What is logistics? Have you ever wonder about the correct explanation for Logistics? The word “Logistics” first appeared in the Summary of the Art of War” book by Mr. Antoine-Henri Jomini, a military officer and a writer. It was attested to the English language in early 1846 from the French word ‘logistique’. Logistics definition The […]
Top 10 companies in the world have listed below. Walmart ranked in the top while Toyota ranked in the 10th position With the development of global trade, there are different types of companies providing products and services in the market on an international scale. Among the thousands of companies, we have listed the 10 largest […]
The freight article provides you with the knowledge on the terms you must know when dealing with the freight. First, we will see what is freight Freight is another name for goods or cargo move via air, land, and water from their origin to destination. Finished goods, work in progress or raw materials are the […]
What is Trading Trading is the buying and selling of goods and services. The concept of trading has a long history passing the bartering system to current buying and selling system which started way back in 6000 BC. With the time, people started to trade between countries to fulfil their needs and wants and to […]
A free port concept can define as an area that is free from the duty/taxes of the country under given conditions. Freeports are established to encourage trade and enable manufacturers/ value-added service providers to engage in economic activities without paying taxes. The facility encourages traders in other countries to establish businesses in the defined area […]
What are INCOTERMS? International commercial terms are the standard name for highly using abbreviation INCOTERMS. They are internationally identified and recognized cargo delivery terms to facilitate international trade. The International Chamber of Commerce(ICC) publishes and discusses and updates once every 10 years. The latest 2020 version has published with effect from 1st January 2020. Some […]
When engaging in international trade you may come across different documents. So, it is important to know these international trade documents, and their importance as well as the content of each document. We will study a few major documents involved in international trade other than the transport document. Purchase Order| PO The consignee generates the […]
The letter of credit considers the most secure payment method for both consignees and consignors in international trade. The importance of Letter of Credit-LC is highly recognized due to factors like unknown business partners, different laws governing different countries, and the distance between business partners and these are major reasons for the letter of credit […]
What is Vendor Managed Inventory? Vendor Managed Inventory simply says VMI. VMI is an inventory management system or a business model widely uses to have proper control over inventory. As the name says vendor manage the inventory. Or we can say upstream partner control and manage the inventory of downstream partners. The upstream partner can […]
We will study risk and losses separately under the Risks and Losses in Foreign Trade Insurance What are the Transit Risks Involved in Foreign Trade? Perils of the Sea –Marine Insurance Below are a few risks which may harmful to the cargo in transit. Stranding Here ship becomes immobilised. This happens due to a mechanical […]