Export-Import Glossary & Terminology
Speak the Language of Global Trade
At MeeThought E-Commerce Private Limited, transparency is our priority. International trade uses many acronyms and legal terms. Below is a detailed guide to help you understand the responsibilities, costs, and logistics involved in our partnership.
1. INCOTERMS® 2020 (Shipping Terms)
These terms define who pays for shipping, who carries the risk, and where the "handover" happens.
EXW – Ex Works (Hyderabad)
- Definition: The buyer arranges everything from our warehouse door.
- Exporter: We pack goods and keep them ready.
- Importer(You): You arrange the truck, Indian customs clearance, insurance, and ocean freight.
- Best For: Buyers who have their own strong logistics network in India.
FOB – Free On Board
The most common term in bulk exports.
- Definition: We handle everything until the goods are loaded onto the ship.
- Exporter (MeeThought): We pay for transport to the port, Custom Clearance in India, and Port Handling Charges.
- Importer(you): You pay for the Ocean Freight and Insurance. You take ownership the moment goods cross the ship's rail.
- Best For: Buyers who want control over which shipping line is used.
CIF – Cost, Insurance, and Freight
- Exporter: Pays freight + insurance.
- Importer: Handles duties & clearance.
DAP – Delivered at Place
- Exporter: Shipping + delivery.
- Importer: Pays taxes.
DDP – Delivered Duty Paid
- Exporter: Handles everything.
- Importer: Receives goods.
2. Logistics Abbreviations
| Acronym |
Full Form |
Explanation |
| ETD | Estimated Time of Departure | Ship leaves port |
| ETA | Estimated Time of Arrival | Ship arrives |
| POL | Port of Loading | Origin port |
| POD | Port of Discharge | Destination port |
| BL / BoL | Bill of Lading | Ownership document |
| LCL | Less than Container Load | Shared container |
| FCL | Full Container Load | Full container |
3. Container Specifications & Capacity
20ft Container
- Capacity: ~33 CBM
- Weight: 24–26 MT
- Best for heavy goods
40ft Container
- Capacity: ~67 CBM
- Best for light goods
40ft High Cube
- Capacity: ~76 CBM
- Best for bulky goods
4. Weights & Conversions
- 1 MT = 1000 kg
- 1 Quintal = 100 kg
- 20ft Container ≈ 20–25 MT
- Gross Weight = Product + Packaging
- Net Weight = Product only
- Tare Weight = Empty container
5. Banking & Payment Terms
T/T (Telegraphic Transfer)
Direct bank-to-bank transfer. Fastest and cheapest method.
L/C (Letter of Credit)
Bank guarantee of payment. Irrevocable L/C is safest for large deals.
FIRC / e-BRC
Proof of export payment and compliance.
Strategic Suggestion
- Dense Products: Use 20ft container (18–20 MT)
- Light Bulky Products: Use 40ft High Cube
6. Order Lifecycle
PO – Purchase Order
Formal order from buyer.
PI – Proforma Invoice
Used for payment and approvals.
OC – Order Confirmation
Confirms production and locks price.
MOQ – Minimum Order Quantity
Usually 1 Ton (LCL) or 1 Container (FCL).
7. Timeline Definitions
- Lead Time: Production duration
- Transit Time: Shipping duration
- EDD: Estimated delivery date
8. Exception Handling
Short Shipment
Missing goods. Check packing list and claim insurance.
Damaged Goods
Mark as damaged, take photos, inform within 48 hours.
Force Majeure
Uncontrollable events like war, pandemic, govt bans.
9. Port Penalties
Demurrage
Delay in picking container from port.
Detention
Delay in returning empty container.
