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Economic Glossary
BRICS
The acronym for an association of five major emerging economies: Brazil, Russia, India, China and South Africa.
G8
Acronym in full: The Group of Eight
The Group of Eight (G8) is a forum for the governments of eight of the world’s largest national economies, United States, Japan, Germany, United Kingdom, Italy, Canada and Russia. With the G20 major economies growing in stature, world leaders from the group announced in 2009 that the group will replace the G8 as the main economic council of wealthy nations. Continue reading
Glossary for Letter of Credit (L/C Glossary)
Acceptance Draft
payable at a fixed or determinable future date, upon the face of which the drawee has acknowledged in writing his/her obligation to pay at maturity.
Account Party
The party instructing the bank to open a letter of credit and on whose behalf the bank agrees to make payment. In most cases, the account party is the importer/buyer, and is also known as the applicant. Continue reading
Glossary for International Trade
Abusive Draw
Drawing on a standby letter of credit when no violation of the underlying contract has occurred.
Acceptance
Acceptance constitutes an unconditional obligation on the part of the accepting party to pay the draft at maturity. A draft accepted by a bank is called a “banker’s acceptance” whereas one accepted by a company is called a “trade acceptance.”
Account Party
Party for whom a letter of credit is opened. “Account party” and “applicant” are the same, but sometimes one party will agree with the issuing bank to make all payments under a letter of credit showing the name of another party (as in the case of affiliated companies). Banks may refer to one of these parties as the applicant and the other as the account party. Continue reading
Container Capacity
| Type of Container |
Internal Dimension (mm) |
Door Opening (mm) |
Capacity (cu.m.) |
Max Pay Load (Kgs) |
Container Tare (Kgs) |
Max Gross Weight (Kgs) |
| 20 foot Dry Container |
L: 5,900 W: 2,345 H: 2,380 |
W: 2,345 H: 2,380 |
32.8 | 21,750 | 2,250 | 24,000 |
| 20 foot Heavy Tested Dry Container |
L: 5,900 W: 2,345 H: 2,380 |
W: 2,345 H: 2,380 |
32.8 | 28,000 | 2,400 | 30,400 |
| 40 foot Dry Container |
L: 12,000 W: 2,348 H: 2,380 |
W: 2,338 H: 2,277 |
67.1 | 26,660 | 3,680 | 30,480 |
| 40 foot High Cube Steel Dry Container |
L: 12,000 W: 2,348 H: 2,690 |
W: 2,338 H: 2,577 |
75.8 | 26,280 | 4,000 | 30,280 |
| 20 foot Open Top Container |
L: 5,900 W: 2,346 H: 2,330 |
W: 2,338 H: 2,277 |
32.0 | 18,120 | 2,200 | 20,320 |
| 40 foot Open Top Container |
L: 12,037 W: 2,345 H: 2,330 |
W: 2,338 H: 2,277 |
65.5 | 26,380 | 4,100 | 30,480 |
| 20 foot Steel Reefer Container (integral type) |
L: 5,504 W: 2,290 H: 2,263 |
W: 2,290 H: 2,239 |
28.5 | 27,440 | 3,040 | 30,480 |
| 40 foot High Cube Steel Reefer Container |
L: 11,573 W: 2,290 H: 2,544 |
W: 2,290 H: 2,509 |
67.4 | 26,080 | 4,400 | 30,480 |
Export Market Profile – Australia
Australia: Market Profile
| Major Economic Indicators | 2012 | 2013 |
| Population (million) | 22.9 | 23.2 |
| GDP (US$ billion) | 1,555 | 1,505 |
| GDP per capita (US$) | 67,856 | 64,863 |
