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CIF rate for US .... ?

 
 
Reply Fri 2 Dec, 2005 09:36 am
Hello,
Great forum here. I have a question. We are looking at importing from China, just received a quote, and below the numbers/quote was this line:

This is our CIF rate for US ..... Can anybody tell me what exactly this means, please?

Also, he is asking that we pay for shipping of the samples, the package will weigh less than 5lbs, any BALLPARK $ that this might cost from China to US ?

Thanks,
Jason
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Type: Discussion • Score: 1 • Views: 5,680 • Replies: 6
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mac11
 
  1  
Reply Fri 2 Dec, 2005 09:38 am
CIF = Cost, insurance, and freight

I have no clue about your second question. Maybe someone else will wander by who can help.

Welcome to A2K!
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FastPack
 
  1  
Reply Fri 2 Dec, 2005 09:44 am
WOW ! That was quick!!!! Thanks so much!!!!!

So, if I understand correctly, I can assume that the price he gave me INCLUDES Cost, insurance, and freight ? .....to my closest port, than I just pay freight from the dock to me on top of his quoted price? Am I understanding this correctly?

Thanks Again for your help!
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mac11
 
  1  
Reply Fri 2 Dec, 2005 09:53 am
Yes, it means that the price quoted includes all three.
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FastPack
 
  1  
Reply Fri 2 Dec, 2005 09:57 am
Thanks, just wanted to confirm. The price seems to good, compared to other quotes we have received. ? . ? . ? . ?
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alexningbo
 
  1  
Reply Mon 5 Dec, 2005 08:12 pm
Aha,you may find the lower price products,but you should notice that the price depends on the quality and service.I have plenty of experience for exporting and importing business.For example,you can buy one T-shirt below US$1.00,but some suppliers will quote you the prices over US$2.00/pcs based on the same products.I just want to say before you buy the goods from China,you have to see the samples carefully and check up the bulk before the goods ship out.
welcome to talk with you on MSN:[email protected] or write Email at [email protected]

Embarrassed
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DaveW
 
  1  
Reply Wed 14 Dec, 2005 03:18 pm
Hi Jason,

I posted a question in this forum a few weeks ago about CIF shipping and finally bought the Incoterms 2000 to find out about the question you are asking.

C- the cost of the goods

I- minimal insurance that may not cover your full expenses if the container is lost at sea.

F- the cost to get the shipment on a steamship and send it to your named port of destination. This DOES NOT cover the cost of unloding the shipment at your end or the cost of getting it through customs, etc.

Also, under the CIF terms the seller is not responsible for any costs once they have paid the expenses listed above. We have been hit with additional fuel costs and the costs of transferring the shipment from one shipping line to another mid-route. These fees can be a real financial hit and you should get these items settled with the seller before you place your order.

Best Regards, Dave Wilson
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