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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 - L
Words   Description
Landed Cost The quoted or invoiced cost of a commodity, plus any inbound transportation charges.
Law of one Price (Purchasing Power Parity) The principle that equivalent assets sell for the same price. The law of one price is enforced in the currency markets by financial market arbitrage.
Lead Manager The lead investment bank in a syndicate selling a public securities offering.
Leading and Lagging Reduction of transaction exposure through timing of cash flows within the corporation.
Lease A contract in which one party conveys the use of an asset to another party for a specific period of time at a predetermined rate.
Lease Rate The periodic rental payment to a lesser for the use of assets. Others may define lease rate as the implicit interest rate in minimum lease payments.
Least-Developed Countries (LDCs) The poorest of the developing countries. They are characterized by a low gross national product per capita, a reliance on subsistence agriculture, rapid population growth, inadequate infrastructure.
Letter of Credit (L/C) A letter issued by an importer’s bank guaranteeing payment upon presentation of specified trade documents (invoice, bill of lading, inspection and insurance certificates, etc.).
Letter of Credit(L/C) A document, issued by a bank per instructions by a buyer of goods, authorizing the seller to draw a specified sum of money under specified terms, usually the receipt by the bank of certain documents within a given time.
Leveraged Lease The lesser provides an equity portion (usually 20 to 40 percent) of the equipment cost and lenders provide the balance on a nonrecourse debt basis.
Liberalization The process by which certain business activities become more market driven.
License Agreement A sales agreement in which a domestic company (the licensor) allows a foreign company (the licensee) to market its products in a foreign country in return for royalties, fees, or other forms of compensation.
Licensing A business arrangement in which the manufacturer of a product grants permission to some other group or individual to manufacture that product in return for specified royalties.
Limited Flexibility Exchange Rate System The International Monetary Fund’s name for an exchange rate system with a managed float.
Liquid Market A market in which traders can buy or sell large quantities of an asset when they want and with low transactions costs.
Liquidity The ease with which an asset can be exchanged for another asset of equal value.
Loanable Funds The pool of funds from which borrowers can attract capital; typically categorized by currency and maturity.
Location-Specific Advantages Advantages (natural and created) that are available only or primarily in a single location.
London Interbank Bid Rate (LIBID) The bid rate that a Euro market bank is willing to pay to attract a deposit from another Euro market bank in London.
London Interbank Offer Rate (LIBOR) The offer rate that a Euro market bank demands in order to place a deposit at (or, equivalently, make a loan to) another Euro market bank in London.
Long Position A position in which a particular asset (such as a spot or forward currency) has been purchased.
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Currency Import Export
US Dollar
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Japanese Yen 58.85 56.85
As on 13 Aug, 2022
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