For Importers

To 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 processes. A comprehensive plan, backed by research and professional advice, is key to success. Read More »

A 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 and RFPs. Read More »

Importers 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 Sales Contracts that are countersigned by both parties. Read More »

A 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. Read More »

A 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 regulations and have a better understanding of global trade. Read More »

Shipping 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. Read More »

Learn 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. Read More »

The 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 how they apply to global supply chains. Read More »

Shipping documents like the Bill of Lading and Sea Waybill are vital in global trade, each serving unique purposes. This article clarifies their differences, comparing their roles in transferability, direct release of goods, and documentation requirements, helping you make informed decisions and streamline your shipping process. Read More »

General Average in maritime insurance involves sharing the costs of sacrifices made to save a ship during peril. Governed by the York-Antwerp Rules, it ensures costs are equitably distributed among all stakeholders, effectively managing financial impacts during emergencies. Read More »