Trade & Economic Glossary
Commercial Invoice vs Packing List: Required Fields
An invoice proves price and terms; a packing list proves cartons and weights. Here is the difference and the fields Korea Customs and 19 CFR 141.86 expect.
SILENSEA: Read the routes of global trade
From trade practice to global sales and world affairs. Notes of a romantic trader drifting across the world - Roque Hong
Latest posts
Trade & Economy Briefing
World Briefing 2026-10-10: Hormuz Tensions Keep Brent Near $104 and Freight Costs High
A strike on an LPG carrier in Hormuz kept Brent near $104 on 9 October. China's fuel-export restart and a WTO trade forecast raised to 3.9% now shape costs.
Shipping & Incoterms
Demurrage vs Detention: Meaning and How to Count Free Time
Demurrage is the fee for a carrier container kept inside the terminal past free time; detention applies once it is outside. How to count days and read the bill.
Trade & Economic Glossary
Letter of Credit vs T/T: Meaning and How to Choose
A letter of credit pays only if documents match. A wire transfer pays when the buyer sends funds. Compare timing, the 21-day rule, and discrepancy risk.
Trade & Economy Briefing
World Briefing 2026-10-09: Pacific freight peaks as the US-China truce holds
Pacific box rates slipped off a yearly high after Golden Week but stay elevated. A US-China truce, crude near $104, and Europe’s CBAM probe hit costs together.
Shipping & Incoterms
Bill of Lading vs Sea Waybill: When to Surrender
A bill of lading is a document of title; a sea waybill is not. Compare original, surrender, and waybill release, and when to skip couriering originals.
Trade & Economic Glossary
Letter of Credit Meaning: Issuance, Negotiation, and How to Avoid Discrepancies
A letter of credit is a bank promise to pay if documents match. This note covers issuance, presentation, negotiation, and how to avoid mismatches under UCP 600.
Trade & Economy Briefing
World Briefing 2026-10-08: Hormuz Attacks Keep Brent Near $100
Attacks in the Strait of Hormuz kept Brent near $100 as China reopened after its holiday. Transpacific box rates stay high and the won closed near 1,339.
Tariffs & Customs
How to Issue a Certificate of Origin: Authority vs Self-Issuance
Korean certificates of origin: chamber, customs, or exporter self-issuance by FTA, what to file before shipment, and mistakes that get claims refused.
Tariffs & Customs
Korea Export Duty Drawback: Deadlines and the Two Claim Methods
What Korea’s export duty drawback refunds, the five-year claim window, the two-year import lookback, and individual vs SME flat-rate claims.
Trade & Economy Briefing
World Briefing 2026-10-07: Hormuz Flows Recover, Tankers Don't
Brent settled at $100.58 as Gulf crude flows recovered but tankers stayed scarce. Dry-bulk freight eased and the dollar softened after weak US jobs data.
Trade & Economy Briefing
Brent Jumps 4% on US Carrier Reports: Trade Cost Impact
Brent rose 4.37% on 1 Oct after reports of a US carrier heading to the Middle East, then eased to ~$100. Freight, BAF and FX checks.
Trade & Economy Briefing
EU–China Trade Talks: October 2026 Briefing
Official schedule, parties, and issues for the second EU–China TIC meeting in China on 8–9 October 2026, plus a separate press roundup of single-outlet reports.
Tariffs & Customs
What Is an HS Code? How Exporters Look Up and Classify Goods
What an HS code is, how exporters look up and classify goods, the 6-digit international vs 10-digit Korean HSK difference, and why it matters for duty rates and FTA.
Tariffs & Customs
U.S. Tariffs Oct 2026: Exporter Response Guide
A practical exporter guide to unsettled U.S. tariffs as of October 2026—Korea’s 15% deal context, Section 301, and IEEPA court rulings.
Global Sales & Market Research
Why Exporters Should Still Attend Trade Fairs
Why exporters still need overseas trade fairs in the ecommerce era: face-to-face trust, visible capability, and buyer meetings that emails cannot replace.
Global Sales & Market Research
How Much Does SME Exporting Really Cost?
An export agency owner’s honest take on what SMEs spend to go overseas—agency fees, trade fairs, outbound sales, and where budgets actually go.
Trade & Economy Briefing
Trump Tariff War: Dollar, Treasuries, 2026 Reality
An April 2025 forecast on Trump’s tariff war, revisited with October 2026 data on the dollar, U.S. Treasuries, and the trade-deficit story.
Global Sales & Market Research
Shopee & Amazon Export: CS and Logistics Reality
Can SMEs export fast via Shopee and Amazon? What launch agencies rarely say about customer service, logistics, and non-tariff barriers abroad.
Shipping & Incoterms
CFS vs CY in Shipping: Meanings and Differences
CFS (Container Freight Station) and CY (Container Yard) explained for traders—where cargo is handled, who pays, and how the terms differ in practice.
Shipping & Incoterms
FCL vs LCL: Meaning, Cost Math and When to Use Each
FCL vs LCL ocean freight explained: W/M pricing, container capacity, finding your break-even, and the LCL charges and delays shippers miss.
Shipping & Incoterms
What Is CBM in Logistics? Meaning and Use
CBM (Cubic Meter) in shipping: what it means, how freight volume is calculated, and why CBM matters for LCL quotes and logistics planning.
Trade & Economic Glossary
MOQ Explained: Meaning for Purchasing and Trade
MOQ (Minimum Order Quantity) in purchasing and international trade—what it means, why suppliers set it, and related quantity concepts buyers meet.
Trade & Economic Glossary
PI, PO, OC: Trade Contract Documents Explained
Proforma invoice (PI), purchase order (PO), and order confirmation (OC)—what each trade contract document means and how they work together in practice.
Trade & Economic Glossary
NASDAQ and the NASDAQ Composite Index Explained
What NASDAQ is and how the NASDAQ Composite Index works—why tech-heavy listings matter and how beginners can read this market benchmark.
Trade & Economic Glossary
Mortgage Meaning and the Subprime Crisis
Mortgages and mortgage-backed securities explained, plus how the U.S. subprime mortgage crisis unfolded and why it still matters for economic literacy.
Trade & Economic Glossary
Sovereign Default Declaration: Meaning and Cases
What a sovereign default declaration means, how it differs from a moratorium, and real-world cases that show the economic shock of unpaid national debt.
Shipping & Incoterms
COO, CI, PL, MSDS: Key Shipping Documents
What COO, commercial invoice (CI), packing list (PL), and MSDS mean in export shipping—and why each document matters for customs and logistics.
Trade & Economic Glossary
Moratorium Meaning and Real-World Cases
What a moratorium declaration means in economics and finance, how it differs from default, and notable cases that illustrate the practical impact.
Shipping & Incoterms
ETD and ETA in Shipping: Meaning and Use
ETD (Estimated Time of Departure) and ETA (Estimated Time of Arrival) explained for traders—why schedule accuracy matters in logistics and supply chains.