English Vocabulary for International Trade - VV32 | Business English Vocabulary – YouTube Dictation Transcript & Vocabulary

1.you're watching video vocab by  business English pod dot-com in this lesson we'll look at the process of  international trade the journey starts with   finished merchandise being inspected and given  a certificate of manufacture the seller will   then issue a pro forma invoice while the buyer  may obtain a letter of credit to finance the   payment next the seller will draw up a bill of  lading and arrange shipment under internationally   agreed terms such as CFR CIF and fo b on arrival  merchandise is often stored in a bonded warehouse   until import tax or Duty is paid a customs broker  may then help clear the goods through customs merchandise merchandise goods that are  bought and sold in trade are called   merchandise when merchandise is being moved  or shipped it may be called freight or cargo trucks took the merchandise in  containers from the factory to the port certificate of manufacture certificate of  inspection when the merchandise is ready   the manufacturer will issue a certificate  of manufacturer certifying that the goods   have been made to the buyers specifications  likewise a certificate of inspection shows   that the goods meet the required standards  prior to shipment the goods appear damaged so   the buyer checked to see that the certificate of  inspection was valid pro forma invoice pro forma   invoice before a supplier sins merchandise  to a buyer the supplier provides a pro forma   invoice this invoice lists the exact quantity  value and specifications of the merchandise   when the shipment arrived we check the contents  against the pro forma invoice we had received letter of credit letter of credit enlarged  trades a buyer will finance the transaction   using a letter of credit this document  guarantees that the payment will be made   when the seller meets the conditions of the  sale once Wayland exports received the letter   of credit they contacted the shipping company  to arrange transport bill of lading bill of   lading a bill of lading is a contract between  an exporter and a transportation company the   bill of lading lists the goods being carried and  must remain with the merchandise at all times an   airline may issue a bill of lading to a seller  either before or after payment for goods is made Incoterms the internationally agreed terms of  a sale under which most trade is governed are   called Incoterms some of the most common  terms include fo B or free onboard means   the seller is responsible for the goods  until they are loaded the seller must   pay all costs related to getting  the goods to port and on to ship CFR or cost and freight means that a quoted  price includes the cost of goods and transport   charges to the destination port CIF or cost  insurance and freight means that a quoted   price includes the cost of goods insurance  and transportation to the destination port the seller agreed to pay cost and freight so the  buyer had to buy insurance for the goods bonded   warehouse bonded warehouse a bonded warehouse is  a place where goods are stored after shipping but   before the payment of duties on those goods at  any major port facility there will be a number of   bonded warehouses available to store goods customs  duty customs is the authority or organization that   controls the flow of goods in and out of a country  customs authorities collect the duties or taxes   applied to imports and exports within a port  customs officials have the right to board and   search any ship customs broker customs broker  a customs broker is a person or business that   helps importers and exporters move their goods  through customs customs brokers prepare documents   help with communication and arrange payment of  duties many customs brokers specialize in certain   types of goods such as textiles food or computer  equipment now it's your turn to practice some of   the words we have studied in this episode you'll  hear a series of sentences with a word replaced   with a beep repeat the whole sentence including  the missing word for example if you hear the bank   issued a letter of to the furniture exporter you  can say the bank issued a letter of credit to the   furniture exporter we'll play the correct answer  after each question ready let's give it a go the goods sat in a bonded for three  months before the duty was paid answer   the goods sat in a bonded warehouse for  three months before the duty was paid the agreed terms were cost and  so the buyer had to buy insurance answer the agreed terms were cost and freight so  the buyer had to buy insurance when the shipment   arrived we checked the contents against the bill  of answer when the Shi men arrived we checked the   contents against the bill of lading after so  many delays in customs we switched to a better   customs answer after so many delays in customs  we switched to a better customs broker that's   all for this episode of video vocab be sure  to check out our website at www.att.com/biz 'no Singlish vocabulary thanks for  watching and see you again soon