Whether you are an importer or exporter, you won’t like to be charged for additional shipping costs for moving your cargo. But, there are regulations and requirements in the freight industry that must be followed. And you will need to be aware of how the process works and how to conduct important and export matters to avoid charges. The tips below can help you when importing and exporting goods:
Tips for Importers
If you are importing goods from other countries, keep the following tips in mind:
- Know your goods’ declared value. Know that the purchase price is not the goods’ declared value. Often, the value is determined on the day the shipment departs instead of the day you paid the supplier. This makes it important to pay attention to the dollar rate at the time you declare the value of your goods.
- Take advantage of free trade agreements. Depending on the trade relations of your country, free trade agreements apply and can change over time. If you are importing products from other countries with an existing Free Trade Agreement with your country, you might be able to save some costs. For instance, such an agreement can negate duty-free charges.
- Store your import documentation safely. Did you know that customers can refer back to your imports documentation up to five years after you shipped the goods? In fact, if they find a fault on the paperwork, they could charge you with some penalties. This is possible even for shipments you bought 4-5 years ago. Thus, make sure to safely store your documentation during the time you import certain goods. You don’t have to worry about this process if you hire Clearit USA customs consulting services.
Tips for Exporters
Incoterms are a set of rules that define the responsibilities of importers and exporters for goods delivery under sales contracts. As an exporter, there are important things to keep in mind to ensure the success of your shipment. First, you must know all the costs, rights, responsibilities, and obligations that come with the use of a specific Incoterm.
Moreover, you need to research the area you are exporting products. This will ensure you have all the requirements for your cargo to arrive safely at the destination. You don’t want to have documentation problems at customs that could have you spending more money than expected. Keep in mind that every country has legal requirements and specifications in terms of import and export processes.