Trade Glossary A-Z
226 essential commodity trading terms, from banking and shipping to customs and documentation, explained in plain language.
A
Advising Bank
The bank that notifies the beneficiary of a letter of credit and forwards it without adding its own payment undertaking.
Aframax
A class of crude oil tanker with a capacity of roughly 80,000 to 120,000 deadweight tonnes, sized for shorter and medium-haul routes.
Agent
A party authorized to act on behalf of a buyer, seller, or shipowner in commercial or logistical matters, without necessarily taking title to the goods.
Air Waybill (AWB)
A non-negotiable transport document issued by an airline that serves as a receipt for goods and evidence of the air carriage contract.
Allocation
The specific quantity of a commodity assigned or set aside for a particular buyer or contract from a producer's or seller's total available supply.
Anti-Dumping Duty
An additional import tariff imposed on foreign goods priced below fair market value, intended to protect domestic producers from unfair competition.
Applicant
The party, typically the buyer, who instructs a bank to issue a letter of credit in favor of the beneficiary.
Arbitrage
The practice of simultaneously buying and selling a commodity in different markets to profit from a price discrepancy.
Arrival Notice
A notification sent by the carrier to the consignee or notify party confirming that a shipment has reached, or is expected to reach, the port of discharge.
Assay
A laboratory test performed to determine the composition, purity, or grade of a commodity, commonly used for metals and minerals.
Authorized Economic Operator (AEO)
A certification granted by customs authorities to businesses that meet defined security and compliance standards, allowing simplified customs procedures.
Average (General Average)
A maritime law principle under which all parties in a sea venture proportionally share losses resulting from a voluntary sacrifice of part of the cargo or vessel to save the whole.
B
Backwardation
A market condition in which the current spot price of a commodity is higher than its forward or futures price.
Bank Guarantee (BG)
An unconditional promise from a bank to pay a specified sum to a beneficiary if the party it guarantees fails to meet a contractual obligation.
Bareboat Charter
A vessel charter arrangement in which the charterer takes full operational control of the ship, including crewing, while the owner retains only title.
Barrel (bbl)
A standard unit of volume for crude oil and petroleum products, equal to 42 US gallons or approximately 159 liters.
Benchmark Price
A widely recognized reference price for a commodity, published by an index provider such as Platts or Argus, used as the basis for pricing formulas.
Beneficiary
The party, typically the seller, in whose favor a letter of credit or bank guarantee is issued and who is entitled to receive payment.
Berth
The designated location at a port or terminal where a vessel docks to load or discharge cargo.
Bid
An offer to buy a commodity at a specified price, used in trading and auction contexts.
Bilateral Trade Agreement
A trade agreement between two countries establishing preferential terms, tariffs, or quotas for goods traded between them.
Bill of Exchange
A written, unconditional order by one party directing another to pay a fixed sum of money to a named party at a specified time.
Bill of Lading (B/L)
A document issued by a carrier that serves as a receipt for goods, evidence of the contract of carriage, and, when negotiable, a document of title.
Bill of Sale
A legal document recording the transfer of ownership of goods or a vessel from a seller to a buyer.
Bonded Warehouse
A secure facility, supervised by customs authorities, where imported goods can be stored without payment of duty until they are released for sale or re-exported.
Booking Confirmation
A document issued by a carrier or freight forwarder confirming that cargo space has been reserved on a specific vessel or flight.
Break Bulk
Cargo that is transported as individual items or packages rather than in containers or bulk, such as machinery, steel coils, or bagged goods.
Broker
An intermediary who arranges transactions between buyers and sellers in exchange for a commission, without taking ownership of the goods traded.
Brokerage Commission
The fee, typically a percentage of the transaction value, paid to a broker for successfully arranging or facilitating a trade.
Bulk Cargo
Unpackaged commodities such as grain, coal, or crude oil transported in large quantities, typically loaded directly into a vessel's holds or tanks.
Bulk Carrier
A merchant vessel specifically designed to transport unpackaged dry bulk commodities such as grain, coal, or ore.
Bunker (Bunker Fuel)
The fuel oil used to power a ship's engines, a major component of a vessel's operating costs.
Buyer's Market
A market condition in which supply exceeds demand, giving buyers greater negotiating leverage over price and terms.
C
Cabotage
The transport of goods or passengers between two points within the same country, often restricted to vessels flagged or registered in that country.
