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Incoterms 2020 are the 11 standardised trade terms published by the International Chamber of Commerce (ICC) that define who pays for transport, who arranges insurance, and at what point risk transfers from seller to buyer. HS codes (harmonised system codes) are the six-digit numerical codes used worldwide to classify goods for customs, tariffs, and trade statistics. Financely's structured commodity finance team works across both, structuring trade finance against classified commodity flows.
Incoterms (International Commercial Terms) are a set of internationally recognised trade terms, first published by the International Chamber of Commerce (ICC) in 1936. They define, in a single three-letter code, who is responsible for arranging and paying for transport, export clearance, insurance, import clearance, and unloading, and at what point risk transfers from seller to buyer. The current version is Incoterms 2020, which entered into force on 1 January 2020.
Incoterms do not define the contract of sale, the transfer of title, or the payment terms. They address only the delivery obligations, risk, and cost allocation between buyer and seller. They are incorporated into a contract of sale by reference, for example: "FOB Port of Rotterdam Incoterms 2020."
Incoterms 2020 vs. Incoterms 2010: The current edition introduced three key changes: the Free Carrier (FCA) rule was revised to allow the buyer to instruct their carrier to issue an on-board bill of lading to the seller (addressing a practical gap for LC-financed cargo); the Delivered at Terminal (DAT) rule was renamed Delivered at Place Unloaded (DPU); and the Carriage and Insurance Paid To (CIP) rule now requires a higher level of insurance cover (Institute Cargo Clauses A) by default, while CIF retains the lower Clauses C standard.
| Rule | Full name | Risk transfers at | Seller pays | Mode |
|---|---|---|---|---|
| EXW | Ex Works | Seller's premises, when goods are made available | Nothing beyond making goods available at named place | Any |
| FCA | Free Carrier | Named place of delivery, when handed to buyer's carrier | Export clearance; delivery to named place | Any |
| FAS | Free Alongside Ship | Alongside the vessel at the named port of shipment | Export clearance; delivery alongside vessel | Sea only |
| FOB | Free On Board | On board the vessel at the named port of shipment | Export clearance; loading onto vessel | Sea only |
| CFR | Cost and Freight | On board the vessel at port of shipment (risk); destination port (cost) | Export clearance; freight to destination port; no insurance required | Sea only |
| CIF | Cost, Insurance and Freight | On board vessel at port of shipment (risk); destination port (cost) | Export clearance; freight to destination; minimum insurance (ICC Clauses C) | Sea only |
| CPT | Carriage Paid To | Named place of delivery to first carrier (risk); destination (cost) | Export clearance; freight to named destination; no insurance required | Any |
| CIP | Carriage and Insurance Paid To | Named place of delivery to first carrier (risk); destination (cost) | Export clearance; freight to destination; full insurance (ICC Clauses A) | Any |
| DAP | Delivered at Place | Named destination, ready for unloading | Export clearance; all freight; import duties not included | Any |
| DPU | Delivered at Place Unloaded | Named destination, after unloading | Export clearance; all freight; unloading; import duties not included | Any |
| DDP | Delivered Duty Paid | Named destination, after import clearance and delivery | Everything: export, freight, insurance, import duties, delivery | Any |
FOB is one of the most widely used Incoterms in commodity and bulk cargo trade. Risk transfers from seller to buyer when the goods are loaded on board the vessel at the named port of shipment. The seller is responsible for export clearance and loading; the buyer arranges and pays for the main freight and insurance from the port of shipment onwards. FOB is appropriate for sea freight only and should not be used for containerised cargo, where FCA is the ICC-recommended alternative.
Under CIF, the seller arranges and pays for the main sea freight and a minimum level of cargo insurance (Institute Cargo Clauses C), but risk transfers to the buyer when the goods are loaded on board the vessel at the port of shipment. The buyer therefore bears risk during the main sea voyage even though the seller has paid for the freight. CIF is commonly used in commodity trading and often specified in letters of credit for bulk cargo transactions. Under Incoterms 2020, CIF retains the lower Clauses C insurance standard.
