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What is the EXW Incoterm?

When engaging in international trade, it’s well known that Incoterms play a major role in exchanges between sellers and buyers. These standardized terms clearly define the responsibilities and obligations of each party regarding transportation, costs, and risks. Among these Incoterms, the EXW (Ex Works) term is one of the most commonly used, particularly for transactions where the buyer assumes the majority of logistical responsibilities.