free on board

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The value of exports when they are placed on a ship, lorry, or aeroplane to leave a country. Fob thus includes costs of production and of transport to the port of embarkation, but does not include the costs of freight and insurance in getting them to their foreign destination. Free on board is contrasted with the value of goods on arrival at a foreign port, which includes freight and insurance.

Subjects: Business and Management — Economics.

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