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l-text">Last updated: 22 Feb, 2017  
SME Glossary
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Glossary of Export Import Trade Terms Starting with - E
Words   Description
Economic Freedom Economic freedom occurs when individuals and businesses make most of the economic decisions in an economy.
"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.

Seller : In EXW shipment terms the Seller (Exporter) provides the goods for collection by the Buyer (Importer) on the seller or exporter's promise. Responsibility for the seller is to put the goods, in a good package which is adaptable and disposable by the transport.

Buyer : The buyer or Importer arranges insurance for damage transit goods. The Buyer or importer has to bear all costs and risks involved in shipment transactions.

(However, if the parties wish the seller to be responsible for the loading of the goods on departure and to bear the risks and all the costs of such loading, this should be made clear by adding explicit wording to this effect in the contract of sale.)
E-Commerce Refers to electronic commerce. In the context of Foreign Trade Policy, e-commerce relates to electronic filing and processing of applications etc.
EPCG EPCG refers to the Export Promotion Capital Goods (EPCG) Scheme, which gives the manufacturer facility for import of capital goods for export production at concessional rate of duty (5 per cent) against certain level of export.
EPZs/EOUs EPZs means Export Processing Zones which are special enclaves, separated from the Domestic Tariff Area (DTA), to provide an internationally competitive duty-free environment for export production. EOU means Export Oriented Units.
Earnings Response Coefficient The relation of stock returns to earnings surprises around the time of corporate earnings announcements.
Eclectic Paradigm A theory of the multinational firm that posits three types of advantage benefiting the multinational corporation: ownership-specific, location-specific, and market internalisation advantages.
Economic Exposure Change in the value of a corporation's assets or liabilities as a result of changes in currency values.
Economic Integration The integration of commercial and financial activities among countries through the abolishment of economic discrimination.
Economic Union A group that combines the economic characteristics of a common market with some degree of harmonization of monetary and fiscal policies.
Economic Value Added A method of performance evaluation that adjusts accounting performance with a charge reflecting investors' required return on investment.
Economies of Scale Achieving lower average cost per unit through a larger scale of production.
Economies of Vertical Integration Achieving lower operating costs by bringing the entire production chain within the firm rather than contracting through the marketplace.
Effective Annual Interest Rate the interest rate as if it were compounded once per time period rather than several times per period.
Effective Annual Yield Calculated as (1+i/n)n, where i is the stated annual interest rate and n is the number of compounding periods per year. (Contrast with bond equivalent yield and money market yield.)
Efficient Frontier The mean-variance efficient portion of the investment opportunity set.
Efficient Market A market in which prices reflect all relevant information.
Embargo A type of economic sanction that totally disallows the imports of a specific product or all products from a specific country.
Emerging Market An emerging market has a very high growth rate, which yields enormous market potential. It is distinguished by the recent progress it has made in economic liberalization.
Emerging Stock Markets The stock markets of emerging economies. These markets typically have higher expected returns than established markets but also higher risk.
Employment Rate The ratio, in percent, of the number of employed persons to total labor force.
Endogenous Uncertainty Price or input cost uncertainty that is within the control of the firm, such as when the act of investing reveals information about price or input cost.
Engagement The assumption of payment responsibility in respect of a letter of credit
Equity-Linked Eurobonds A Eurobond with a convertibility option or warrant attached. Eurobonds: Fixed rate Eurocurrency deposits and loans and Eurocurrencies with longer maturities than five years.
Erosion Cash-flow amount transferred to a new project from customers and sales of other products of the firm.
Euro The single currency of the European Economic and Monetary Union (EMU) introduced in January 1999. EMU members are Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain.
Eurobond A bond that is denominated in a currency other than that of the country of issue.
Eurocurrencies Deposits and loans denominated in one currency and traded in a market outside the borders of the country issuing that currency (like : Eurodollars).
Eurocurrency Market A money market for currencies held in the form of deposits in countries other than that where the currency is issued.
Eurodollars Dollar-denominated deposits held in a country other than the United States.
European Bank for Reconstruction and Development (EBRD) One of four major regional development banks currently operating in the global economy.
European Currency Unit (ECU) A trade-weighted basket of currencies in the European Exchange Rate Mechanism (ERM) of the European Union.
European Exchange ate Mechanism (ERM) The exchange rate system used by countries in the European Union in which exchange rates are pegged within bands around an ERM central value.
European Monetary System (EMS) An exchange rate system based on cooperation between European Union central banks.
European Option An option that can be exercised only at expiration. (Contrast with American option.)
European Terms A foreign exchange quotation that states the foreign currency price of one U.S. dollar. (Contrast with American terms.)
European Union (EU) An intergovernmental organization which coordinates foreign, economic, and judicial policy among its 25 member nations.
Exchange Permit A government permit sometimes required by the importer's government to enable the importer to convert his or her own country's currency into foreign currency with which to pay a seller in another country.
Exchange Rate The price of one currency in terms of another, i.e., the number of units of one currency that may be exchanged for one unit of another currency.
Exchange Risk The risk that losses may result from the changes in the relative values of different currencies.
Exercise Price The price at which an option can be exercised (also called the striking price).
Exhibition The showing of merchandise within a zone, usually to prospective buyers.
Exim Bank Export-Import Bank of the India. Provides guarantees of working capital loans for Indian exporters, guarantees the repayment of loans or makes loans to foreign purchasers of Indian goods and services.
Exim Policy Refers to Export and Import (Exim) Policy. Exim Policy has got incorporated into the comprehensive Foreign Trade Policy, which was announced by the Commerce & Industry Minister on 31st August, 2004.
Exogenous Uncertainty Price or input cost uncertainty that is outside the control of the firm.
Expiry Date The date when a letter of credit is no longer valid - i.e. the date beyond which it cannot be used.
Explicit Tax A tax that is explicitly collected by a government; includes income, withholding, property, sales, and value-added taxes and tariffs.
Export Any resource, intermediate good, or final good or service that producers in one country sell to buyers in another country.
Export Broker An individual or firm that helps to locate and introduce buyers and seller in international business for a commission but does not take part in actual sales transaction.
Export Commission House An organization which, for a commission, acts as a purchasing agent for a foreign buyer.
Export License A general export license covers the exportation of goods not restricted under the terms of a validated export license. No formal application or written authorization is needed to ship exports under a general export license.
Export Management Company A private firm that transacts export business on behalf of its client companies in return for a commission, salary, or retainer.
Export Restraints Quantitative restrictions imposed by exporting countries to limit exports to specified foreign markets, usually as a follow-up to formal or informal agreements reached with importing countries.
Export Subsidies Any form of government payment that helps an exporter or manufacturing concern to lower its export costs.
Export Trading Company (ETC) A company that facilitates the export of goods and services. An ETC can either act as the export department for producers or take title to the product and export for its own account.
Expropriation A specific type of political risk in which a government seizes foreign assets.
External Market A market for financial securities that are placed outside the borders of the country issuing that currency.
Extraterritoriality A government practice which applies its laws outside its territorial boundaries.
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