Understanding the Changes in INCOTERMS 2020 for Logistics and Import/Export Businesses
This video explains the updated INCOTERMS 2020 and their impact on logistics and import/export businesses, including changes in insurance and transportation.
00:00:01 This video explains the updated INCOTERMS 2020 and how they affect logistics and import/export businesses. It discusses the reorganization of the INCOTERMS and the two classifications based on transportation type.
📚 In 2020, the Incoterms were updated, with 5 terms being replaced and 11 remaining in the new edition.
🌍 The Incoterms are important for logistics and customs professionals involved in import and export, as they will come into effect on January 1st of the following year.
🔄 The updated Incoterms have been reorganized into two classifications: those that apply to all modes of transportation and those that apply to specific modes of transportation.
00:01:07 Learn about the INCOTERMS 2020 classification, including options for all types of transportation and those specific to maritime transportation. Take our course for more details.
📦 INCOTERMS 2020 are divided into two categories: for all types of transport and specifically for maritime transport.
🚢 When the main mode of transportation is maritime, the specific INCOTERMS for maritime transport are applicable.
📊 The INCOTERMS XW and FCA are examples of specific INCOTERMS for maritime transport.
00:02:14 Explanation of INCOTERMS 2020, focusing on changes in insurance and transportation. Also discusses the importance for exporters and introduces a new INCOTERM.
🗂️ INCOTERMS 2020: Explanation and changes.
🚚 CTT: Transport Paid To - unchanged in the new edition.
📦 CIP: Carriage and Insurance Paid To - significant changes in insurance coverage.
🌍 DAT: Delivered at Terminal - a new term introduced in INCOTERMS 2020.
00:03:21 An easy explanation of INCOTERMS 2020, including important updates and classifications for transportation. Understand the key terms and their significance.
📦 The new incoterm is a comprehensive service provided by the exporter to the importer.
⛴️ There are five commonly used maritime transportation terms: fast, free, alonso, chip, and pop.
💰 The terms CFR, CIF, and FOB are widely used in international trade.
00:04:26 Learn about the changes and responsibilities in INCOTERMS 2020 and how they impact your industry. Get updated and apply correctly with our online course.
💯 INCOTERMS 2020 is explained in an easy way.
💡 There is an online course available for learning about INCOTERMS 2020.
✍️ The course covers the changes and impacts of INCOTERMS 2020 on industries and the responsibilities of exporters and importers.
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