I explored unorthodox methods companies use to find the correct Harmonized Tariff Schedule (HTS) classification for their goods in a previous article. Now, I will outline the best practices your company should use when classifying your products.
Those of you familiar with the classification process are, without a doubt, veterans of the General Rules of Interpretation (GRIs), the six international rules that provide instructions for determining the Harmonized Tariff Schedule (HTS) code for your products.
Those of you new to the process will find these rules printed for you at the beginning of the Harmonized Tariff Schedule of the United States.
Shipping products seems simple, right? You simply package the product and send it to your customer. But did you know there are different types of shipment?
Depending on the size of your shipment, it may be considered parcel, less-than-load (LTL), or a full truckload (FTL) shipment. Your shipment may be too small for certain carriers, or conversely, if you have a large shipment, you may have to rely on a carrier certified to be able to ship large containers. There are also unique considerations depending on the mode of transport—whether you’re shipping via air, sea, road, or rail.
The wide variety of terms that relate to the process of moving goods through a supply chain can seem overwhelming. But understanding the different types of shipment and related terms is crucial to ensure your goods get shipped on-time, within compliance, and in good shape.
When the World Trade Month Association chose the theme for May 2020—Growing Exports in Uncertain Times—the group had no idea just how uncertain things would become.
A year ago much of the uncertainty of international trade focused on the United States' trade war with China, the United Kingdom's implementation of Brexit, the implementation of new U.S. tariffs on imports of steel and aluminum, and negotiations between the U.S., Canada and Mexico on a new free trade agreement to replace NAFTA.
But things really turned upside down with the outbreak of a global pandemic that is infecting millions. In addition, it's causing major disruptions of world economies that, at best, is changing the way many companies are conducting business and, at worse, causing businesses to close and millions of workers to lose their jobs.
May is World Trade Month, and with it, several events designed to celebrate the importance of international trade to the U.S. economy and to teach new and experienced exporters about the various aspects of international trade in this changing global economy.
This year's theme is "Growing exports in uncertain times," and I can guarantee you that no one who picked that title had any idea just how uncertain things would be in May 2020.
The markets and grocery stores are bare, people are anxious, and business owners are losing sleep because no one is sure what to do next or how to meet demand.
The COVID-19 outbreak has ground many supply chains to a halt and significantly slowed the rest. It’s a tough time to try and move forward while also protecting your people and livelihood.
While this all is happening, it’s an appropriate time to think about supply chains and see where we can do things differently down the road. Will we be ready for the next black swan event?
In our interconnected world, it’s easier than ever to buy, sell and trade goods and services.
Despite the fact that doing business globally is no longer as complicated as it once was, importers and exporters sometimes miss out on opportunities to increase their profit margins because of fear or lack of knowledge regarding how to handle buyers or sellers in other countries—especially with regard to using multiple currencies.
The world can change quite a bit in just a couple weeks.
Two weeks ago there were nearly 50 events listed on the World Trade Month calendar for May 2020. Most of them were live, local, in-person events scheduled in various locations across the United States. Today, most of those live events have been cancelled, postponed or taken online.
While COVID-19 has made public events dangerous and impractical, those of us involved in international trade still need to stay informed about the changing world of imports and exports.
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.
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.