International Trade

The Ecosystem Of Foreign Trade

When running an import and export business you’ll need various services that will make your operations proceed in a proper way. Otherwise you’ll end up with a number of losses and failures like incorrectly prepared documents, faulty organization of shipment, false declarations

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tariffs and non-tariff barriers
tariffs and non-tariff barriers

Understanding Tariffs And Non-Tariff Barriers To Trade

Tariffs are customs duties imposed on merchandise imports by governments. A country or a trade block imposes a tariff  either to a country or to a specific product. For the latter, it’s important to know the correct product code as the customs duties are applied according to HS Code.

It’s crucial for exporters to know about tariffs and non-tariff barriers before deciding to enter a certain country. They are also an important criteria when doing target market research as they directly affect the buying behaviors of importers.

Companies undoubtedly tend to import goods from the countries where there are low or no tariffs and non-tariff barriers to trade. 

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Are you ready to start exporting?
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Are You Fit For Export? Self Assessment Questions To Ask Before You Start Exporting

Deciding to start exporting can be daunting for small businesses that have no knowledge of international trade. This is quite understandable, because what we do not experience is a mystery to us; until we get to try.

In the age of globalization, the number of businesses that start exporting are exponentially increasing all around the world. What’s more, they are born as global SMEs. In a world where different cultures are familiar with each other and there is a tremendous connectivity through technology, I wouldn’t expect otherwise.

Although there are various motives that drive people to start exporting, the ultimate goal is growth. And there is a limit to growth in a certain area where there are limited buyers.

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How to find buyers to export
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How To Find Buyers To Export Your Products

Every business owner confidently stands behind their products or services and they like to promote themselves in this vein. But when it comes to finding buyers, it turns out to be an issue that doesn’t have to do with how good their products are. If the plan is to go global, then things are getting even more complicated because you have to know how to find buyers to export your products or services. I have actually good news to the question.

As we all are aware, digitalization has paved the way for democratization of information since the beginning of the millennium. This encouraged tons of useful platforms to pop up which inevitably brought an abundance and pollution of information along. Even in this info pollution, if you know how to find what you are looking for, you can find any information you need.

In order to find your potential buyers, first you have to know “where” to look for them and I’m going to help you with that.

How You Can Find Buyers To Export Your Products Or Services

There are basically three ways to find your international buyers:

  • Offline Methods
  • Online Methods
  • Third Parties

These are mostly free sources but if you want to go deeper with your research, you’ll have to spend some money.

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Start exporting
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7 Reason To Start Exporting In The New Year

If you are still a brick and mortar SME that has a domestic customer base, maybe this year is the time to start exporting.

With so many online and offline resources and help from governmental bodies there is no excuse of not having enough knowledge and guidance.

These challenging times also led to a rapid change of doing business especially in terms of digitalization and online cross-border shopping. Besides having to adjust to the change, I have a few more opinions as to why SMEs should start exporting now:

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Harmonised System Code

What is HS Code?

HS Code, short for Harmonized System Code, is an international product nomenclature developed by the World Customs Organization (WCO) to facilitate the trading of merchandise around the globe. 

The product nomenclature serves a number of purposes such as trade policies, quota control, gathering trade statistics, assessing duties, taxes and proper classification of goods so that they can cross the borders successfully. Therefore it’s not only used by governments, but also international organizations, freight forwarders, customs brokers, researchers and the companies that export and import. 

HS Code could be identified with up to 12 digits. Let’s take dried apricots for an example identified by standard WCO nomenclature:

Dried Apricots

Dried Apricots 08.13.10.00.00.00

Section II – Vegetable Products

Chapter 08 – Edible fruit and nuts; peel of citrus fruit or melons

Heading – 0813 – Dried Fruits

Subheading – 081310 – Dried Apricots

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