Business in China | Import and Export Glossary | Shipping Terms - Export Glossary with incoterms for your business in China

Import and Export Glossary with Letter B

B/B : Break-Bulk Cargo

BAA : British Airports Authority

BACA : Baltic Air Charter Association

Balance of trade : The difference between a country's total imports and exports. If exports exceed imports, a favorable balance of trade exists; if not, a trade deficit is said to exist.

Barter : Trade in which merchandise is exchanged directly for other merchandise without use of money. Barter is an important means of trade with countries using currency that is not readily convertible.

Belly Cargo : Freight accommodation below the main deck.

Beneficiary : The person in whose favor a letter of credit is issued or a draft is drawn. The beneficiary is usually the seller or exporter.

Bermuda Agreement : An agreement concluded in 1946 between the U.K. and the U.S., designed to regulate future international air traffic. Most governments accept its principles and follow it inter alia by limiting traffic rights on international routes to one or two carriers.

Berth : Is the place beside a pier, quay or wharf where a vessel can be loaded or discharged

Berth Liner Service : Is a regular scheduled steamship line with regular published schedules (port of call ) from and to defined trade areas

Berth or Liner Terms : Is an expression covering assessment of ocean freight rates generally implying that loading and discharging expenses will be for ship owner's account, and usually apply from the end of ship's tackle in port of loading to the end of ship's tackle in port of discharge.

Bill of Exchange : See Draft.

Bill of Lading : A document that establishes the terms of a contract between a shipper and a transportation company under which freight is to be moved between specified points for a specified charge. Usually prepared by the shipper on forms issued by the carrier, it serves as a document of title, a contract of carriage, and a receipt for goods. Also see Air waybill, Inland bill of lading, Ocean bill of lading, and through bill of lading.

Bonded Warehouse : A warehouse authorized by customs authorities for storage of goods on which payment of duties is deferred until the goods are removed.

Booking : An arrangement with a steamship company for the acceptance and carriage of freight.

Brussels Tariff Nomenclature Number (BTN) : The customs tariff number used by most European nations. The United States does not use the BTN, but a similar system known as the Harmonize Tariff Schedule

Buying agent : See Purchasing agent.