Import
October 4, 2008
Import Special
Tips on Import-Export Dealings For Agents!
By Kirthy S
If you are aspiring to be an import export agent, drive home one fact, that it’s a lucrative profession. Across the world, there have been great success stories about import export business. At the same time, some have faced defeat as well. However, the failure stories get concealed quite often.
Many people actively participate in trading or work as agents to major exporters and importers. It is all based on the products that are dealing with, your financial ability and the country you are trading with etc.
How different are the marketing strategies from export business?
It is often said that, the strategies of marketing involved in local marketing is not very different from the export market. Every country perceives products differently and hence makes use of different marketing strategies. It is usually the distributors who take care of the type of marketing strategy that is employed.
If you are trading with other countries, learn about its license requirements if any. Some countries have no license requirements for particular products. Certain high risk products like chemicals, liquor, medicines, arms, articles etc may demand a license. However, products like consumer goods are of low risk and can be traded well without any risk. Trade products with no barriers and is simple.
Ensure for the smooth running of the distribution and production channels. Look at your stock positioning, brand positioning too. Stock positioning is nothing but moving the stocks from a country which has it in excess to a country where there is a scarcity. Where there is a demand for the product moving it there makes more sense. Save out on money too! Create a domain of your own, to promote the products.
You as an import export agent is not known by all. Before you take a plunge on your import export business set your marketing strategies rightly. Ensure that your products are of good quality. Follow up with good quality control measures. Promote your products well, as you are not well known in the market yet. Build up enough credibility for your product. Choose the right medium for advertising your products. Get a search engine friendly website, build up your web pages with sufficient search engine optimisation done to your site, off page optimisation is also important to gain traffic from other sites too, thus boosts up the ranking of your site and you gain visibility. For more tips on import export, search online.
Kirthy Shetty, Platinum author
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Importing and VAT UK
September 3, 2008
Importing and VAT and what is Involved?
If you use the rule that most imports have to have VAT added to them, just as if it was an item supplied within the UK.
Also keep in mind that VAT is handled in different ways and the big decider in this matter is whether the imported goods are imported from within the European Union or outside the EU. A point to remember and can be to your advantage if some goods are already in free circulation in any EU country this meaning that duty and VAT has already been paid (sometimes a lower rate than the UK) you should not have to pay anymore charges shipping them into the UK.
Remember goods are always treated as imports if they have come to UK direct from a non EU country or from an EU country with no VAT or duty already being paid (not being released for free circulation). You will then have to pay duty and VAT. Check out the HMRC website for info on this and what countries are included in the EU for VAT purposes at this link.
You will normally have to declare to the HMRC any goods you import and pay the applicable duty and VAT. The best way to start this process is to phone HMRC national advice number on 0845 010 9000. Please note duty and VAT must be paid to the HMRC before any imported goods will released by customs.
For those of you doing a bigger turnover and importing goods on a larger scale you may have to complete an Intrastat Supplementary Declaration this is if you imports to the UK from the EU exceed an annual amount of £260,000 per a year. Keep an eye out for our advice article about the introduction to Intrastat.
Importance Of Translation And Interpreter Services On Business Trips
August 16, 2008
Importance Of Translation And Interpreter Services On Business Trips
By John T. Smith
In today’s globalized economy, one cannot down play the significance of translation services during overseas trips. To make your business trip a success you need to communicate with your potential customers in their own language. By communicating with them in their own language, you can gain their trust and their business as well. The advent of the internet has led to an explosive growth in the level of business activity between nations. What we are seeing is a convergence of cultures and economic systems all across the globe. This means that people all over the globe will be communicating more than ever highlighting the need for translation services.
Some agencies bundle translation and travel services for their clients. This means that the customers can avail of translation service right from the time they embark on foreign territory. Many organizations find the translation and travel services bundle quite valuable, as their executives do not feel lost in a foreign land. These agencies ensure that the visitor is picked up from the airport and taken to the hotel room. He or she does not need to involve him in the hassle of booking a taxi or finding a hotel room in a country where the natives do not speak the same language as he does. These operators design the visitor’s itinerary in consultation with the clients and arrange for domestic travel if desired by the visitor. If needed, they also accompany the visitor during factory visits or for client meetings. If there are some contracts to be signed then these agencies also perform the document translation work and explain the nuances of the contract.
If a visitor desires to visit trade fairs, exhibitions or places of historical importance then these agencies provide personal interpreters during these visits also. All these services ensure that the visitor utilizes his time productively during a business trip and make his investment worthwhile. By availing these translation and interpreter services during overseas trips you can prove to your clients that you are serious about their business and are willing to go that extra mile to serve them better than competition.
