Importing Your Way To Profits

Many countries have set up offices (Consulates or Embassies) in foreign countries to promote the exporting of their goods. The Consulates will supply you with industry directories and more. Embassies are located in a nation's capital and Consulates in different cities. In many cases, the Embassy web site will contain directories and manufacturer lists, as well as an email link that you can use for sourcing

To import goods, communicate with that country's Consulate situated in your own country. If you are uncertain what products the other country wants, you can obtain catalogues and lists of manufacturers.

Find out about licensing requirements, if any. Many countries do not have licensing requirements for most products. However, if you are importing or exporting high-risk products (pharmaceuticals, liquor, chemicals, arms, certain food items and certain articles of apparel), you might need a license.

Embargoes are trade barriers set up against other countries. Many countries have embargoes against Cuba, for example. First, contact your own government to determine whether there are restrictions or embargoes against the country you are considering. Next, contact that country's Consulate or Embassy to see if there are restrictions against goods from your country.

Participate in the local Boards of Trades (or Chambers of Commerce if there is no local Board of Trade). In addition to networking, you have access to research libraries and other resources that will offer good trade information.

Use customs brokers. "Small businesses attempting their own paperwork can run into delays at borders. If you make a mistake, you can be fined A custom broker's service is well worth the fee you pay."

When exporting, understand that there is no one solution to shipping and customs handling that will work in every situation. Every deal is different. Each company and each set of products will require a different set of services, or a combination of services. Engaging the services of a freight forwarder is one possibility. Freight forwarders arrange shipping and customs for goods going to other countries. "You have to shop for these services and do your research Ask a lot of questions. It's no different than buying a piece of furniture. You shop around first."

Consult your bank for information about Letters of Credit, the most common form of payment when trading internationally. With a Letter of Credit, you minimize your risk because the banks assure that the goods are delivered before the money is exchanged. As an importer, a Letter of Credit reduces the risk of having to pay in advance for goods, or of paying for goods that are inconsistent with the product description in the Letter. As an exporter, you have the buyer's bank's assurance that you will receive payment provided you ship the goods as specified within an agreed-upon time.

Participate in Trade Missions. Consult your Board of Trade or local Chamber of Commerce to discover what is available.

Contact: terry@findmeee4u.com

This release was published on openPR.