Capesize
A class of large bulk carrier, typically too large to transit the Suez or Panama Canals, used mainly for iron ore and coal on long-haul routes.
Cargo
Goods transported by ship, aircraft, rail, or road as part of a commercial shipment.
Cargo Manifest
A document listing all cargo carried on a vessel or aircraft for a particular voyage, used by customs and port authorities.
Carrier
The company or party that undertakes to transport goods from one location to another under a contract of carriage.
Cash Against Documents (CAD)
A payment method in which shipping documents are released to the buyer by a bank only upon payment in full.
Certificate of Analysis (COA)
A laboratory report confirming that a commodity's technical specifications and properties meet the standards agreed in a contract.
Certificate of Origin (COO)
A document certifying the country in which goods were produced or manufactured, often required for customs clearance or preferential tariffs.
CFR (Cost and Freight)
An Incoterm under which the seller pays the costs and freight to bring goods to the named port of destination, but risk transfers to the buyer once goods are loaded on the vessel.
Chamber of Commerce
An organization of businesses that promotes commercial interests and, in trade contexts, often issues or certifies documents such as certificates of origin.
Charter Party
The contract between a shipowner and a charterer that sets out the terms for hiring a vessel, including duration, freight rate, and responsibilities.
Chartering
The process of hiring a vessel, in whole or in part, for the transport of cargo.
CIF (Cost, Insurance and Freight)
An Incoterm under which the seller pays the costs, insurance, and freight to bring goods to the named port of destination, with risk transferring once goods are loaded on the vessel.
Circumvention
The act of bypassing an introducing broker or intermediary to deal directly with a counterparty they introduced, typically prohibited by an NCNDA.
Clean Bill of Lading
A bill of lading indicating that goods were received by the carrier in apparent good order and condition, without any noted defects or damage.
Clearing House
An institution that facilitates the settlement of financial transactions between banks or trading parties.
Collateral
An asset pledged by a borrower to secure a loan or credit facility, which the lender may claim if the borrower defaults.
Combined Transport
The carriage of goods using two or more modes of transport, such as sea, rail, and road, under a single contract.
Commercial Invoice
The seller's official bill for goods shipped, stating description, quantity, unit price, and total value, required for customs clearance and payment.
Commission
A fee paid to a broker or agent, typically calculated as a percentage of the value of a transaction they helped arrange.
Commodity
A raw material or primary agricultural, energy, or mineral product that is traded in bulk and is largely interchangeable with other units of the same type.
Commodity Exchange
A regulated marketplace where standardized commodity contracts, including futures and options, are traded.
Common Carrier
A carrier that offers transport services to the general public under published rates and terms, rather than under individually negotiated contracts.
Compliance
Adherence to the legal, regulatory, and procedural requirements governing the import, export, and trade of goods.
Confirmed Letter of Credit
A letter of credit to which a second bank, typically in the beneficiary's country, adds its own payment guarantee alongside that of the issuing bank.
Confirming Bank
The bank that adds its own undertaking to pay under a letter of credit, in addition to that of the issuing bank, providing the beneficiary added assurance.
Consignee
The party named in shipping documents to receive goods at their destination, typically the buyer or their agent.
Consignment
Goods shipped to a party who holds and sells them on behalf of the owner, with payment due only after sale.
Consignor
The party who ships goods to a consignee, typically the seller or exporter.
Consular Invoice
A commercial invoice certified by the consulate of the importing country, required by certain jurisdictions for customs purposes.
Container
A standardized, reusable steel box used to transport goods by sea, rail, or road, allowing efficient handling across different modes of transport.
Container Yard (CY)
A designated area at a port or inland depot where containers are stored, loaded, or unloaded.
Contango
A market condition in which the forward or futures price of a commodity is higher than its current spot price.
Correspondent Bank
A bank that provides banking services on behalf of another bank, often in a different country, facilitating international payments and letters of credit.
Counterparty
The other party to a trade or contract, such as the buyer relative to the seller, or the seller relative to the buyer.
Countervailing Duty
An import tariff imposed to offset subsidies provided by a foreign government to its exporters, intended to level the competitive playing field.
Country of Origin
The country in which a product was manufactured, produced, or substantially transformed, used to determine applicable tariffs and trade rules.
Credit Risk
The risk that a counterparty will fail to meet its financial obligations, such as making payment for goods received.
Cross-Border Trade
The exchange of goods or services between parties located in different countries.
Customs Bond
A financial guarantee required by customs authorities to ensure payment of duties, taxes, and penalties associated with imported goods.