EXW represents the minimum obligation for the seller. The seller simply makes the goods available at a named location, typically their premises or warehouse. The buyer is responsible for all costs and risks from that point: loading, export clearance, main freight, insurance, import clearance, and delivery to the final destination. EXW places the maximum burden on the buyer and is most appropriate for domestic or intra-EU transactions where the buyer has strong local logistics capability.
Under DAP, the seller delivers the goods to a named destination, ready for unloading, having arranged and paid for all transport and export clearance. Risk transfers at the named destination when the goods are ready for unloading. The buyer is responsible for import clearance and import duties. DAP is commonly used for door-to-door delivery where the seller controls the logistics but does not wish to be responsible for import formalities at the destination country.
An HS code (Harmonised System code, also called a harmonised code, tariff code, or commodity code) is a standardised numerical code used to classify traded goods for customs purposes. The system is administered by the World Customs Organization (WCO) and is used by customs authorities in more than 200 countries and territories. It covers approximately 98% of world merchandise trade.
HS codes are the foundation of international trade: they determine the import duty rate applicable to goods, whether any trade restrictions or licences apply, eligibility for preferential tariff rates under free trade agreements, and how trade statistics are compiled by national authorities.
Example: Fresh Atlantic salmon, prepared (HS 0302.12.00)
Chapter 03 = Fish. Heading 0302 = Fresh/chilled fish. Sub-heading 0302.12 = Atlantic salmon. National extension = country-specific subdivision beyond the WCO 6-digit code.
The first six digits of every HS code are internationally standardised and identical in every country that uses the WCO system. Countries typically extend to 8, 10, or even more digits for their own tariff schedules. In the UK the full commodity code is 10 digits; in the EU it is 8 digits (the Combined Nomenclature, or CN code); in the US the Harmonized Tariff Schedule (HTS) uses 10 digits.
Finding the correct HS code for a product requires classification against the WCO Harmonised System nomenclature, which is structured into 21 sections, 97 chapters, and thousands of headings and sub-headings. The classification process follows a set of General Rules of Interpretation (GRI) that determine which heading and sub-heading best describes the goods.
| Country / Region | Code length | Name | Lookup tool |
|---|---|---|---|
| International (WCO) | 6 digits | Harmonised System (HS) | WCO tariff browser |
| European Union | 8 digits | Combined Nomenclature (CN) | EU TARIC database |
| United Kingdom | 10 digits | UK Global Tariff commodity code | HMRC Trade Tariff |
| United States | 10 digits | Harmonized Tariff Schedule (HTS) | USITC HTS search |
| China | 10 digits | China HS code (CCC) | China Customs HS lookup |
Misclassification risk: Using an incorrect HS code can result in underpayment or overpayment of customs duties, seizure of goods, fines, and delays. In some jurisdictions, deliberate misclassification to reduce duty liability constitutes customs fraud. Importers and exporters should obtain a formal binding tariff information (BTI) ruling from the relevant customs authority when in doubt about the correct code for a product.
The Incoterm specified in a sales contract directly affects how a trade finance transaction is structured. Under a letter of credit, the documents required for payment presentation typically include evidence of the delivery obligation defined by the Incoterm: under FOB or CIF, a bill of lading is required; under FCA with containerised cargo, an FCA bill of lading with on-board notation may be required under the Incoterms 2020 FCA revision. The HS code, meanwhile, determines whether the goods are eligible for financing under a commodity finance facility, and at what advance rate.
Financely structures commodity trade finance and supply chain finance facilities where Incoterms and HS code classification are integral to the risk assessment and facility terms. Learn more about our structured commodity finance offering.
A harmonised code (or HS code) is a standardised six-digit numerical code used worldwide to classify traded goods for customs purposes. It is administered by the World Customs Organization and is used by customs authorities in more than 200 countries. The first six digits are internationally identical; countries add further digits for their own national tariff schedules.
An HS code (Harmonised System code) is the standardised numerical code used to classify goods in international trade. The code determines the applicable import duty rate, trade restrictions, eligibility for preferential tariff rates under free trade agreements, and how trade statistics are recorded. It is the same as a tariff code, commodity code, or harmonised tariff code.
