Define Commodity  
Import Export Contract Terms

Define Commodity - the Name of Commodity

Define Commodity - the Name of Commodity which is the main component Description of Goods when signing an import export contract. This clause is relatively simple. Usually, the parties to the contract just specify the name of the product under the subject "Name of Commodity". This clause is a main component of the Description of Goods. Definition of Commodity: An economic good such as a product of agriculture, mining, or a customized or mass produced article that is readily exchanged within the market. U.S.Census

What Is Define Commodity

A commodity is a basic good used in commerce that is interchangeable with other goods of the same type. Commodities are most often used as inputs in the production of other goods or services. The quality of a given commodity may differ slightly, but it is essentially uniform across producers. When they are traded on an exchange, commodities must also meet specified minimum standards, also known as a basis grade. Source:INVESTOPEDIA.COM

Understanding Commodity

The basic idea is that there is little differentiation between a commodity coming from one producer and the same commodity from another producer. A barrel of oil is basically the same product, regardless of the producer. By contrast, for electronics merchandise, the quality and features of a given product may be completely different depending on the producer. Some traditional examples of commodities include grains, gold, beef, oil, and natural gas<. More recently, the definition has expanded to include financial products, such as foreign currencies and indexes. Technological advances have also led to new types of commodities being exchanged in the marketplace. For example, cell phone minutes and bandwidth. Define Commodity

International Trade by Commodity Statistics 2021

International Trade by Commodity Statistics (ITCS) is OECD’s reliable source of annual data providing detailed import and export data in US dollars broken down by commodity and by partner country. For each country, this publication shows detailed tables relating to the SITC, Sections and Divisions. The data shows both imports and exports over the latest five-year period available by commodity with about seventy partner countries or country groupings. Trade data with more detailed commodity breakdowns—in both SITC and Harmonised systems—is available in the database listed below.

International Commodity Trade

commodity trade, the international trade in primary goods. Such goods are raw or partly refined materials whose value mainly reflects the costs of finding, gathering, or harvesting them; they are traded for processing or incorporation into final goods. Examples include crude oil, cotton, rubber, grains, and metals and other minerals. Manufactured products, such as machinery and clothing, on the other hand, comprise products whose value reflects largely the cost of manufacturing processes. Such manufacturing processes contribute relatively little to the value of primary goods, which undergo little processing before they are traded. Commodities and commodity markets are terms used as synonyms for primary goods and the markets in such goods. Source from: BRITANNICA.COM

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Define Commodity

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