Glossary of International Trade Terms  [A] [B] [C] [D] [E] [F] [G] [H] [ I ] [J] [K] [L] [M] [N] [O] [P] [Q] [R] [S] [T] [U] [V] [W] [X] [Y] [Z]  G Gang A group of stevedores under a supervisor who are assigned to load or unload a portion of a vessel. Gangway The opening through which a ship is boarded. Gantry Crane A specialized machine for the raising or lowering of cargo mounted on a structure spanning an open space on a ship. Gateway A major airport or seaport; or the port where customs clearance takes place; or a point at which freight moving from one territory to another is interchanged between transportation lines. GATT General Agreement on Tariffs and Trade. Geisha Bond Bond issued on the Japanese market in currencies other than yen. General Agreement On Tariffs And Trade (GATT) Both a multilateral trade agreement aimed at expanding international trade and the organization which oversees the agreement. The main goals of GATT are to liberalize world trade and place it on a secure basis thereby contributing to economic growth and development and the welfare of the world's people. General Average A loss that affects all cargo interests on board a vessel as well as the ship herself. General Cargo Rate The rate a carrier charges for the shipment of cargo which does not have a special class rate or commodity rate. General Cargo Vessels A vessel designed to handle breakbulk cargo such as bags, cartons, cases, crates and drums, either individually or in unitized or palletized loads. General Commodity Rate A freight rate applicable to all commodities except those for which specific rates have been filed. General Imports The total physical arrivals of merchandise from foreign countries, whether such merchandise enters consumption channels immediately or is entered into bonded warehouses or Foreign Trade Zones under U.S. Customs custody. General Liability Unlimited responsibility for an obligation, such as payment of debts of a business. General License Authorized licenses by the U.S. Bureau of Export Administration that permit the export of non-strategic goods to specified countries without the need for a validated license. General Order Merchandise not entered within 5 working days after arrival of the carrier and stored at the expense of the importer. General Order Warehouse Warehouse where customs sends merchandise that has not been claimed within 5 days of arrival. General Partnership A partnership where all partners have joint ownership and liability. General Tariff A tariff that applies to countries that do not enjoy either preferential or most favored nation tariff treatment. Generalized System Of Preferences (GSP) A program providing for free rates of duty for merchandise from beneficiary developing independent countries and territories to encourage their economic growth. GITS Government Information Technology Services Working Groups. Global Bond A bond that can be traded immediately in any United States capital market and in the Euromarket. Global Quota A quota on the total imports of a product from all countries. Gold Exchange Standard An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. Gold Reserves Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. Gold Standard A monetary agreement whereby all national currencies 100 percent by gold and the gold is utilized for payments of foreign activity. Gondola Car An open railway car with sides and ends, used principally for hauling coal, sand, etc. Goods Merchandise, supplies, raw materials, and completed products. Grantee A corporation to which the privilege of establishing, operating, or maintaining a foreign trade zone has been given. Green Card An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. Grey List A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Grid Fixed margin within which exchange rates are allowed to fluctuate. Gross 12 dozen or 144 articles. Gross Domestic Product A measure of the market value of all goods and services produced within the boundaries of a nation. Gross National Product A measure of the market value of all goods and services produced by the labor and property of a nation. Gross Weight The full weight of a shipment, including goods and packaging. H Hallmark An impression made on gold and silverware introduced in the beginning of the fourteenth century in England to identify the quality of the metal used. Harbor Fees Charges assessed to users for use of a harbor, used generally for maintenance of the harbor. Harbor Master An officer who attends to the berthing, etc. of ships in a harbor. Hard Loan A foreign loan that must be paid in hard money. Hard Money Currency of a nation having stability in the country and abroad. Harmonized System (HS) A multipurpose international goods classification system designed to be used by manufacturers, transporters, exporters, importers, customs, statisticians, and others in classifying goods moving in international trade under a single commodity code. Harmonized Tariff Schedule Of The United States An organized listing of goods and their duty rates which is used by U.S. Customs as the basis for classifying imported products and therefore establishing the duty to be charged and providing the U.S. Census with statistical information about imports and exports. Harter Act Legislation protecting a ship's owner against claims for damage resulting from the behavior of the vessel's crew, provided the ship left port in proper condition. Hatch The opening in the deck of a vessel witch gives access to the, cargo hold. Haulage The local transport of goods. Also the charge(s) made for hauling freight on carts, drays or trucks. Also called cartage or drayage. Hazardous Materials  A substance or material which has been determined by the U.S. Secretary of Transportation to be capable of posing an unreasonable risk to health, safety, and property when transported in commerce