What does EXW mean in trade terms?

EXW, or "Ex Works," is an Incoterm that specifies that the seller's responsibility is fulfilled once the goods are made available for pickup at their premises or another designated location. The buyer assumes all risks and costs associated with transporting the goods from the seller's location to their destination. This includes loading the goods, transportation, customs clearance, and insurance. Essentially, EXW places the minimum obligation on the seller and the maximum on the buyer.