Customs Broker
A licensed professional or firm that facilitates customs clearance on behalf of importers and exporters.
Customs Clearance
The process of satisfying customs requirements and obtaining authorization for goods to enter or leave a country.
Customs Duty
A tax imposed by a government on goods imported into or exported out of a country.
Customs Tariff
The official schedule of duties applied by a country to imported or exported goods, typically organized by product classification.
Customs Value
The value of imported goods as assessed by customs authorities for the purpose of calculating applicable duties.
D
Date Draft
A bill of exchange payable on a fixed future date, regardless of when it is presented to the drawee.
Deadweight Tonnage (DWT)
The total carrying capacity of a vessel, including cargo, fuel, crew, and supplies, expressed in metric tons.
Delivery Order (DO)
A document issued by a carrier or its agent authorizing the release of goods to the party entitled to receive them at the port or terminal of destination.
Demurrage
A charge payable to the vessel owner when a ship is delayed beyond its allotted loading or discharge time, compensating for the vessel's lost time.
Despatch Money
A payment made by the shipowner to the charterer when loading or discharging is completed faster than the agreed laytime.
Discharge Port
The port at which cargo is unloaded from a vessel.
Discrepancy
A difference between the documents presented under a letter of credit and the terms specified in the credit, which can delay or prevent payment.
Documentary Collection
A payment method in which a bank handles shipping documents on behalf of the seller, releasing them to the buyer only upon payment or acceptance of a draft.
Draught (Draft)
The vertical distance between a vessel's waterline and the bottom of its hull, determining the minimum water depth needed for safe passage.
Dry Bulk
Unpackaged solid commodities, such as grain, coal, or iron ore, transported in large quantities without containers.
Due Diligence
The process of independently verifying a counterparty's identity, financial standing, and trading history before entering into a transaction.
Duty Drawback
A refund of customs duties paid on imported goods that are subsequently exported or used in the manufacture of exported products.
E
Embargo
A government-imposed prohibition on trade with a specific country, entity, or in a specific product category.
End Buyer
The ultimate purchaser of goods in a transaction, as distinct from intermediaries or brokers involved in arranging the deal.
End User Certificate (EUC)
A document certifying the identity and intended use of goods by the final recipient, often required for controlled or regulated products.
Escrow
An arrangement in which funds or documents are held by a neutral third party until specified contractual conditions are fulfilled.
Ex Works (EXW)
An Incoterm under which the seller makes goods available at their own premises, with the buyer responsible for all transport, risk, and costs from that point onward.
Exclusivity Agreement
A contract granting a broker or agent the sole right to represent a party in a specific transaction or market for a defined period.
Export License
An official authorization required to export certain regulated or controlled goods out of a country.
Exporter
A company or individual that sells and ships goods to a buyer in another country.
F
Fair Average Quality (FAQ)
A quality standard for agricultural commodities based on the average quality of a representative sample from a given season or region.
Feeder Vessel
A smaller ship used to transport containers between a hub port and smaller regional ports.
Force Majeure
A contractual clause that excuses a party from performance obligations when extraordinary events beyond their control, such as war or natural disaster, prevent fulfillment.
Forward Contract
A private agreement between two parties to buy or sell a commodity at a specified price on a future date.
Forwarding Agent
A party that arranges the transportation, documentation, and customs clearance of goods on behalf of a shipper, without acting as the carrier itself.
Free Trade Agreement (FTA)
A pact between two or more countries that reduces or eliminates tariffs and trade barriers on goods traded between them.
Free Trade Zone (FTZ)
A designated area where goods can be imported, stored, processed, or re-exported without the usual customs duties applying.
Freight
The charge payable for the transportation of goods, or the cargo itself being transported.
Freight Forwarder
A company that organizes shipments on behalf of exporters or importers, coordinating carriers and documentation without necessarily owning the transport assets.
Full Container Load (FCL)
A shipment that occupies an entire container, as opposed to being consolidated with other shippers' cargo.
Fumigation
The treatment of cargo, typically agricultural goods or wooden packaging, with chemical agents to eliminate pests, often required by importing countries.
G
Gross Weight
The total weight of goods including their packaging and container, as opposed to net weight.
H
Handysize
The smallest common class of bulk carrier, typically used for shorter routes and smaller ports unable to accommodate larger vessels.
Harmonized System (HS) Code
An internationally standardized numerical classification system used to categorize traded products for customs and tariff purposes.
