/ By tjchinafreight ivy / Shipping

What are Spain’s main exports and imports?

What are Spain's main exports and imports?
What are Spain's main exports and imports?

Spain does a lot of business with Germany, France and Italy as its main trading partners in Europe and the US. France is the biggest beneficiary of Spanish exports, accounting for 15.3% of the country's total merchandise exports.

The European country happens to be the 16th largest exporting economy in the world. Below are some of its major exports and imports.

Main import

Crude

Spain's crude oil imports have been growing since the 1980s. By December 2018, the country reported importing 1,364 barrels of oil per day, a record high. The record low for Spanish crude oil imports was in 1984, when it imported 825 barrels per day.

In Europe, Spain is the sixth largest energy consumer, but they have no domestic production of natural gas or liquid fuels. Since the country's oil resources are insignificant, they have to import all their oil from countries like Nigeria, Mexico, Russia, Iraq and Saudi Arabia. The country relies on 46% of liquid fuels to maintain its energy consumption needs.

They spend as much as $23 billion on crude oil.

Steel

Spain is the 14th largest steel importer in the world. In 2018, the country imported nearly 11 million tonnes of steel. Many industries in Spain rely heavily on steel, such as automobile manufacturing and weapons manufacturing, and Spain needs to import a large amount of steel to meet demand.

Spain has been shipping steel for centuries, ever since it emerged as a serious contender in making weapons for various armies.

Apparel and Textiles

The preferred partners for Spanish textile imports are China, Morocco, Portugal, Bangladesh and Turkey. As the sixth largest importer of textiles in the world, the country's imports have seen significant growth over the past few years.

Designers are looking for a variety of fabrics when creating designs and growing the industry. This leads to a search for more fabrics to meet demand, especially if the fabrics are popular. These markets are outstanding because of the versatility of their trade zones.

Main export

Auto and Auto Parts/Accessories

Automobiles are an important part of Spain's export portfolio. The country's auto exports make it the eighth-largest auto producer in the world. It is actually second only to Germany. As of 2016, Spain sold 2.8 million vehicles worldwide, and in 2019 Spain's passenger car revenue to the US exceeded 36 million.

Spain produces a variety of models from its factories, including Nissan, Seat, Ford, Renault, Volkswagen, Opel, Mercedes-Benz and Peugeot Citroen. All of these cars are built in different cities in Spain, including Barcelona, ​​Vigo, Figueluelas and Martorell. Nine out of ten cars produced in Spain are exported to more than 130 countries.

Their auto parts and accessories are the sixth most used in the world. In fact, Spain's auto industry accounts for 10% of the country's GDP.

Refined petroleum

Spain imports crude oil and develops refined petroleum products from its refineries, which are then exported. In the 1980s, Spain began exporting more than 10 million tons of refined petroleum products annually. Refinery capacity in Spain can hold 1,000 barrels per day. Some of these products include refined petroleum products such as fuel oil, gas oil, lubricating oil, kerosene and bitumen, among others.

Drug

Spain is famous for its medicines and medicines. Spain's top pharmaceutical companies have been among the largest exporters in Spain, and as the Spanish economy has grown, their export capacity has begun to be reborn. Companies like GlaxoSmithKline have a 3.8% market share in the pharmaceutical industry. Xinfa, Bayer, Johnson & Johnson and Sanofi-Aventis are other huge market players in Spain.

Spain made a big payoff in 2018, becoming one of the European countries that shipped large quantities of medicines and medicines around the world, selling medicines worth $9 billion. In the first half of 2019, the revenue of pharmaceutical companies continued to grow.

Olive oil

In terms of export commodities, olive oil is one of Spain's largest earners. It is the country's main agricultural export. Demand for Spanish olive oil remains strong, with the olive oil export industry generating more than 2 billion euros for the country as of May 2018.

Spain remains the world's leading olive oil exporter, with most of its production coming from the country's Andalusian region. More than 500 companies in the region export olive oil, accounting for half of the total olive oil-producing land in the EU.

Despite the fierce competition among olive oil producers in Morocco and Tunisia, Spain remains the king of olive oil production in the world.

These are just some of the main exports and imports that Spain has a vested interest in. As Spain continues to maintain its status as one of Europe's largest economies, its import and export behavior may remain predictable, as its economic fundamentals are increasingly solid, supported by all countries. The same investment pillars.

