Difference Between Trade Counterparty and Overseas Supplier on Import Declarations Released

Definitions According to Korea Customs Service

The Korea Customs Service provides specific guidelines to distinguish between the Trade Counterparty and the Overseas Supplier when filing an import declaration:

• Trade Counterparty: This refers to the Seller. You must enter the company name exactly as it appears on the Commercial Invoice issued by the party to the transaction.
• Overseas Supplier: This refers to the actual supplier of the contracted goods. You must enter the Shipper exactly as it appears on the Bill of Lading (B/L).

Understanding the Roles

The Commercial Invoice designates the Seller as the party delivering the goods in exchange for payment. Therefore, the Trade Counterparty is the entity that receives the monetary amount specified on the invoice.

Conversely, the Overseas Supplier field tracks the physical flow of goods and must reflect the Shipper listed on the transport documents (B/L) who is responsible for the actual supply of the cargo.

Scenarios: When They Differ

Whether these two fields contain the same information depends on the logistics of the transaction:

• Direct Shipment: If the party selling the goods also handles the international transport and physical handover, the Trade Counterparty and the Overseas Supplier will be identical.
• Third-Party Shipment: If a third party ships the goods on behalf of the seller, these entries will differ. The entity receiving the payment remains the Seller (Trade Counterparty) on the invoice, while the shipping agent or third-party logistics provider listed as the Shipper on the B/L becomes the Overseas Supplier.