheat sheets as they're published.
We'll notify you about updates. No spam, unsubscribe anytime.