/ By tjchinafreight ivy / Shipping

What are Argentina’s main exports and imports?

What are Argentina's main exports and imports?
What are Argentina's main exports and imports?

According to the Observatory of Economic Complexity (OEC), Argentina has the 45th largest exporting economy in the world. In 2018, Argentina became the 29th largest importer of consumer goods to the United States, exporting goods worth $61.6 billion to the world. Considering that Argentina's economy in the late 90s was very unstable due to the country's rising debt and inflation, it's safe to say they did well.

Main export

The South American country is one of the world's leading producers of crops - accounting for 54 percent of its exports - making crops Argentina's main export. These crops include wheat, soybeans, corn, barley, rice, flaxseed, sugarcane, cotton, citrus fruits and grapes. Argentina is actually the fifth largest wheat producer and exporter in the world.

At least 31 percent of their total exports include manufactured goods. This will include cars, auto parts, steel, aluminum and chemicals. The country produces about 818,000 barrels of crude oil per day, and in Santa Cruz alone, an estimated 552 million tons of coal exist in mineral form.

Main import

In 2018, Argentina imported about $65.4 billion worth of goods from around the world. Overall, about a third of imports come from neighboring Latin American countries, including the Caribbean. Considering their population of 44.7 million, their total import volume equates to an annual product demand of $1,500.

Below is a list of Argentina's most important imports and values:

  • Automobiles ($13.2 billion - 19.8% of its total imports)
  • Machinery ($9.9 billion - 14.9% of total imports)
  • Electrical equipment ($8.6 billion - 12.9% of its total imports)
  • Fossil fuels/petroleum ($5.5 billion - 8.2% of its total imports)
  • Plastics ($2.4 billion - 3.6% of its total imports)
  • Pharmaceuticals ($2.4 billion - 3.6% of its total imports)
  • Organic chemicals ($2.3 billion - 3.5% of its total imports)
  • Medical equipment ($1.8 billion - 2.7% of total imports)
  • Other chemical products ($1.4 billion - 2.3% of its total imports)
  • Steel ($1.3 billion - 1.9% of total imports)

Argentina also imports from Bolivia, Thailand, Japan, India, Italy, Spain, and France, accounting for 1.9%, 1.9%, 1.6%, 1.2%, 2.5%, 2.2% and 2% of the source of imports, respectively. Argentina is the world's 42nd largest importer, and as a major player in the global trade economy, the country continues to impress in terms of its size and geographic location in terms of export volumes.

/ By tjchinafreight ivy / Shipping

What are Chile’s main exports and imports?

What are Chile's main exports and imports?
What are Chile's main exports and imports?

Chile's economy is considered one of the most stable in South America. It also has the highest gross domestic product (GDP) per capita in all of Latin America. According to the Economic Complexity Index (ECI), Chile's economy is the 61st most complex in the world. It also happens to be the 42nd largest economy in the world.

Now let's look at Chile's imports and exports separately.

Main import

Chile's largest import category is machinery.

Machinery accounted for nearly a quarter of total imports, thus reaching $15.2 billion. Under this sector, the most imported goods include computers, video monitors, broadcasting equipment, accounting for 1.8%, 1.2% and 2%, respectively.

Apart from machinery, the most imported commodities are minerals and means of transport. In fact, the three major categories of products imported by Chile are crude oil ($5.43 billion, accounting for 7.9%), refined oil ($5.33 billion, accounting for 7.7%) and automobiles ($3.8 billion, accounting for 5.5%).

Chile's top three import partners are China, the United States and Brazil. China accounted for 21% with $14.8 billion, the United States accounted for 20% with $14.0 billion, and finally, Brazil accounted for 7.7% with $5.31 billion. Crude oil is Chile's largest import item, supplied by Brazil (43%), Ecuador (36%) and Angola (6.4%).

Refined petroleum is Chile's second largest import.

About 90%, mainly supplied by the United States. After the United States, the next two largest suppliers of refined oil are Japan (4.5%) and the Netherlands (1.4%).

Automobiles are Chile's third-largest imported commodity, accounting for 5.5% of total imports. The top three countries supplying cars to Chile are South Korea (26%), Japan (22%) and the United States (10%).

