Business Terms and Jargon Explained

What is Free on board

This represents the valuation of imports and exports of goods used in the economic accounts, including all costs invoiced by the exporter up to the point of loading on to the ship or aircraft but excluding the cost of insurance and freight from the country of consignment. It is equal to the c.i.f. price less the costs of transportation and insurance charges, between the customs frontier of the exporting country and the importing country, and vice versa..

Crown Copyright. Material taken from National Statistics website: Reproduced under the terms and conditions of the Click-Use Licence.

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Term created / updated 2007-01-19 15:05:30

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