Hedging
A risk management strategy that uses financial instruments, such as futures contracts, to offset potential losses from price fluctuations in the underlying commodity.
Hull
The main body of a ship, excluding masts, rigging, and superstructure.
I
Import Duty
A tax levied by a government on goods brought into the country.
Import License
An official authorization required to bring certain regulated or controlled goods into a country.
Importer of Record
The party legally responsible for ensuring imported goods comply with all applicable laws and for paying any duties owed.
Incoterms
A set of internationally recognized three-letter trade terms, published by the ICC, that define the responsibilities of buyers and sellers for delivery, risk, and cost.
Indemnity
A contractual undertaking by one party to compensate another for a specified loss or damage.
Inspection Certificate
A document issued by an independent surveyor confirming that goods meet the quality or quantity specifications agreed in a contract.
Intermediary
A party that facilitates a transaction between two others without being a principal to the underlying deal.
Irrevocable
A term describing a letter of credit, guarantee, or commitment that cannot be amended or cancelled without the agreement of all parties involved.
J
Jetty
A structure extending into the water at a port, used for the loading and unloading of vessels.
L
Laycan
The agreed date range within which a vessel must present itself at the loading port to begin loading, combining laydays and cancelling date.
Laytime
The period of time allowed in a charter party for loading or discharging cargo without incurring additional charges.
Less than Container Load (LCL)
A shipment too small to fill a full container, consolidated with cargo from other shippers to share container space.
Letter of Credit (LC)
A payment undertaking issued by a bank on behalf of a buyer, guaranteeing payment to the seller provided specified documents are presented in compliance with its terms.
Lien
A legal right to retain possession of goods or property until a debt or obligation owed by the owner is satisfied.
Load Port
The port at which cargo is loaded onto a vessel.
Long Ton
A unit of weight equal to 2,240 pounds (1,016 kilograms), traditionally used in British and some commodity markets.
M
Mandate
An authorization given by a principal to a broker or agent to act on their behalf in negotiating or arranging a transaction.
Manifest
A document listing the cargo, passengers, or crew carried by a vessel or aircraft on a specific voyage.
Margin Call
A demand from a broker or bank for additional funds or collateral when the value of a position or account falls below a required level.
Master (Ship's Master)
The person in overall command of a merchant vessel, responsible for its safe navigation and operation.
Mediator
A neutral party who facilitates negotiation or dispute resolution between two other parties without acting as an agent for either.
Metric Ton (MT)
A unit of mass equal to 1,000 kilograms, the standard weight measure used in most international commodity trade.
Middleman
An informal term for an intermediary who connects a buyer and seller, typically earning a commission or markup on the transaction.
Most Favored Nation (MFN)
A trade status under which a country grants another the same favorable tariff treatment it applies to its most favored trading partner.
Mother Vessel
A large ocean-going vessel that carries containers or cargo between major hub ports, typically transferring cargo to smaller feeder vessels for final delivery.
N
NCNDA (Non-Circumvention, Non-Disclosure Agreement)
An agreement signed by parties in a transaction chain, including brokers, preventing any party from bypassing intermediaries and protecting confidential information shared during negotiations.
Negotiable Instrument
A written document, such as a bill of exchange or promissory note, that entitles the holder to receive payment and can be transferred to another party by endorsement or delivery.
Net Weight
The weight of goods alone, excluding packaging, containers, or other packing materials.
Notify Party
The person or company named in a bill of lading to be notified by the carrier upon arrival of the goods, typically the buyer or their agent.
NVOCC (Non-Vessel Operating Common Carrier)
A company that provides ocean freight transportation services to shippers without owning or operating the vessels it books cargo space on.
O
Off-Grade
A commodity shipment that fails to meet the quality specifications agreed in the contract, often subject to a price discount or rejection.
Offer
A proposal by a seller to supply a commodity at a stated price, quantity, and set of terms.
Open Account
A payment arrangement in which the seller ships goods and invoices the buyer for payment at a later agreed date, without requiring upfront payment or a bank instrument.
Order Bill of Lading
A negotiable bill of lading made out to the order of a named party, allowing title to the goods to be transferred by endorsement.
P
Packing List
A document detailing how goods are packed for shipment, including weights, dimensions, and the number of packages, used by customs and the buyer to verify a shipment.
Panamax
A class of vessel built to the maximum size able to transit the Panama Canal's locks.