Main export

Metals are Chile's largest export category

reached $23.2 billion, nearly a third of all exports. In this category, the three products with the largest export volume include refined copper, raw copper and copper wire, which accounted for 23%, 3.8% and 0.7% respectively.

The two largest categories of exports are minerals and vegetables

$20.5 billion and $7.43 billion, respectively. Copper ore is the second largest export commodity. It belongs to the minerals category and accounts for 21% of all Chilean exports.

Chile's top three export partners

They are China ($18.9 billion, or 25%), the United States ($9.3 billion, or 12%), and Japan ($7.81 billion, or 10%). Together, these three countries imported 47 percent of Chile's exports. %.

Chile happens to be the largest importer of refined copper, followed by the United States. On the other hand, copper ore is imported from Japan and China. In addition to copper ore and refined copper, raw copper ($1.23 billion) and kraft chemical wood pulp ($1.17 billion) are two other commodities that Chile imports.

The United States is China's second largest importer, responsible for importing fish fillets ($1.38 billion) and grapes ($694 million). Non-fillet frozen fish ($615 million) and fillets ($452 million) were the second and third largest exports to Japan.

Add up

While Chile's top sources of imports are China ($15.4 billion), the United States ($11.5 billion), Brazil ($5.32 billion), Argentina ($2.77 billion) and Germany ($2.63 billion), the top export destinations include China ($19.2 billion), the United States ($10.3 billion), Japan ($6.38 billion), South Korea ($4.06 billion) and Brazil ($3.44 billion).

Items that fall into its import category are automobiles, refined oil, crude oil, broadcast equipment and delivery trucks. In terms of export items, according to the 1992 revised HS (Harmonized System) classification, there are refined copper, copper ore, fish fillets, kraft chemical wood pulp and blister copper.

/ By tjchinafreight ivy / Shipping

What are Mexico’s main imports and exports?

What are Mexico's main imports and exports?
What are Mexico's main imports and exports?

There are only a handful of countries in the world that can claim to be the world's major oil producers. Mexico is one of them. Mexico has long been a trading partner of the world's developed economies such as the United States, Spain and New Zealand.

In fact, Mexico is the 9th largest exporting economy in the world. Having said that, this is their main export and import.

Main export

Oil

One of the main destinations for Mexican oil is the United States, which accounts for 48% of the country's oil production. The United States imported more than 210 million barrels of crude oil from Mexico. Other countries that supply Mexico with oil include Canada, China, Japan, New Zealand, Australia and Germany. Mexico currently earns $18 billion a year from crude exports alone, and given the country's large oil reserves, it's a revenue avenue that isn't expected to decline anytime soon.

Mexican oil accounts for more than 30 percent of government revenue, and it continues to attract and drive public and private sector investment in the country.

Car

Mexican auto exports grew, with the sector accounting for 11% of Mexico's total exports. Auto parts and accessories also make up a large portion of the export equation, with 7% of these products leaving the country for foreign markets. The numbers fluctuate over a few months, but that's to be expected as countries grapple with a recession and trade war.

Brands with manufacturing plants in Mexico include General Motors, Nissan, FCA Mexico, Volkswagen, Kia, Mazda, Toyota, Audi, Honda. Vehicle exports were low in the first few months of 2019, but quickly reached an all-time high in March 2019.

Mexico is the fifth largest exporter and manufacturer of specialized and heavy-duty vehicles and vehicle components, especially components used in the agricultural and construction industries. The United States and Canada receive the largest number of light vehicle exports from Mexico.

Minerals

Mexico is the world's seventh largest copper exporter and ninth largest gold exporter. Mexico has been in the mining and minerals business for centuries, during which time it has traded minerals with neighboring countries such as the United States.

The mining industry in Mexico is a major player in government revenue generation because the country has excellent geological potential for mining. Countries such as Canada, Germany, the United States, Japan and Spain have made significant mining investments in the country, making it an export destination for Mexican minerals.

Main import

Corn

Mexico is a major consumer of corn on the global market. The product's largest trading partner is the United States, which exported more than 44 million tons of corn to Mexico in 2019. Other countries supplying corn to Mexico include Argentina, which supplied Mexico with 150,000 tons of corn to supplement its exports from the U.S.