and which has been so designated. Heavy Lift Articles too heavy to be lifted by a ship's tackle. Heavy Lift Charge A charge made for lifting articles too heavy to be lifted by a ship's tackle. Heavy Lift Vessel A vessel with heavy lift cranes and other equiptment designed to be sef-sustaining in the handling of heavy cargo. Hedge To offset. Hedge Ratio The amount of an underlying instrument or the number of options which are needed to hedge a covered option. High Density The compression of flat or standard bales of cotton to high density of approximately 32 pounds. Hitchment The combination of portions of a shipment with different geographical orgins that move under one bill of lading from shipper to consignee. Hold The space below deck in a vessel used to carry cargo. Hold For Pickup Freight to be held at the carrier's destination location for pickup by the recipient. Hold Harmless Contract An agreement by which one party accepts responsibility for all damages and other liability that arise from a transaction, relieving the other party of any such liability. Honor To pay or to accept a draft complying with the terms of credit. Horizontal Export Trading Company An export trading company which exports a range of similar or identical products supplied by a number of manufacturers or other producers. House Air Waybill A bill of lading issued by a freight forwarder for consolidated air freight shipments. House-To-House A term usually used to indicate a container yard to container yard shipment. Hub And Spoke Routing Aircraft routing service pattern that feeds traffic from many cities into a central hub designed to connect with other flights to final destinations. The system maximizes operating flexibility by connecting many markets through a central hub with fewer flights than would be required to connect each pair of cities in an extensive system. Hull The outer shell of a vessel. Hump "That part of a rail track which is elevated so that when a car is pushed up on "the hump" and uncoupled it runs down the other side by gravity." Hundredweight Pricing Special pricing for multiple-piece shipments traveling to one destination which are rated on the total weight of the shipment as opposed to rating on a per package basis. I ICPO Irrevocable Corporate Purchase Order Identical Merchandise Used by U.S. Customs in establishing the customs value of merchandise exported to the United States, identical merchandise is merchandise that is: (1) Identical in all respects to the merchandise being appraised, (2) Produced in the same country as the merchandise being appraised, and (3) Produced by the same person as the merchandise being appraised. Immediate Delivery An alternate U.S. Customs entry procedure which provides for immediate release of a shipment in certain cases. Immediate Transportation Entry A form of U.S. Customs entry which allows imported merchandise to be forwarded from the port of original entry to another final destination for customs clearance.  Immigration The entry of foreign nationals into a country for the purpose of establishing permanent residence.  Implied Conditions Certain implied conditions are not written into marine insurance policies, but they are so basic to understanding between underwriter and assured that the law gives them much the same effect as if written. Import To bring in (goods or services) from a foreign country for trade or sale.  Import Credit A commercial letter of credit issued for the purpose of financing the importation of goods. Import Duty Any tax on items imported. Import License A document required and issued by some national governments authorizing the importation of goods. Import Quota A protective ruling establishing limits on the quantity of a particular product that can be imported. Import Quota Auctioning The process of auctioning the right to import specified quantities of quota-restricted goods. Import Relief Any of several measures imposed by a government to temporally restrict imports of a product or commodity to protect domestic producers from competition. Import Restrictions Any one of a series of tariff and non-tariff barriers imposed by an importing nation to control the volume of goods coming into the country from other countries.  Import Sensitive Producers Domestic producers whose economic viability is threatened by competition (quality, price or service) from imported products.  Import Substitution A strategy which emphasizes the replacement of imports with domestically produced goods to encourage the development of domestic industry. Importer The individual, firm or legal entity that brings articles of trade from a foreign source into a domestic market in the course of trade. Importer Number An identification number assigned by the U.S. Customs Service to each importer to track entries and other transactions. Imports Commodities of foreign origin as well as goods of domestic origin returned to the producing country with no change in condition, or after having been processed and/or assembled in other countries. Imports For Consumption The total of merchandise that has physically cleared through U.S. Customs either entering domestic consumption channels immediately or entering after withdrawal for consumption from bonded warehouses under U.S. Customs custody or from U.S. Foreign Trade Zones. Impost A tax, usually an import duty. Impoters Manual USA A reference book detailing specific requirements for importing 135 different product groups into the United States and other important information. Impound To seize or hold; or to place in protective custody by order of a court. In Bond A procedure under which goods are transported or warehoused under customs supervision until they are either formally entered into the customs territory of the United States and duties paid, or until they are exported from the United States. In Bond Shipment An