Incoterms 2023: Is There a New Edition?

Incoterms 2023 does not exist as an ICC edition

ICC identifies Incoterms 2020 as its most recent edition, effective from 1 January 2020. A purchase made in 2023 does not require a different edition.

When sourcing from China, agree the rule and its edition before accepting the supplier’s quotation. Start with Incoterms explained for the underlying concepts.

Has ICC announced another revision?

Yes. ICC’s Global Policy Commissions Workplan 2026 includes beginning revision work to lay the groundwork for Incoterms 2030. This is a workplan announcement, not publication of replacement rules.

When reviewing a future announcement, check whether it concerns consultation, drafting, publication or an effective date. Do not change an order merely because an article predicts new rules.

Why might a page or quotation say 2023?

Check what the date describes. ICC’s Ibero-American report dated June 2023 concerns the use of Incoterms 2020. A document’s date does not identify the edition of every rule it discusses.

Other ICC publications have their own editions. International Standard Banking Practice (ISBP) has a 2023 edition concerning examination of documents under documentary credits. It is a separate banking publication, not an Incoterms update.

If a quotation says “Incoterms 2023”, ask the supplier to correct the edition reference and identify the intended rules. Do not assume why the error occurred.

What should you write in a China purchase contract?

Use this structure: chosen rule + precise named port, place or point + Incoterms 2020. ICC’s Ibero-American report describes this recommended formula for commercial documents.

For an FCA transaction, a drafting pattern is “FCA [agreed delivery address and handover point in China], Incoterms 2020”. Replace the bracketed text with the actual agreed location.

Keep the accepted quotation, purchase order and contract consistent. If an existing document says 2023, record the agreed correction rather than silently changing your own copy.

Specify product requirements, payment terms, inspection arrangements and remedies in the purchase agreement. Incoterms rules do not replace a complete sales contract.

Which delivery rule should you check next?

Choose the rule for the transaction as well as its edition. For a comparison, see the Incoterms comparison chart and the relevant guide.

For collection or carrier handover, see EXW and FCA. For sea or inland waterway transport, see FOB, CFR and CIF.

For carriage-paid terms, see CPT and CIP. For destination delivery, compare DAP, DPU and DDP.

When comparing prices, list included and excluded charges and confirm actual costs with the parties involved. For the related tool, see the Incoterms price converter.

Customs and taxes remain a separate destination check

ICC describes these rules as allocating delivery tasks, costs and risks. Check customs valuation and tax requirements separately with the destination customs authority.

UK example: HMRC includes relevant transport, insurance, loading and handling costs up to the applicable place of introduction in customs value. That point depends on the transport method; it is not always simply the physical border. Identify costs already included in the price to avoid counting them twice.

For UK import VAT, start with customs value and include applicable import duties and charges, excluding import VAT itself. Include relevant incidental expenses to the first UK destination and those resulting from transport to a further UK destination known at importation. Follow HMRC’s detailed valuation guidance; the delivery term alone does not establish the taxable value.

Before accepting the supplier’s quote

Confirm the edition, precise named place or port, delivery point, transport arrangements, insurance and the charges each party will pay. Ask for unclear inclusions to be written into the quotation.

Keep the quotation, product details and intended destination together when reviewing the purchase. Resolve unclear delivery terms and price exclusions with the supplier before accepting.

Sources

ICC’s Incoterms rules page supports the edition and effective date; its 2026 workplan supports the revision announcement. The Ibero-American report supports the date distinction and contract-reference formula. ICC banking publications and ICC Academy support the ISBP and older-contract explanations. HMRC supports the UK valuation example.