Motor

In 2017, Mexico imported $150 billion worth of electrical machinery and equipment from the rest of the world. Currently, motor imports account for 40% of the country's total annual imports. As its biggest import, the country has to find a different source for it, and India has quickly become one of its regular suppliers of $210 million worth of equipment.

The growth of electric machinery is mainly supported by mining and automobile manufacturing.

Refined oil

Mexico is increasingly reliant on refined products from the U.S. and other countries, even though they export crude to the same countries. Mexican refiners, accustomed to processing light crude oil, cannot meet demand and therefore rely on foreign countries to refine petroleum products.

The Mexican economy relies heavily on oil to keep its industries and manufacturing plants running, so they must keep oil products flowing through exports.

Medical equipment

80% of Mexico's medical supplies and equipment are imported into the country. The country has spent $5.7 billion procuring medical supplies for the health sector. The Mexican health sector is divided into three segments: medical services, pharmaceuticals/biopharmaceuticals, and medical devices.

In Mexico, all medical devices and equipment can be imported duty-free as long as the NAFTA Certificate of Origin is presented. With the growth of medical tourism in Mexico, the number of patients has soared, and so has the demand for high-quality medical equipment and equipment.

Medical tourism is one of the main reasons why medical devices are one of the main imports of the Mexican economy.

/ By tjchinafreight ivy / Shipping

What are Peru’s main exports and imports?

What are Peru's main exports and imports?
What are Peru's main exports and imports?

Peru's economy is classified by the World Bank as an upper middle class economy. It is also the 39th largest economy in the world. Thanks to the economic reforms that took place in the 2000s, Peru has become one of the fastest growing economies in the world.

Exit

Peru's largest export partners are China (34%), the United States (11%), Switzerland (7%), South Korea (6%) and India (6%). Canada and Chile are also important export partners of Peru. Since Peru is a resource-rich country, it is related to both economic stability and social and environmental instability. With the government providing ready resources and multinational operations within Peru, the problem is unlikely to go away anytime soon.

Import

In 2017, Peru imported US$38 billion worth of goods, making it the 54th largest importer in the world. The main commodities Peru imports include petroleum/petroleum products, chemicals, plastics, machinery, wheat, corn, soy products, vehicles, televisions, front-end loaders, telecommunications equipment and telephones, paper, cotton and pharmaceuticals.

Many of Peru's imports come from China and the United States. Some other import partners include Argentina, Chile, Colombia, Ecuador, Mexico, Brazil and Japan.

U.S. Peru Trade Bond

In 2006, Peru and the United States signed the U.S.-Peru Trade Promotion Agreement (PTPA). While the agreement was ratified in June 2006, the revised protocol entered into force in June 2007. In December 2007, the Agreement Implementation Law became law and was officially implemented in February 2009.

In 2017, Peru’s trade in goods and services with the United States reached $20.1 billion. Exported goods were US$11.3 billion and imports were US$8.8 billion. In 2018, the U.S. and Peru recorded a trade surplus of $1.8 billion in goods. In 2017, the U.S. and Peru had a trade surplus of $1.2 billion in services.

The GDP of Peru in 2018 was approximately US$ 225.2 billion. U.S. foreign direct investment (FDI) in Peru in 2017 was $6.4 billion in stock terms. This direct investment is dominated by mining, manufacturing and non-bank holding companies.

/ By tjchinafreight ivy / Shipping

What are Colombia’s main exports and imports?

What are Colombia's main exports and imports?
What are Colombia's main exports and imports?

Colombia's trade revenue accounted for more than 34 percent of the country's GDP in 2017, according to the World Bank, and its international trade has been growing and quadrupling. The country mainly trades with the United States, Germany, Panama, China, Brazil and the Netherlands. They have also signed a number of trade agreements with the United States, MERCOSUR countries, mainly Central America, the Caribbean countries and the European Union, as well as the ANC. In addition, they have signed Pacific alliances with Chile, Mexico and Peru to strengthen trade relations with Asian markets.

Exit

Coal

Coal is one of Colombia's main exports, with 33.834 million tonnes exported in the first five months of 2019, and they remain strong in coal exports. The data showed that they exported less coal in the same period in 2019 than in the same period in 2018.

