David Noah
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October 13, 2021
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Import Basics,
Export Basics
If you’re exporting to another country, there’s always a cost. In addition to paying fees for customs duties, you may also be paying Value Added Tax (VAT) if you’re selling goods to a country with a VAT regime. What many U.S. exporters don’t know is that they may be able to get some of this VAT refunded. In this article, we’ll look at where VATs exist and how to recover these costs.
David Noah
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October 11, 2021
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Export Compliance,
Export Basics
As an exporter, you must be concerned with the proper classification of your goods and products.
I hear from many exporters who are confused about the Export Control Classification Number (ECCN) classification for their product and the Harmonized System (HS), Harmonized Tariff Schedule (HTS) and Schedule B numbers for their products.
First, it’s critical to understand that these classification systems have different purposes.
David Noah
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October 6, 2021
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Export Basics,
Incoterms
Incoterms 2020 rules are the latest revision of international trade terms published by the International Chamber of Commerce (ICC). They are recognized as the authoritative text for determining how costs and risks are allocated to the parties conducting international transactions.
Incoterms 2020 rules outline whether the seller or the buyer is responsible for, and must assume the cost of, specific standard tasks that are part of the international transport of goods. In addition, they identify when the risk or liability of the goods transfer from the seller to the buyer.
In this article, we’re discussing the Incoterm CFR, also known as Cost and Freight.
David Noah
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October 4, 2021
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Export Basics
Freight forwarders are a cornerstone in the export shipping process. And with more than 40,000 forwarding and logistics firms employing around 8 to 10 million people in 150 countries around the globe, finding the best freight forwarders may seem like finding a needle in a haystack.
Where do you begin?
David Noah
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September 22, 2021
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Export Compliance,
Export Basics
Biologists classify living things in an ever-more-precise system of groups so that these organisms are easier to study. This classification system starts with domains and kingdoms and narrows down to specific genus and species. This system of classification is recognized and used by biologists around the world.
Likewise, countries classify products by a standardized series of numbers in order to assess duties and taxes on goods that are imported into their countries and to collect importing and exporting statistics. This classification system starts with the six-digit Harmonized System (HS) codes that are used by almost every country when classifying products and then narrows to longer and more specific classification codes that may be unique to each country.
Matthew Silverman
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September 20, 2021
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Export Compliance,
Export Basics
Trade compliance provides avalue to companies that is simple enough for management and mostemployees to appreciate and understand—helping the company avoid legal violations that can result in monetary penalties, loss of import/export privileges and reputational damage that can in turn have negative business and financial implications.But as withmost compliance functions, the added value of trade compliance can often be overlooked or underappreciated (even by trade compliance professionals themselves).
David Noah
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September 15, 2021
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Export Basics,
Incoterms
Incoterms 2020 rules are the latest revision of international trade terms published by the International Chamber of Commerce (ICC). They are recognized as the authoritative text for determining how costs and risks are allocated to the parties conducting international transactions.
Incoterms 2020 rules outline whether the seller or the buyer is responsible for, and must assume the cost of, specific standard tasks that are part of the international transport of goods. In addition, they identify when the risk or liability of the goods transfer from the seller to the buyer.
In this article, we’re discussing the Incoterm FOB, also known as Free On Board.
Alberto Rodriguez-Baez
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September 13, 2021
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Export Basics
One of the most useful tools to help select the right international distributors is an International Distributor Screening and Selection Process that helps interested candidates self-qualify or self-disqualify as potential distributors (see my previous article). A critical element of the Screening and Selection Process is the International Distribution Prospectus (IDP).
Dr. Cheryl McCloud
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September 1, 2021
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Import Basics,
Export Basics
The word chaos is a metaphor describing how individuals and groups in a system, through lack of knowledge and understanding, make decisions that create chaos. Chaos Theory explains how a change in one variable can affect systems, deliveries, destinations, product structures, origins and packing requirements, resulting in delays, increased costs, loss of goods, loss of customers and loss of quality.
Continuous major market disruptions since 2020 have evolved from linear to complex, and constant change has created chaos in decision making and management strategies. Managers of small- and medium-sized enterprises (SMEs) are learning to lead in times of unpredictability, macrotrends, chaos, unstable and volatile markets, and destabilization.
Leslie Glick
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August 30, 2021
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Import Basics,
Export Basics
Many international traders were surprised by the Buy American rules proposed by President Biden soon after inauguration—they were expecting the incoming president to have a gentler approach to international trade than his predecessor. (See my previous article Buy American Legislation Importers and Exporters Should Watch.) The January 2021 proclamation offered broad guidelines and few specifics but signaled the direction the administration would take on trade: goods purchased by federal agencies would need to contain less foreign-made content and waivers would be harder to come by.
Six months later, the White House released more specifics in this fact sheet. The proposal requires that goods purchased with taxpayer dollars contain more U.S.-made content—60% as soon as the rules go into effect and 75% by 2029, up from 55%.
What does this mean in a practical sense to the trade community?