Understanding FOB, CIF and EXW Terms in International Trade
In international trade, FOB (Free On Board), CIF (Cost, Insurance and Freight) and EXW (Ex Works) are the three most common trade terms. FOB means the seller delivers goods on board the vessel at the port of shipment; CIF additionally includes freight and insurance; EXW means the buyer picks up the goods and the seller only delivers at the factory. Understanding these terms is essential for pricing, cost allocation and risk transfer in mechanical part export.
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