Definition An Ocean Bill of Lading (OBOL) is a legal document that represents a contract between a shipper and carrier of specified goods. The document acts as a receipt for the load of cargo, and as a legal contract between the shipper and carrier for their transportation. To name this document an Ocean BOL indicates that the goods are being transported overseas. The type, quantity, condition and...
Definition What’s the difference between gross weight and chargeable weight when using airfreight? Those new to global trade and studying their first bill of lading may notice two weights for their shipment – the Gross Weight (GW) and the Chargeable Weight (CW). This applies to shipping via airfreight or ocean freight. The two represent different weights. The Difference Between Gross and Chargeabl...
Peruvian Andean civilization has been producing high-quality cotton for more than 4,500 years. The Peruvian Pima cotton blend is well-recognized as a higher-quality, finer, softer, more durable fibre. Learn about the success stories in Peru’s garment industry. Peru Cotton Production The top cotton producers in the world are China, India, the United States, Pakistan and Brazil. In 2006, the Peruvia...
Asia became a manufacturing leader during the 1960s, when Japan began exporting electronics and other retail merchandise. Twenty years later, South-East Asia became dominated by Japanese-owned manufacturing plants. During those 2 decades South Korea and Taiwan also entered the industry. In 1990, following China’s entry, 26 1/2 percent of worldwide manufacturing was being done in Asia. Thirteen yea...
Free On Board or FOB is a legal term which specifies that the shipper owns the goods while in transit. CIF (Cost, Insurance, and Freight) terms mean that the seller merely assumes responsibility for said goods until they reach the port of destination. DDP (Delivered Duty Paid) refers to the seller paying the duties and taxes of the shipment. These various acronyms are known as INCO terms. Many com...
What is Amazon FBA? FBA (Fulfilment by Amazon) is the unique system that gives the opportunity for almost anyone to get involved in selling merchandise without having to store or ship the items. With FBA, you have your merchandise shipped directly to a fulfillment center. Once the merchandise arrives at the dock, it is checked in and placed into storage. When an order is placed and paid for, the o...
The Panama Canal expansion project is finally nearing completion after more than half a decade of work and an investment of billions of dollars. The third set of locks is scheduled to allow super-ships to pass starting on the 27th of June, 2016. What this means for economics and trade agreements worldwide has been a hotly debated topic ever since the project’s preliminary feasibility studies were ...
How to circumvent the pitfalls that can derail your international trade goals Global trade grew by 13.5 percent in 2010, marking the fastest-ever expansion in global commerce, according to the World Trade Organization. That represents a lot of transactions, and a lot of opportunities for things to go wrong. With import and export trade volumes rising every year, companies are bound to make importi...
Freight forwarders are very good at moving shipments around the globe in the most compliant manner possible, but did you know that their capabilities and competencies actually stretch much further? Here are five things your freight forwarder can do to help you run your business more efficiently and profitably: Monitoring vendor performance: Using a dashboard application that tracks all imports and...