Want to master the world of international trade? Start here! In this glossary, you'll find the key terms that will help you navigate this complex universe.

Understanding this specific language is essential to make more assertive decisions and avoid unforeseen events in your import and export operations.

Check out the second part of our glossary below.

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Letter F

Commercial Invoice - A document that reflects the purchase and sale transaction between the importer and exporter.

FCL (Full Container Load) - Indicates that the container is completely full.

Free time – The period during which the importer can use the container without incurring demurrage charges, typically ranging from 5 to 30 days.

Letter I

Incoterms (International Commercial Terms) – Define the rights and obligations of the buyer and seller in an international commercial contract.

Geographical Indication - Products or services that have a specific geographical origin. Its registration recognizes the reputation, qualities, and characteristics linked to the place.

Import Tax - A tax imposed on the importation of foreign products.

ICC (International Chamber of Commerce) – An international business organization that promotes international trade and investment.

Letter L

LPCO – Licenses, Permits, Certificates, and Other Documents.

LCL (Less than container load) – Indicates that the container is not completely full, and there is loose cargo.

LI (Import License) – A document generated in the Siscomex system to request prior authorization for imports into the customs territory.

Import Licensing – Refers to the process of obtaining a government-issued document that permits the export of a specific quantity of a product to a destination country.

Letter M

Modal – Refers to the different modes of transport used in international trade, such as road, rail, pipeline, water, air, or sea.

Anti-dumping Measures - Duties imposed on foreign goods that are sold below cost in a particular market, harming local industry.

Countervailing Duties - Duties imposed on foreign goods that have received government subsidies, aimed at neutralizing the effect of those subsidies in the domestic market and protecting local industry.

Mercosul – A South American trade bloc comprising Argentina, Brazil, Paraguay, and Uruguay.

Letter N

NCM (Common Nomenclature of Mercosur) - Used by Mercosur member countries in international trade to classify and identify goods.

Commodity Classification – A "language" created for the identification of goods in international trade.

Notify – Notification of shipment.

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Avoid mistakes when importing!

Having a specialized import consultancy can save you from many future risks. See what Genco Import & Export can do for you:

• Sourcing your product to find the best value for your product.
• Simulating all costs before you embark on this journey.
• Negotiating values with suppliers, freight forwarders, and customs brokers.
• Unifying all documents. Less headache for you!
• Closing the exchange rate for your process.
• Conducting inspections and issuing complete reports for your follow-up.

And much more!

Count on Genco for the best advisory for your imports.

Contact us and learn more about our services!