An export declaration is a form that is submitted by an exporter at the port of export. It provides information about the goods being shipped, including type, number, and value. This information is used by customs to control exports, in addition to compiling statistical information about a country’s foreign trade.
A Transferable Letter of Credit (LC) is a documentary credit under which the Beneficiary (first Beneficiary) may request the bank specifically authorised in the credit to transfer the credit, available in whole or part, to one or more secondary Beneficiary(ies). The LC can be transferred only in accordance with the terms and conditions stipulated in the original LC, with the exception of the following which may be changed:
the LC amount
the unit price of goods (if stated in the original LC)
the time of shipment
the last date for presentation of negotiation documents
the expiry date of LC Any or all of the above may be reduced in the transferred credit to the second Beneficiary.
Moreover, the name of the Applicant can be substituted with the name of the first Beneficiary, unless the original LC stipulates that the name of the Applicant be used in any document other than the invoice. If all or part of the LC is transferred, the first Beneficiary retains the right to substitute their own drafts and invoices for those of the second Beneficiary, if they so require. Instructions must also be provided on whether the bank is allowed to make any amendments to the original LC to the second Beneficiary.
The Dominican Republic has actually enjoyed one of the strongest growth rates in Latin America and the Caribbean over the past 25 years. The Dominican Republic’s economy has largely rebounded from the global recession. It continues to be one of the fast growing economies in the region. Its top three trade partners include the US, China, and Haiti. As a tiny island nation, the Dominican Republic relies much more on imports than exports. In this post, we’ll take a deeper look at what the Dominican Republic imports. The Dominican Republic’s imports totaled US$17 billion. Of these, machines formed the majority with US$2.77 billion, or 16.3% of total imports. Mineral products such as petroleum oil and crude ranks second with US$2.47 billion, or 14.5% of total imports. In third place is foodstuffs with US$1.34 billion, or 7.9% of total imports.
Tariff-rate quotas (TRQs) apply to imports of goods and are almost exclusive to agricultural goods. TRQs limit the amount of certain goods that may be imported into a country at reduced or zero rates of Customs Duty over a specified period of time. The limit may be expressed in units of weight, volume, quantity or value. Quantities exceeding the quota are subject to a higher duty rate. TRQs protect domestic producers from having to face competition from large quantities of imports, however they also allow exporters some access to the market.
Hello, see below the list of the documents required for air fright: Air Waybill (AWB): This is the document of title to the goods travelling by air and is therefore non-negotiable. It travels with the cargo and acts as evidence of delivery of the goods travelling on board the plane. Commercial invoice: Document establishing the conditions of sale for the goods and their specifications. Serves as proof of sale. Packing list: A list of the contents in a package, completing the information of the invoice, which must be issued by the sender. Customs clearance authorisation: Document with which an importer or exporter authorises a customs agent to submit one or several customs declarations on their behalf.