What is the CIF price?

What is the CIF price？ The CIF price includes ocean freight, insurance, product cost, and other expenses. In other words, the CIF price equals the FOB price plus ocean freight and insurance. For example, let’s say you’re a buyer from South Korea, and you’ve ordered 20,000 toys from Yiwu, China, and you want them shipped to Busan Port, South Korea.

What is Cost Insurance & Freight (CIF)?

Cost, insurance, and freight (CIF) is an international shipping agreement used when freight is shipped via sea or waterway. Under CIF, the seller is responsible for covering the costs, insurance, and freight of the buyer's shipment while in transit. The buyer is responsible for any costs once the freight has reached the buyer's destination port.

What is CIF in shipping?

Cost, Insurance, and Freight (CIF) is one of the 11 Incoterms® rules set by the International Chamber of Commerce. It’s an international shipping agreement, which represents the charges paid by a seller to cover the costs, insurance, and freight of a buyer's order while the cargo is in transit.