What is a straight bill of lading? What are the differences between straight bills of lading and bills of lading?

Bill of lading is a traditional transport document. 

It has been in use since the old days when vessels were really slow comparing to modern container carriers.

Even in 19th centuary, especially shipments from South America to Europe or Africa to Europe took quite significant time. 

Long transportation periods create financial problems for both exporters and importers as finance has always been a key issue for international trade.

International traders and banks managed to find a brilliant solution for this problem. 

They started to implement a payment method which is called letter of credit.

Under a letter of credit payment method, an issuing bank notifies its conditional payment undertaking to the seller in a written format which means that issuing bank sends a letter to the exporter which contains the conditions and requirements of the payment.

Seller could get its money only if he can present required documents in an acceptable way to the issuing bank. 

Comparison of US and Chinese Exports and Imports

China and USA are two biggest export and import countries. 

World trade has been dominated by these two giants. 

According to most experts not only world trade but also world itself will be shaped by the competition of these two countries. 

I would like to start investigating export import comparison of these two great countries below with the exports sub-heading. 

PS : Trade in commercial services did not take into account. Export and import refers to trade of tangible goods only. All data from WTO.

Top 10 Biggest Importing Countries in 2012

WTO (World Trade Organization) published its "International Trade Statistics 2013" recently. 

On this publication we can find invaluable information regarding the current status of the global trade. 

International Trade Statistics is the WTO’s annual compilation of global trade statistics. 

They have been publishing online since year 2001. 

As these statistics are collected and published by WTO, they are accepted as the most reliable international trade data by most of the organizations.

Today I would like to introduce you 10 biggest importing countries throughout world in year 2012 according to WTO statistics.

Which transport documents can be issued “to order”?

Exporters and importers use various types of shipping documents in international trade such as financial documents, insurance documents, inspection documents, transport documents, legal documents etc.

Daily life in trade practice shows us that foreign trade professionals could not use especially transport documents properly.

Exporters and importers should learn the specifications of each transport document in order to prevent any mistakes.

 

Are “Freight Collect” and “Freight Prepaid” terms described in Incoterms 2010?

Incoterms is a short form of International Commercial Terms.

They are published by ICC’s Commercial Law and Practice Commission.

Current version of Incoterms is called Incoterms 2010 which has been in force since 01.January.2011.

Incoterms rules are published by ICC in order to define buyers and sellers obligations, costs and risks associated with the transportation and delivery of goods in a very clear way with a global scale.

Incoterms rules can only be applied to transactions in which tangible goods are bought or sold. 

You cannot use Incoterms to sales of intangible goods. Incoterms rules can be used both international and domestic sales.