What is CIF EXW?
Ex works (EXW) is an international trade term that describes when a seller makes a product available at a designated location, and the buyer of the product must cover the transport costs.
What incoterm is CIF?
When goods are bought or sold via “Cost, Insurance, and Freight” (CIF) it means that the Seller is responsible for delivery of the goods to a ship, loading the goods onto the ship, and insuring the shipment until it reaches the port of destination. …
What does CIF mean in shipping terms?
Cost, Insurance, and Freight
Cost, Insurance, and Freight (CIF) and Free on Board (FOB) are international shipping agreements used in the transportation of goods between a buyer and a seller. They are among the most common of the 12 international commerce terms (Incoterms) established by the International Chamber of Commerce (ICC) in 1936.
What does EXW mean in shipping terms?
ex works
Shipping using the designation of ex works (EXW) indicates the seller has a responsibility to make sure the buyer can access and pick up the cargo at their place of business.
Is FOB cheaper than EXW?
Goods bought on EXW terms will often be slightly cheaper than products bought on FOB terms, as the supplier will include the costs of transport to the port, handling of the goods, and customs clearance to a FOB trade. Full control of the cargo and the transportation cost from start to finish.
Who pays for CIF shipping?
The seller
The seller has the responsibility for paying the cost and freight of shipping the goods to the buyer’s port of destination. Usually, exporters who have direct access to ships will use CIF.
Does CIF include unloading?
If CIF is the customs valuation basis, the costs of unloading the vessel, clearing customs, and delivery to the buyer’s premises in the country of destination—including inland insurance—must be deducted to arrive at the CIF value.
Does EXW include packaging?
Does EXW include packaging? Under ex works terms, the seller of a shipment is responsible for safely and securely packaging the items. The buyer is not responsible for packaging items for shipment.
Which is better EXW or CIF?
Generally, EXW is the cheapest and CIF is the most expensive. If two suppliers give you nearly identical prices but one quotes EXW shipping terms and the other quotes FOB or CIF, the second quote will cost you significantly less.
What does EXW mean in Incoterms 2000?
Incoterms 2000. EXW. Ex Works — Title and risk pass to buyer including payment of all transportation and insurance cost from the seller’s door. Used for any mode of transportation. FCA. Free Carrier — Title and risk pass to buyer including transportation and insurance cost when the seller delivers goods cleared for export to the carrier.
What does Incoterms 2000 stand for?
Incoterms 2000 or International Commercial Terms – set of rules of transferring goods and risk from seller to buyer. EXW, FCA, FAS, FOB, CFR, CIF, CPT, CIP
What is ACP Incoterms 2000?
ACP listing Incoterms 2000 as international accepted commercial terms defining roles of buyer and seller in the arrangement of transportation and other trading responsibilities. Ex Works — Title and risk pass to buyer including payment of all transportation and insurance cost from the seller’s door.
What is dedeq – Delivered Ex-Quay?
DEQ- Delivered Ex-Quay involves ocean delivery of merchandise to named port of destination at shipper’s expenses. Shipper assumes responsibility for vessel unloading charges, but no further inland transportation. Buyer is responsible for customs clearance.