import or export shipment which has not been cleared by U.S. Customs officials. In-Bond System A part of U.S. Customs' Automated Commercial System, controls merchandise from the point of unloading at the port of entry or exportation. Incentive A motivational force that stimulates people to greater activity or increased efficiency. Income Money or its equivalent, earned or accrued, arising from the sale of goods or services. Incoterms A codification of international rules for the uniform interpretation of common contract clauses in export/import transactions. Indemnify To compensate for actual loss sustained. Indemnity An agreement to reimburse another individual or legal entity who incurs a loss that is covered by the agreement. Independent Action The right of a conference member to depart from the common freight rates, terms or conditions of the conference without the need for prior approval of the conference. Indexed Currency Borrowings Borrowings in a foreign currency where the rate of interest is linked to an agreed scale. Indexed Currency Option Note Note denominated and paying interest in one currency but whose redemption value is linked to an exchange rate for another currency. Individual Validated License Written approval by the U.S. Department of Commerce to export a specified quantity or good to a single recipient. Industrial List The Coordinating Committee for Multilateral Export Controls industrial list contains dual-use items whose export are controlled for strategic reasons. Industrial Policy Encompasses traditional government policies intended to provide a favorable economic climate for the development of industry in general or specific industrial sectors. Infant Industry Argument "The view that "temporary protection" for a new industry or firm in a particular country through tariff and non-tariff barriers to imports can help it to become established and eventually competitive in world markets." Inflation Loss of purchasing power of money caused by growth of the amount of money in circulation. Informal Entry A simplified import entry procedure accepted at the option of Customs for any baggage or commercial shipment that does not exceed $1000. Informed Compliance A term that describes the improved ability of a entity (such as a company) to comply with Federal rules and regulations through easy access to up-to-date information.  Infrastructure The basic structure of a nation's economy. Inherent Vice Internal cause of damage to goods during shipping; damage caused by the qualities of the goods themselves. Injury A finding by the U.S. International Trade Commission that an import is causing harm or going to cause harm to a U.S. industry. Inland Bill of Lading A bill of lading used in transporting goods overland to the exporter's international carrier. Inland Carrier A transportation line which hauls import/export traffic between ports and inland points. Inspection Certificate A document confirming that goods have been inspected for conformity. Instrument Any written document that gives formal expression to a legal agreement or act. Integrated Cargo Service A blend of all segments of the cargo system providing the combined services of carrier, forwarder, handlers, and agents. Integrated Carriers Carriers that have multiple varieties of fleets (i.e. air and ground, truck and rail, etc.). Intellectual Property An original piece of work that can be copyrighted or trademarked to confirm ownership. Interbank Dealings Dealings between the banks. Interchange Agreement An agreement that specifically lays out the terms of leasing equiptment from a carrier. Interchange Point A location where one carrier delivers freight to another carrier. Interline Shipping The movement of a single shipment in two or more carriers. Intermodal Compatability The capability of a shipment of goods to be transported from one form of transportation to another. Intermodal Transport Coordinated transport of freight using multiple methods of transportation. International Trade The business of buying and selling commodities outside of national boarders.  International Trade Data System A proposed electronic system that would integrate the different government trade and transportation data processes into a system that provides a standard means of gathering, processing, storing and disseminating import and export trade data. See IT06.  Interstate Carrier A common carrier whose business extends beyond the boundaries of one state. Interstate Commerce Trade between or among several states of the United States; includes facsimile across state lines or transport by rail and roads. Invisible Barriers to Trade Government regulations that do not directly restrict trade but hinder imports with excessive and obsure requirements. Invisible Trade Balance The balance of trade created by the import and export of services. Invoice A document identifying the buyer and seller; includes all relevant information such as number, date, shipping date, mode of transport, etc. Inward Foreign Manifest (IFM) A U.S. Customs mandated document requiring the complete listing by bill of lading numbers of an arriving ship's freight being imported into the United States. Irrevocable Letter of Credit A letter of credit which cannot be amended or canceled without prior mutual consent of all parties to the credit. Issuance The establishment of a letter of credit by the issuing bank based on the buyer's application and credit relationship with the bank. Issuance Date of the Documents The date of shipment or loading on board of goods. IT06 An initiative calling for the development of an international trade data system sponsored by the US Government that will meet the needs of Federal agencies involved in international trade as well as the trade information needs of businesses and the general public. 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