However, they rebounded in the months after May, with the government reporting $738 million in revenue from coal sales to overseas markets, up 30 percent from $568 million in 2018. Colombian coal prices are expected to remain stable for the rest of the year.

Colombia remains one of the world's leading mining nations, with large reserves of natural minerals, including coal.

Oil

Colombia produces crude oil, with export earnings from this product reaching $11.1 billion. Through December 2018, the country reported an average daily production of 591.985 barrels. Colombia became an oil exporter in the mid-1980s and has not looked back since, as the US is a major importer of Colombian crude.

Colombia's crude oil exports account for 57% of the country's total exports. It exports oil through the state-owned Colombian Petroleum Corporation, also known as Ecopetrol, but the country consumes its gasoline and other fuels locally. Profits from oil exploration in the country used to be split 50 ⁄ 50 between the state and the private sector, but the private sector has invested less in the oil sector due to attacks on oil interests by many insurgents.

Flowers

Colombia is a major exporter of flowers with a wide range of markets. Due to its mild climate, the country's proximity to the equator provides a unique environment for flowers to grow. The country is the second largest exporter of fresh cut flowers in the world, with a 15% global market share. Their large flowers, thick stems, and strong fragrance make them easy to distinguish.

Of the 400 farmers who grow flowers in Colombia, 300 grow flowers for export. The country has 4,000 hectares of land dedicated to the professional production of flowers, with roses occupying the largest share. Interestingly, Colombia is the world's largest exporter of chrysanthemums, not roses, because of stiff competition from countries such as Kenya that grow the fine roses. In addition to roses, Colombia also produces mini carnations, pom-poms, chrysanthemums and six-flowered flowers. The US gets 80% of its roses from Colombia, followed by Russia and the UK.

banana

Colombia was the sixth largest banana exporter in 2019. Bananas worth $859 million were exported in 2018 with the US and Europe as the main markets. This is a 1.4% increase for the same product in 2017. In 2019, banana exports brought in revenues worth $868 million. The country was able to achieve this growth by planting more areas and renewing plantations that have ceased production.

Import

Although Colombia has very strict regulations on importing cars into the country, it is still the main import into the country. Colombian authorities do not allow the import of used cars, so only brand new cars can be imported. The exception is foreign diplomats who move to Colombia, but they must first register with the Ministry of Foreign Affairs.

The number of imported cars increased in 2018, with Chevrolet being the most imported and sold brand in the country. About 50,000 of the car were sold throughout the year. French brand Renault came in second with 49,700 units.

Mechanical

Most of the machinery imported into the country is agricultural machinery and computers. The country spent $5.8 billion on machinery and equipment imports. Most of these exports enter the country as corporate imports.

Since the country joined the WTO's Information Technology Agreement in 2012, which requires member states to remove tariffs on most information technology products, Colombia has enjoyed importing some of the latest agricultural, manufacturing and processing plant machinery and equipment, which do have contribute to its development. economy.

/ By tjchinafreight ivy / Shipping

Why the Panama Canal Matters

Cargo ship in transit of the Panama Canal passes under the Centenary Bridge, Panama
Cargo ship in transit of the Panama Canal passes under the Centenary Bridge, Panama

Where is the Panama Canal?

The Panama Canal is located in Panama City and connects the Pacific and Atlantic Oceans. Comprising a 77km long waterway, it is an important gateway for ships heading to South America, saving them over 12,875km of voyages.

Panama Canal: When was it built?

The construction of the Panama Canal was the second attempt by the United States after France failed to build its own canal in the Isthmus of Panama. The construction of the canal was decided in 1906, which required moving more than 1 million cubic yards of dirt. The job requires more than 25,000 workers to complete the construction of the building facility every day.

What is the purpose of the Panama Canal?

The Panama Canal is one of the most strategic man-made waterways in the world, providing vital services for the movement of goods. It reduces the sailing of ships by providing a passage that takes them directly to South America. This reduced travel time by more than 15,000 kilometers.

Routes to North and other South American ports also facilitate easy travel through the Panama Canal, saving more than 6,500 kilometers. On the other hand, the use of the Panama Canal reduces voyages from East Asia and Europe to Australia by 3,700 km.

What is the Panama Canal for?

