International Chemical Business Terms
Below is a list of export and import related terms to help you navigate the international chemical business. All terms are listed alphabetically.
Value for Customs Duty
The commercial value of the cargo that becomes the basis of calculating the amount of tax such as customs duty or consumption tax. Under the WTO Customs Valuation Agreement, each member country establishes the standards in CIF or FOB. Japan, EU, China, South Korea, India, ASEAN, etc. use the CIF value as a standard, and the U.S., Australia, Canada, New Zealand, etc. use the FOB value as a standard.
Filling goods in an empty cargo container.
Vanpool (VP, Empty Container Depot, ECD)
The place for storing empty containers in ports.