Dumping: Exporting or importing merchandise into a
country below the costs incurred in production and
shipment.
Duty: A tax imposed on imports by the customs authority
of a country. Duties are generally based on the value of the
goods (ad valorem duties), some other factor such as weight
or quantity (specified duties), or a combination of value
and other factors (compounded duties).
Embargo: A prohibition on imports or exports as a result
of a political eventuality.
European Community (EC): The 12 nations of Europe
that have combined to form the world’s largest single
market of more than 320 million consumers. The EC in-
cludes Belgium, Denmark, France, Greece, Ireland, Italy,
Luxembourg, the Netherlands, Portugal, Spain, the United
Kingdom, and West Germany.
Export: To send or transport goods out of a country for
sale in another country. In international sales, the ex-
porter is usually the seller or the seller’s agent.
Export-Import Bank of the United States (Ex-Im Bank):
Ex-Im Bank facilitates and aids the financing of exports of
U.S. goods and services through a variety of programs cre-
ated to meet the needs of the U.S. exporting community.
Programs, which are tailored to the size of a transaction,
can take the form of direct lending or loan guarantees.
Export management company: A private company that
serves as the export department for several manufactur-
ers, soliciting and transacting export business on behalf
of its clients in return for a commission, salary, or re-
tainer plus commission.
Export trading company: An organization designed to
facilitate the export of goods and services. It can be a trade
intermediary that provides export-related services to pro-
ducers or can be established by the producers themselves,
though typically export trading companies do not take
title to goods.
GLOSSARY 219

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