Today, the Panama Canal is used for the transportation of goods, mainly in the import and export industry. It became an important gateway to different parts of the world by allowing easier routes and faster voyages.

Why is the Panama Canal important?

The importance of the Panama Canal lies in its import and export advantages as well as its international trade relations. It has commercial and military importance.

Commercial importance

The Panama Canal provided a cheaper and easier way to move cargo and commercial goods between the Pacific and Atlantic. It eliminates the need for ships to sail around Cape Horn and the southernmost tip of South America to reach their destination. From a voyage that took 67 days to cover 12,000 miles, the canal paved the way for a voyage of just 8,000 miles, which was only 8 to 10 hours.

Military importance

The Panama Canal was of military importance in the 1900s, when the United States provided money and a naval blockade to Panama for its revolution. This led to the independence of Panama, which enabled the United States to enter into a treaty with them to build the canal. In 1999, the military presence in the Panama Canal Zone was strong, especially when U.S. military bases were closed.

To this day, the Panama Canal is still used to transport military watercraft.

How did the Panama Canal affect the world?

The Panama Canal is hailed as one of the few projects that changed the face of the planet and created transoceanic shipping routes. From 1914 to the present, it is one of the most important waterways facilitating international trade and import and export.

/ By tjchinafreight ivy / Shipping

Some countries or regions toy certification system.

In order to ensure the safety of children, many countries or regions have formulated strict laws, regulations and safety standards for toy products, and formulated corresponding certification systems according to international practices and national conditions. As an import and export party, it is necessary to understand the laws and regulations, safety standards and certification systems of the corresponding countries, and always pay attention to their changes and make corresponding adjustments accordingly, so that toy products can be exported smoothly and avoid the risk of notification and recall. This article briefly summarizes the certification systems of some countries or regions.

China

China Compulsory Certification（CCC
China Compulsory Certification（CCC

CCC certification

The full name of CCC certification is "China Compulsory Product Certification", and the English name is: China Compulsory Certification (CCC). It is a product conformity assessment system implemented by the Chinese government in accordance with laws and regulations in order to protect the personal safety and national security of consumers and strengthen product quality management.

EU

CE certification

CE certification is a pass for toy products to enter the EU market. In order to protect the life and property safety of the people of the EU member states, whether it is a product produced by an enterprise within the EU or a product produced by any country or region outside the EU, if it wants to circulate freely in the EU market, it must be affixed with compulsory certification. CE mark to indicate that the product complies with the essential requirements of the EU Directive on New Methods for Technical Harmonization and Standardization.

Germany

GS certification

GS certification is a voluntary certification based on Germany's "Product Safety Law" and tested in accordance with the European Union's unified standard EN or German industrial standard DIN. It is a German safety certification mark recognized in the European market. However, it should be noted that while the product meets the GS certification, it must also meet the requirements of the EU CE certification.

U.K.

UKCA certification

On December 31, 2020, the UK officially left the EU. The UK Toys (Safety) Regulations UKCA certification is revised and fully effective on 1 January 2021. On August 24, 2021, the British government issued the latest announcement on the requirements for the use of the UKCA logo on the official website: It was originally scheduled to be launched in the UK market (including England, Scotland and Wales from January 1, 2022, but not applicable to North America). Ireland) the period in which the CE marking can no longer be used has been extended until 1 January 2023. However, it should be noted that this notification is based on the premise that the UK and EU regulations are still consistent, that is, if the EU updates its regulations, and the CE marking on the manufacturer's products complies with the new regulations, then these CE marked products will not be used. UK market accepted. From 1 January 2023, products entering the UK market must be marked with the UKCA mark in accordance with regulations.

U.S.

"CPSC certification + UL certification + FCC certification"

CPSC (Consumer Product Safety Committee) is an important consumer protection agency in the United States, namely the Consumer Product Safety Commission. CPC (Children's Product Certificate) is the Children's Product Certificate. The United States requires manufacturers and importers to certify in writing that their children's products comply with the applicable US safety regulations, based on the qualified test report issued by a CPSC-accredited laboratory that meets the requirements of CPSIA and ASTMF963-17, toys and children sold to the United States Products must have CPC.

