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The Export–Import Bank of the United States (EXIM) is the official export credit agency (ECA) of the United States federal government. [1] [2] Operating as a wholly owned federal government corporation, [1] the bank "assists in financing and facilitating U.S. exports of goods and services", [1] particularly when private sector lenders are unable or unwilling to provide financing.
A currency adjustment factor (CAF) is a fee placed on top of freighting charges for carrier companies developed to account for constantly changing exchange rates between the dollar and other currencies. Its goal is to offset any losses from fluctuating exchange rates for carriers. [1]
The United States imposes tariffs (customs duties) on imports of goods. The duty is levied at the time of import and is paid by the importer of record.Customs duties vary by country of origin and product.
Hungary – Hungarian Export Credit Insurance Ltd , Hungarian Export-Import Bank India – Export-Import Bank of India, ECGC Limited Iran-Export Guarantee Fund of Iran,(EGFI) Israel – Israel Foreign Trade Risks Insurance Corporation, (ASHRA) Italy – SACE S.p.A. Servizi Assicurativi del Commercio Estero
One significant change in the new DEPB Scheme is that in terms of Para 4.3.5 of the Exim Policy even excise duty paid in cash on inputs used in the manufacture of export product shall be eligible for brand rate of duty drawback as per rules framed by Department of Revenue which was not mentioned in the earlier DEPB Scheme.
On the other hand, the buyer pays cost of marine freight transportation, bill of lading fees, insurance, unloading and transportation cost from the arrival port to destination. Since Incoterms 1980 introduced the Incoterm FCA, FOB should only be used for non-containerized seafreight and inland waterway transport.
Export subsidy is a government policy to encourage export of goods and discourage sale of goods on the domestic market through direct payments, low-cost loans, tax relief for exporters, or government-financed international advertising.
Article I, § 10, clause 2 of the United States Constitution, known as the Import-Export Clause, prevents the states, without the consent of Congress, from imposing tariffs on imports and exports above what is necessary for their inspection laws and secures for the federal government the revenues from all tariffs on imports and exports.