International Trade Blog

May is fast approaching, which means World Trade Month 2020 is almost here! A number of government, private and public organizations are hosting events celebrating the importance of international trade to the U.S. economy and educating people how to begin and grow their exports.

The World Trade Month Association publishes a list of these events organized by date, location and topic to make it easy to find events in your area or available online. Register now for free email updates of these events.

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Doing business internationally means responding to requests for certain documents, certain statements on documents, or additional terms and conditions.

When exporting, firms create certain standard documents: a commercial invoice, a packing list, and a certificate of origin. International customers may request additional documents to satisfy their country’s import requirements, letters of credit, sales contracts, or purchase agreements. One of those additional documents is a Manufacturer’s Affidavit.

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World Trade Month is scheduled for May 2020, and the WorldTradeMonth.com website is publishing a calendar of international-trade-related events scheduled to be held throughout the United States that month.

If your company or organization is hosting events during May 2020, simply complete the form located on the World Trade Month website to add it to the directory of events.

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If you import or export, you may be familiar with the terms foreign trade zone and free trade zone, both of which are frequently abbreviated as FTZ. These terms are often used interchangeably to refer to a class of government-run duty-free zones, but they actually mean slightly different things.

Free trade zone is a more general, universal term. Customs authorities representing governments across the globe have established free trade zones. Free trade zones are areas in which commodities can be manufactured, modified or stored under specific customs regulations and generally not subject to customs duties.

According to U.S. Customs and Border Protection (CBP), foreign trade zones are the United States’ version of free trade zones. FTZs are designated areas within the United States that are legally located outside of the customs territory of the United States, meaning that goods that reside within an established FTZ haven’t yet cleared customs.

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May is World Trade Month in the United States, and to coordinate the plethora of events scheduled for May 2020, the World Trade Month Association has published a new website: WorldTradeMonth.com. This website will serve as a directory of international trade-related events held during May 2020 across the country and on the web.

The theme for this year's World Trade Month website is "Growing exports in uncertain times," a reflection of the challenges facing companies during a period of trade wars, a reexamination of free trade agreements, and questions about future economic growth.

Individuals may register on the website to receive notifications of World Trade Month events they may wish to attend.

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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 FAS, also known as Free Alongside Ship.

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The International Chamber of Commerce (ICC) has released the new Incoterms 2020 rules that identify the responsibilities of buyers and sellers for the delivery of goods in international trade. The terms also identify when the risk for those goods transfer from the seller to the buyer.

The new terms take effect on January 1, 2020.

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As an exporter, you’re probably familiar with the Harmonized System (HS) and Schedule B codes, but you may not be as familiar with the role of the Harmonized Tariff Schedule, or HTS, codes.

In this article, we’ll cover the basics of the HTSUS, including what it is, when it should be used, and why Schedule B codes are a better option for companies that export only.

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Successful companies use metrics or key performance indicators (KPIs) to measure aspects of their performance. Often times, these metrics or KPIs apply to sales, marketing or manufacturing. But they can—and should—be used in import and export compliance functions, too.

When effectively applied, trade compliance metrics drive process efficiencies, provide better visibility, and promote the efforts of the trade compliance group to the executive team and throughout the entire organization.

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One of the most costly mishaps an exporter can face is to get their goods to the destination and realize that something was overlooked. Either they made a mistake, the deal was structured incorrectly, or responsibility was overlooked.

Often, this happens because sellers get seduced by the thought of a sale and put on blinders for the realities of it. Unfortunately, they end up in a difficult and costly situation because they didn’t think about what steps needed to be taken.

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