David Noah
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April 26, 2021
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Import Basics,
Export Basics
May is World Trade Month, and with it comes many events designed to celebrate the importance of international trade to the U.S. economy and to teach new and experienced exporters and importers about various aspects of international trade in this changing global economy.
This year's theme is "Growing exports in uncertain times."
David Noah
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April 21, 2021
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Export Compliance,
Import Basics,
Export Basics
What does “trade compliance” mean? To understand, we first need to look at importing and exporting as a whole. In the United States, trade compliance hinges on the fact that we need to protect the physical safety of our country and citizens, as well as our economic security.
David Noah
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April 14, 2021
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Automated Export System (AES),
Export Basics
People sometimes call me a control freak. And when it comes to my company, I can’t deny it—I like to know what’s going on when it comes to my business. That’s why I can’t stand the idea of a routed export transaction.
You see, when you agree to a routed export transaction, what you’re ultimately doing is giving up control. And when you give up control, you’re much more likely to get in trouble.
Here are just a few notable risks exporters take when they agree to routed export transactions:
David Noah
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April 12, 2021
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Export Basics,
Incoterms
If you ship goods domestically, you may wonder why you need to understand Incoterms. FOB is FOB, isn't it?
Well, actually, no—it's not!
While the vast majority of companies in the United States use the shipping terms identified under the U.S. Uniform Commercial Code (UCC) when shipping domestically, these shipping terms aren't appropriate to use when exporting.
David Noah
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April 7, 2021
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Export Basics,
Export Forms
A typical export process includes the use of both the proforma and commercial invoices. Shippers who don’t know better may think the two forms are interchangeable—but they’re not.
In this article, we’ll examine the differences between the proforma and the commercial invoice and the role each form plays in an export shipment.
David Noah
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April 5, 2021
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Import Basics,
Export Basics
Those of us who are involved in international trade don't need to see pictures of a container ship stuck in the Suez Canal to understand the importance of global trade to the world's economy. We see it every day in the conversations we have with our international vendors and customers, freight forwarders and shipping lines, and customs brokers and customs authorities.
That's why the United States has designated May as World Trade Month every year since 1935. It provides an opportunity to recognize and celebrate the importance of international trade to the U.S. economy as well teach people how to begin and grow their exports.
David Noah
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March 31, 2021
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Export Compliance,
Export Basics
At first glance, becoming an exporter seems easy enough. Research and development needs to know how to create new products. Sales and marketing need to know how to market and sell them. And the export department needs to know how to export them.
If only it were that easy.
David Noah
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March 24, 2021
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Export Compliance
For exporters, OFAC compliance is non-negotiable: If you’re shipping to one of the people or companies identified by OFAC, you must be aware of the associated sanctions for every single shipment.
Unfortunately, this isn’t as simple as checking one list one time. OFAC lists may change at any time based on current events or changes in the political landscape.
And there isn’t just one single list that needs to be checked. The Federal Register compiles at least 125 relevant lists every day, and it’s up to you to keep up with them. Fortunately, there are best practices that can help you stay compliant with regulations. Read about them below.
David Noah
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March 22, 2021
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Intellectual Property Rights
For exporters, intellectual property rights are a critical and challenging aspect of doing business internationally. We spoke to Barbara Grahn and Barbara Wrigley, partners at Fox Rothschild LLP, about several terms relating to intellectual property that exporters must understand. We’ll discuss terms as they relate to patents and trademarks.
It’s crucial to have a working knowledge of these terms, but keep in mind that this is not an exhaustive list of every term you need to know when working with intellectual property.
David Noah
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March 17, 2021
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Export Finance
You’ve established that a letter of credit is the best form of payment for your international sale. Now, you must pay special attention to make sure you correctly complete not only the letter of credit, but the entire process.
We spoke with John A. Novak, former vice president of International Services at Bremer Bank N.A., headquartered in St. Paul, Minn., to learn about the common mistakes exporters make when completing letters of credit. Here’s what he shared: