Latest Posts
What Is Ocean Freight: A Complete Guide
Last updated on June 17, 2024 by Ben Thompson
Ocean freight is a method of shipping goods internationally by sea, utilizing specialized ships. It's cost-effective for large or heavy shipments. The process includes packing, loading onto cargo ships, ocean transit, unloading at the destination port, and customs clearance. Different services like FCL, LCL, and Ro-Ro cater to various needs. Ocean freight is ideal for…
Full Truckload (FTL) Explained
Last updated on June 14, 2024 by Ben ThompsonFull Truckload (FTL) shipping is a top choice for businesses moving large quantities of goods efficiently and affordably. This method reserves an entire truck for one customer, ensuring faster delivery, minimal handling, and enhanced security. Learn about FTL shipping's advantages, how it works, and key factors affecting costs to improve your logistics and boost profitability.
Determine the Selling Price of Imported Products with the Landed Cost Calculator: Pricing Strategies and Formulas
Last updated on June 12, 2024 by Ben ThompsonTo grow your import business, understand landed costs, profit margins, and operating costs. Create a solid plan for selling products in your market. Calculate landed costs, set profitable selling prices, and consider operating expenses like storage and working capital. Plan sales and marketing strategies, considering market risks and costs. Invest in efficient software to streamline…
Request for Quotations (RFQ) in the Import-Export Process
Last updated on June 11, 2024 by Ben ThompsonA Request for Quotation (RFQ) is crucial in the import-export process, helping streamline sourcing, quoting, and ordering. This guide explains what an RFQ is, its advantages, and the detailed steps involved in the RFQ process. Learn how to prepare an effective RFQ document, ensure transparent and competitive supplier selection, and understand the differences between RFQs…
Types of International Payment for Import and Export Shipments
Last updated on June 8, 2024 by Ben ThompsonImporters and exporters involved in global trade connect to negotiate and agree on the terms for goods to be sold. Buyers and sellers will agree to all product details, pricing, Incoterms®, method of shipment, delivery details and the agreed payment terms and payment methods. These details will be represented in Purchase Orders, Proforma Invoices and…
Proforma Invoice Explained: Everything You Need to Know
Last updated on June 5, 2024 by Ben ThompsonA proforma invoice is a preliminary bill given to buyers before delivery, acting as a quote. It details the transaction, including costs and delivery timeline, to set clear expectations. Not legally binding, it aids in negotiations and planning, especially for international deals. It helps anticipate taxes but can't be used for official tax claims.
The HS Code and HTS code for Global Trade Explained
Last updated on June 3, 2024 by Ben ThompsonA HS code or HTS code plays such a vital role in International trade. However, the system of codes and jargon involved around the these codes can make it difficult to classify and understand. In this article we explain the common terms that are used throughout the customs clearance process so that shippers can meet…
What Does FOB Mean In Shipping: Free on Board Terms and Meaning Explained
Last updated on May 31, 2024 by Ben ThompsonShipping Incoterms® can be confusing, but understanding them is crucial for smooth international trade. One key term is "FOB" (Free on Board), which defines when the buyer takes ownership and risk for goods. Knowing FOB helps ensure clear roles and responsibilities, making the shipping process more efficient.
DAP, DPU and DDP Incoterms®: Difference & Tips for these Incoterms®
Last updated on May 29, 2024 by Ben ThompsonLearn about DAP, DPU, and DDP Incoterms®! DAP involves seller delivery to a named place, with the buyer handling unloading and import duties. DPU includes seller unloading. DDP covers all costs, including import duties, by the seller. Choose the best term based on control, cost, and expertise.
Incoterms® 2020 Explained – The Complete Guide
Last updated on May 28, 2024 by Ben ThompsonThe International Chamber of Commerce have published new Incoterms® 2020 that have come into effect from the 1st of January 2020. The ICC originally published Incoterms® in 1936 and have continually made updates to reflect the changes to the Global Trade environment. It’s important that all parties involved in trade clearly understand the changes and…