Parcel
A distinct quantity of cargo, often of a specific grade or origin, shipped as part of a larger cargo or separately identified within a vessel's hold.
Partial Shipment
The delivery of a contracted quantity of goods in more than one shipment rather than as a single consignment.
Payment Instrument
Any of the formal means by which payment is made or guaranteed in a trade transaction, such as a letter of credit, bank guarantee, or telegraphic transfer.
Performance Bond
A guarantee issued by a bank ensuring compensation to the buyer if the seller fails to fulfill its contractual obligations.
Phytosanitary Certificate
An official certificate confirming that a shipment of plant-based goods is free from pests and disease, issued by the exporting country's agricultural authority.
Pier
A structure built out over water, used for the mooring and loading of vessels.
Port of Discharge
The port at which cargo is unloaded from a vessel at the end of its sea voyage.
Port of Loading
The port at which cargo is loaded onto a vessel at the start of its sea voyage.
Premium
An amount added to a benchmark or base price to reflect a commodity's specific grade, origin, or delivery terms.
Pro Forma Invoice (PI)
A preliminary invoice sent by the seller before shipment, detailing goods, quantity, agreed price, and payment terms, often used to arrange financing or a letter of credit.
Procurement
The process of sourcing and acquiring goods or services from suppliers.
Purchase Order
A document issued by a buyer specifying the goods, quantities, and prices to be supplied, which becomes binding once accepted by the seller.
Q
Quality Certificate
A certificate, typically issued by an independent inspector, confirming that a shipment meets the quality specifications set out in the sales contract.
Quantity Certificate
A certificate confirming the measured quantity or weight of a shipment, based on tank gauging, flow metering, or weighbridge measurement.
Quota
A government-imposed limit on the quantity of a specific commodity that can be imported or exported during a defined period.
Quotation
A stated price at which a seller is willing to supply a commodity, often subject to negotiation before becoming a firm offer.
R
Received for Shipment Bill of Lading
A bill of lading confirming that goods have been received by the carrier for shipment, but not yet loaded on board the vessel.
Reefer (Refrigerated Container)
A temperature-controlled shipping container used to transport perishable goods such as food, chemicals, or pharmaceuticals.
Remittance
The transfer of funds from one party to another, typically to settle a payment obligation.
Revocable Letter of Credit
A letter of credit that can be amended or cancelled by the issuing bank without the consent of the beneficiary, rarely used in modern trade due to the limited protection it offers.
Revolving Letter of Credit
A letter of credit that automatically renews for a specified number of shipments or period, used for recurring transactions between the same buyer and seller.
Rider Clause
An additional clause attached to a letter of credit or contract that modifies or adds to its standard terms.
S
Sales Contract
A binding agreement between buyer and seller setting out the terms of a transaction, including goods, price, delivery, and payment.
Sanctions
Government-imposed restrictions on trade or financial dealings with a specific country, entity, or individual, typically for political or security reasons.
SBLC (Standby Letter of Credit)
A bank instrument that serves as a secondary payment guarantee, drawn upon only if the buyer fails to pay through the agreed primary method.
Sea Waybill
A non-negotiable transport document that serves as a receipt for goods and evidence of the carriage contract, but does not need to be surrendered to obtain delivery.
Shipper
The party that arranges for goods to be transported, typically the seller or exporter named in the shipping documents.
Shipping Line
A company that owns or operates vessels providing scheduled or chartered ocean transport services.
Shipping Mark
Identifying symbols, numbers, or text applied to packages to enable them to be tracked, sorted, and matched to shipping documents.
Short Ton
A unit of weight equal to 2,000 pounds (907 kilograms), commonly used in the United States.
Sight Draft
A bill of exchange payable immediately upon presentation to the drawee, commonly used in documentary collections.
Soft Corporate Offer (SCO)
A preliminary, non-binding offer from a seller indicating an approximate price, quantity, and general terms for a commodity.
Spot Market
A market in which commodities are bought and sold for immediate delivery and payment, as opposed to future delivery.
Spot Price
The current market price at which a commodity can be bought or sold for immediate delivery.
Stevedore
A company or individual employed to load and unload cargo from a vessel at port.
Stowage
The arrangement of cargo within a vessel's holds to ensure safety, stability, and efficient use of space.
Straight Bill of Lading
A non-negotiable bill of lading made out to a named consignee, which cannot be transferred to another party by endorsement.
Sub-Sale
A subsequent sale of goods by a buyer to another party before the original transaction is completed or the goods are delivered.
