Commercial Invoice

Quick Answer

Last updated: 26 June 2026Published: 27 January 2026

Source: https://www.trade.gov/knowledge-product/commercial-invoice

Category

Incoterms 2020 Simulator: Who bears costs & risk?

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1 min

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110

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Definition & Explanation

A commercial invoice is the document issued by the exporter to the buyer, stating the goods description, quantity, unit and total prices, currency, applicable Incoterm, and shipping and payment terms. Customs authorities treat it as the primary basis for determining customs value and tariff classification; freight forwarders and customs brokers rely on it to prepare export and import declarations. Incomplete or inaccurate commercial invoices rank among the most common causes of clearance delays and can trigger holds or post-clearance audits. It should not be confused with a pro forma invoice, which does not represent a completed sale and is typically used for sample shipments, letter-of-credit applications, or pre-transaction value estimates.

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