Understanding the Changes in INCOTERMS 2020 for Logistics and Import/Export Businesses

📚 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.

📦 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.

🗂️ 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.

📦 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.

💯 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.