Suezmax
A class of tanker built to the maximum size able to transit the Suez Canal while laden.
Supply Chain
The network of parties, processes, and resources involved in producing and delivering a product from raw material to end customer.
Surveyor
An independent professional or agency that inspects and certifies the quality, quantity, or condition of a commodity shipment.
Swap (Commodity Swap)
A financial contract in which two parties exchange cash flows based on the price of a commodity, often used to hedge against price fluctuations.
T
Tank Farm
A facility consisting of large storage tanks used to hold liquid commodities such as crude oil, petroleum products, or chemicals before or after shipment.
Tanker
A vessel designed to transport liquid cargo in bulk, such as crude oil, refined products, or chemicals.
Tare Weight
The weight of an empty container or packaging, used together with gross weight to calculate net weight.
Tariff
A tax imposed by a government on imported or exported goods.
Tariff Classification
The process of assigning a traded product to the correct Harmonized System code to determine applicable duties and regulations.
Telegraphic Transfer (TT)
An electronic funds transfer sent directly from a buyer's bank to a seller's bank, typically via the SWIFT network.
Tenor
The period of time between the issuance of a bill of exchange or letter of credit and its maturity or expiry date.
Terminal
A facility at a port or inland location where cargo is loaded, unloaded, stored, or transferred between transport modes.
Third-Party Documents
Shipping or trade documents issued by a party other than the beneficiary of a letter of credit, such as an inspection agency or freight forwarder.
Through Bill of Lading
A bill of lading covering the transport of goods across multiple carriers or modes of transport under a single contract.
Time Charter
A vessel charter arrangement in which the shipowner provides a fully crewed vessel for a specified period, with the charterer directing its commercial use.
Time Draft
A bill of exchange payable at a specified future date or a fixed period after presentation, rather than immediately.
Title (Title to Goods)
Legal ownership of goods, which may be transferred independently of physical possession through documents such as a negotiable bill of lading.
Trade Finance
Financial products and services, such as letters of credit and guarantees, that facilitate international trade transactions by managing payment and performance risk.
Trader
A party engaged in the buying and selling of commodities, either as principal for its own account or on behalf of clients.
Trans-shipment
The transfer of cargo from one vessel or mode of transport to another during the course of its journey to the final destination.
U
Ullage
The empty space in a tank or container above the level of liquid cargo, measured to help determine the quantity loaded.
Unconfirmed Letter of Credit
A letter of credit backed only by the undertaking of the issuing bank, without an additional guarantee from a confirming bank.
Underwriting
The process by which a bank or insurer assesses and assumes risk in connection with a financial instrument, loan, or insurance policy.
V
Validity Date
The final date by which documents must be presented under a letter of credit for payment to be made.
Value Added Tax (VAT)
A consumption tax levied on the value added to goods at each stage of production or distribution, often applied to imports.
Vessel
A ship or other watercraft used for the transport of cargo or passengers.
VLCC (Very Large Crude Carrier)
A class of oil tanker with a capacity of roughly 200,000 to 320,000 deadweight tonnes, used for long-haul crude oil transport.
VLGC (Very Large Gas Carrier)
A class of vessel designed to transport large volumes of liquefied petroleum gas in bulk.
Volume Weighted Average Price (VWAP)
A trading benchmark that calculates the average price of a commodity over a given period, weighted by the volume traded at each price.
Voyage Charter
A vessel charter arrangement in which a ship is hired for a single voyage between specified ports, with the shipowner responsible for operating costs.
W
Warehouse Receipt
A document issued by a warehouse operator certifying that specified goods are held in storage, which can serve as collateral or be transferred to another party.
Weighbridge
A large-scale platform used to weigh vehicles and their cargo, commonly used to verify the weight of bulk commodity shipments.
Weight Certificate
A certificate confirming the measured weight of a shipment, typically issued by an independent inspector at loading or discharge.
Wharf
A structure built along a shoreline where vessels can dock to load or unload cargo.
Wholesaler
A business that buys goods in bulk from producers or importers and resells them, typically to retailers or other businesses rather than end consumers.
Withholding Tax
A tax deducted at source from certain cross-border payments, such as interest or royalties, before the funds are remitted to the recipient.
Working Capital
The funds a business has available for its day-to-day operations, calculated as current assets minus current liabilities.
Y
Yield
The quantity of usable product obtained from processing a raw commodity, or the return generated by a financial instrument.
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