For professional translation services in Europe, visit Goihata. Goihata provides one of the best professional and technical Japanese Translator and Spanish to English Translations
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Rate of Exchange Explained For Import & Export Business
August 16, 2008
Rate of Exchange Explained For Import & Export Business
Rate of Exchange Explained For Import & Export Business
By William King
If your export business is performing well in domestic market for some time, you should be thinking of expanding it to the international market. Not only it can provide you with more profits but selling more units will also help in bringing down the cost per unit. Reaching out to global markets can be your way to prosperity which you have been dreaming for. But before you expand your business to outside markets, you must understand that domestic trade is quite simple when compared to international trade, which brings many new factors into play. Exchange rate is probably the most important one, you must understand what is it and how it can disturb your profits before you go through the pricing process. Let’s start with a basic definition.
Exchange rate:
All major countries have their own currencies. When you are selling to these countries, your sellers will be willing to pay in their own currency, while you can demand for a payment in your own currency. The buyer must then go to his bank and have his currency converted. This conversion will be done at foreign exchange rate. Rate of exchange is the value or price of one currency in terms of another currency. Rate of exchange is also a very important factor of the economy, having an impact on country’s overall imports & exports.
Forms of exchange rate:
Two methods are used to determine foreign exchange rate.
i) Floating Exchange rate
ii) Fixed Exchange rate
Floating (or flexible exchange rate), the one widely used in most parts of the world; let the markets decide by means of demand & supply, at which rate the local currency will be converted into other currencies. This type of exchange rate is often fluctuating, and the exporters need to be secure that some dramatic change will not shrink their profits to an undesirable level. Forward exchange rate (estimated exchange rates for some future supply) should be carefully calculated when pricing. Normally exporters come up with a cushion to secure their position in case of sudden change in exchange rate. Fixed exchange rates are decided by regulatory authorities to achieve their economic goals.
Providing the lowest cost possible is vital in international trade, so you cannot shift the whole burden on buyers. Thus, it is necessary that you observe your target market carefully, past fluctuations in its exchange rate and economic stability before you finally decide on prices of your products and services.
William King is the director of UK Wholesalers and Mobile Phone Directory and Canadian Wholesale & Wholesalers Directory. He has 18 years of experience in the marketing and trading industries and has been helping retailers and startups with their product sourcing, promotion, marketing and supply chain requirements.
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Importing From China
July 4, 2008
Importing From China
Importing From China
By William King
It has not been long before China was seen as a nation specializing in low cost replicas with absolutely no focus on quality and value. China however had no intention of remaining just a low-cost source of third class imitated products. With steps taken by their Government like revolutionizing their educational system and giving benefits to the companies that bring technology to the country, China has successfully managed to break the notion. According to PRC General Administration of Customs, the top exports of china in the year 2007 were electrical machinery & equipment and power generation equipment respectively. That’s a significant shift from agriculture sector to industrial. China is now world’s largest exporter of technology goods. Even the country like Japan is among the top 5 countries, importing from China.
Although, importing from China with such positives may look like a source of easy money, it has its fair share of negatives. So before you embark upon the idea of starting imports from china with dreams of huge profits in your mind, you must not overlook these problems which might occur once you get into this trade.
1. Finding Suppliers:
While finding a supplier from China seems like a walk in the park (there are so many on internet and yellow-pages), it isn’t that easy. Reason, you cannot just trust any supplier which comes your way while searching on the internet. Check for credibility; find some well known company rather then just choosing the one with lowest price quotes.
2. Payment Issues:
Most important thing when striking out a deal with some Chinese exporter is to finalize the payment method with him. Issues like payment method, currency in which payment will be made, how much will you pay in advance? Should be discussed and settled as soon as possible, to avoid complications in future.
3. Communication:
Another hurdle which has been there for long is communication problem. Although more and more Chinese now seems interested in learning English to expand their opportunities, it will take some time before they start getting familiar with English language norms. Till then you have to rely on your communication skills and ability to convey your message clearly. Know the terms used in this part of the world. When making an order, be very clear in your product specifications. Re-check by inquiring, what they understand of your instructions. Clearly state what should be produced and how it should be produced. Give crystal clear instructions on what material should be used, or you will end up having “lead painted toys”.
4. Quality Control Problems:
Very recently issues like kid’s toys having lead paint, or livestock and pet food having chemicals, injurious to animal’s health have raise eyebrows over quality of China’s exports. Problem lies partially at Chinese manufacturer’s side and partially in drastic efforts to cut cost to its minimum. While your prime reason for importing from China is “low-cost”, make sure you are getting products which don’t fall below standards of your market. Arrange for some agent or third party in China which will ensure quality check on your part before your order is shipped to you.
William King is the director of UK Wholesalers and Dropshippers Directory and Wholesale Suppliers & Dropship Directory. He has 18 years of experience in the marketing and trading industries and has been helping retailers and startups with their product sourcing, promotion, marketing and supply chain requirements.
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