| Real GDP growth (%) | +3.6% | +2.4% |
| Inflation (%) | +1.8% | +2.5% |
| Unemployment (%) | 5.2% | 5.7% |
| Exports of goods(US$ billion) | 257 | 253 |
| Growth in exports of goods (%) | -5.1% | -1.4% |
| Imports of goods (US$ billion) | 261 | 233 |
| Growth in import of goods (%) | +7.1% | -10.8% |
| Average exchange rate (US Dollar per A$) | 1.04 | 0.96 |
Export Market Profile – Canada
Canada: Market Profile
| Major Economic Indicators | 2012 | 2013 |
| Population (million) | 34.8 | 35.2 |
| GDP (US$ billion) | 1,821 | 1,825 |
| GDP per capita (US$) | 52,300 | 51,900 |
| Real GDP growth (%) | +1.7% | +1.7% |
| Inflation (%) | +1.5% | +1.1% |
| Unemployment (%) | 7.3% | 7.0% |
| Exports of goods(US$ billion) | 463 | 461 |
| Growth in exports of goods (%) | insignificant | insignificant |
| Imports of goods (US$ billion) | 475 | 165 |
| Growth in import of goods (%) | +3% | -2% |
| Average exchange rate (US Dollar per A$) |
|
1.1 |
Export Market Profile – European Union
European Union: Market Profile
| Major Economic Indicators | 2012 | 2013 |
| Population (million) | 505 | 506 |
| GDP (US$ billion) | 16,700 | 17,300 |
| GDP per capita (US$) | 33,400 | 34,600 |
| Real GDP growth (%) | -0.4% | 0.1% |
| Inflation (%) | +2.6% | +1.5% |
| Unemployment (%) | 10.5% | 10.9% |
| Exports of goods(US$ billion) | 2,165 | 2,302 |
| Growth in exports of goods (%) | insignificant | +6% |
| Imports of goods (US$ billion) | 2,313 | 2,236 |
| Growth in import of goods (%) | -4% | -3% |
| Average exchange rate (US Dollar per A$) |
|
1.39 |
Export Market Profile – Japan
Japan: Market Profile
| Major Economic Indicators | 2012 | 2013 |
| Population (million) | 127.6 | 127.3 |
| GDP (US$ billion) | 5,960 | 5,007 |
| Real GDP growth (%) | +2.0% | +1.6% |
| GDP per capita (US$) | 46,707 | 39,321 |
| Inflation rate (%) | 0 | +0.4% |
| Unemployment rate (%) | 4.3% | 4.0% |
| Exchange rate (per US$, period average) | 79.79 | 97.6 |
| Exports (US$ billion)^ | 653.1 | 714.9 |
| Imports (US$ billion)^ | 724.3 | 832.4 |
| Export growth (%) | -2.7% | +9.5% |
| Import growth (%) | +3.8% | +14.9% |
Export Market Profile – South Korea
South Korea: Market Profile
| Major Economic Indicators | 2012 | 2013 |
| Population (million) | 50.0 | 50.2 |
| GDP (US$ billion) | 1,130 | 1,222 |
| Real GDP growth (%) | 2.0% | 3.0% |
| GDP per capita (US$) | 22,590 | 24,329 |
| Inflation (%) | 1.4% | 1.1% |
| Unemployment (%) | 3.2% | 3.1% |
| Exports (US$ billion) | 548.2 | 559.7 |
| Export (% change) | -1.3% | +2.2% |
| Imports (US$ billion) | 519.5 | 515.5 |
| Import (% change) | -0.9% | -0.8% |
| Exchange Rate (US$ 1 = Won) | 1070.6 | 1055.4 |
Export Market Profile – New Zealand
New Zealand: Market Profile
| Major Economic Indicators | 2012 | 2013 |
| Population (million) | 4.4 | 4.5 |
| GDP (US$ billion) | 170.4 | 181.3 |
| GDP per capita (US$) | 38,385 | 40,481 |
| Real GDP growth (%) | 2.6% | 2.7% |
| Inflation (%) | 1.1% | 1.1% |
| Unemployment (%) | 6.9% | 6.2% |
| Exports (US$ billion) | 37.8 | 39.4 |
| Export growth (%) | -3.5% | 4.4% |
| Imports (US$ billion) | 38.7 | 39.7 |
| Import growth (%) | 0.7% | 2.4% |
| Average exchange rate (US$ per NZ$) | 0.8106 | 0.8205 |