Incoterms are the 11 internationally standardised trade terms published by the International Chamber of Commerce (ICC) that define the delivery obligations, cost allocation, and risk transfer between seller and buyer in contracts for the sale of goods. The current version is Incoterms 2020, which entered into force on 1 January 2020.
Incoterms 2020 is the latest edition of the ICC Incoterms rules, in force from 1 January 2020. It contains 11 rules and introduced three key changes from Incoterms 2010: a revised FCA rule allowing an on-board bill of lading for LC transactions; renaming DAT to DPU; and upgrading the default insurance level under CIP to ICC Clauses A.
To find the correct HS code, classify your product against the WCO Harmonised System nomenclature using the General Rules of Interpretation (GRI). Most national customs authorities provide online HS code lookup tools. In the UK, use the HMRC Trade Tariff; in the EU, use the TARIC database; in the US, use the USITC HTS search tool. For complex products, consider obtaining a binding tariff information (BTI) ruling from the customs authority to confirm the correct classification.
A commodity code is the national extension of an HS code used by a specific country or customs territory for import and export declarations. In the UK, the full commodity code is 10 digits; in the EU, the Combined Nomenclature (CN) code is 8 digits. The first six digits are always the internationally standardised HS code.
A tariff code is another name for a commodity code or HS code. It is the numerical code used to classify goods in a country's tariff schedule to determine the applicable import duty rate. The terms tariff code, commodity code, HS code, and harmonised tariff code are often used interchangeably.
FOB (Free On Board) means the seller delivers the goods by loading them on board the vessel nominated by the buyer at the named port of shipment. Risk transfers to the buyer once the goods are on board. The seller is responsible for export clearance; the buyer arranges and pays for the main freight and insurance. FOB is for sea and inland waterway transport only.
CIF (Cost, Insurance and Freight) means the seller arranges and pays for freight to the destination port and a minimum level of cargo insurance, but risk transfers to the buyer when the goods are loaded on board the vessel at the port of shipment. The buyer therefore bears the risk of loss or damage during the main sea voyage even though the seller paid for freight. CIF is for sea transport only and is commonly used in commodity trading.
EXW (Ex Works) means the seller fulfils their delivery obligation simply by making the goods available at their named premises or another named location. The buyer bears all costs and risks from that point: loading, export clearance, main carriage, insurance, import clearance, and delivery. EXW represents the minimum obligation for the seller and the maximum obligation for the buyer.
DAP (Delivered at Place) means the seller delivers the goods to a named destination, ready for unloading, having borne all transport and export clearance costs and risks. Risk transfers at the destination when the goods are available for unloading. The buyer is responsible for import clearance and import duties. DAP is used for door-to-door delivery across any transport mode.
A harmonized tariff code is a numerical code based on the WCO Harmonised System used to classify goods in a national tariff schedule. It is the same as an HS code or commodity code. The US version is called the Harmonized Tariff Schedule (HTS) and uses 10-digit codes. The first six digits are always identical to the international WCO HS code.
The right Incoterm depends on your logistics capability, whether you want to control the main freight, the mode of transport, and the payment terms. For containerised cargo, FCA or CIP are generally preferred over FOB or CIF because risk transfers before the goods are loaded onto the vessel, avoiding a gap where the buyer has no insurance but the seller has no risk. For bulk commodity trades by sea, FOB or CIF remain standard. For sales where the seller delivers to the buyer's door, DAP or DDP are appropriate.
Financely structures trade finance facilities for commodity flows across all Incoterms, from pre-shipment purchase order finance through to post-shipment receivables financing. Submit your transaction and we will revert with relevant structures.
Disclaimer: This page is for informational purposes only and does not constitute legal, customs, or trade compliance advice. Incoterms are a registered trademark of the International Chamber of Commerce. For binding customs classification advice, consult a licensed customs broker or apply for a binding tariff information ruling from the relevant national customs authority. Financely operates on a best-efforts basis subject to KYC/AML compliance and counterparty approval.
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