In addition to the regulatory tests that meet the CPC requirements, related products sold to the U.S. market for children under the age of 12 must also comply with the Tracking Label requirements. The purpose of this move is to ensure that when there is a problem with the product, consumers can trace the source to the responsible party to deal with related compliance issues. Therefore, traceability labels are required on both packaging and products (except for exemptions). If it is a durable product for infants and young children, it must also meet the relevant requirements of the Product Registration Card.

In addition to obtaining CPSC certification, some toys also need to apply for UL certification and FCC certification.

/ By tjchinafreight ivy / Shipping

Simple guide to Warehouse receipt

Shot of a young man using a digital tablet while working in a warehouse
Shot of a young man using a digital tablet while working in a warehouse

Meaning of warehouse receipt

A warehouse receipt is a form of document used in the futures market to ensure the quality and quantity of a specific commodity stored in an approved facility. Warehouse receipts are part of the processing of business transactions involving physically delivered futures contracts.

Instead of immediately moving the actual goods under the contract, the warehouse receipt is used to settle the futures contract. In the case of precious metals, a warehouse receipt can also be called a vault receipt.

Warehouse receipts can be transferable or non-transferable.

Negotiable warehouse receipt

Negotiable warehouse receipts specify that the goods can be delivered to the document holder, which means they can be used as collateral for a loan. If the borrower defaults, the lender takes over the warehouse receipt and can sell the goods for payment of the loan.

Non-negotiable warehouse receipt

A non-negotiable warehouse receipt specifies to whom the goods should be delivered.

How to use warehouse receipt?

Stored goods cannot be delivered without a receipt.

Warehouse receipts are used to settle futures contracts. A vault receipt is an example of a warehouse receipt, but it is for metal. Vault receipts show ownership of precious metals stored in warehouses, banks and other approved facilities.

Warehouse receipts are used for stored goods that will be delivered or used at a later date. They are called physically delivered commodities. Physically delivered commodities are used in the production and manufacture of many commodities.

Tracking physical inventory is a critical process for future contracts. Inventory of goods must be registered with the designated authority and must be inspected and certified before it can be used in the future market.

When to use warehouse receipts?

Warehouse receipts are typically used when a seller signs a contract with a manufacturer to purchase some item that is not in stock, and then uses the warehouse receipt to collect the product at the warehouse.

/ By tjchinafreight ivy / Shipping

Consular Invoice Guide

Cargo Container ship in import export and business logistics, Shipping harbor.
Cargo Container ship in import export and business logistics, Shipping harbor.

What is a consular invoice?

Invoice for shipment of goods certified by the consulate of the country of destination of the goods. This invoice is used by the country's customs officials to verify the value, quantity and nature of imported goods in order to determine import duties. In addition, export prices can be checked against current market prices in the exporting country to ensure that no dumping has occurred.

Key takeaways

  • A consular invoice is a document detailing the contents and details of the goods, consular certification by the country to which the goods are sent.
  • Invoices are used by customs officials to confirm the items in the shipment, the quantity of the goods and the cost to determine import duties.
  • Export prices are scrutinized relative to market prices in the country of origin to ensure that unfair trade practices known as "dumping" do not occur.
  • Through dumping, exporters gain a competitive advantage over other suppliers by selling goods in foreign markets below domestic costs.

Format and contents of a consular invoice

A consular invoice may contain the following details –

  • Names of the importer and exporter with their relevant details
  • Ports of Origin and destination
  • Description of the goods
  • Additional charges (packing, insurance, etc.)
  • Total value of the shipment
  • Name of the certifier
  • Identification marks and numbers

THE GOVERNMENT OF INDIA
THE GOVERNMENT OF INDIA

Special attention items

The consular invoice also includes a copy of the commercial invoice in the language of the country that provides full details of the goods being shipped. Generally, the purpose is to provide foreign customs authorities with a complete and detailed description of the goods in order to collect the correct import duties. In addition, the export price of the commodity can be assessed against the current market price in the exporting country in order to avoid the process of export dumping.

Dumping is the sale of a product in a foreign market below its cost in the domestic market in order to maintain an advantage over other suppliers of the product. It is considered an unfair trade practice and is regulated by various governments. 2 In the case of a consular invoice, the invoice can be used to calculate the difference between the price of the imported product and the product of the exporting country to prevent unfair trade practices of dumping.