International trade can bring some amazing goods to your neighborhood and allow you to export your products to other countries. However, as a new exporter, you've likely figured out that getting your goods overseas is not as easy as it looked at first. The tangle of rules that you have to deal with for each country can be confusing, especially if there are additional issues like tariffs that you have to account for. As you look at exporting to more countries, you really should look into working with consultants who can help you navigate the waters of international trade regulations. Without that help, you could run into several obstacles.
Tariffs, Licensing, and Embargoes
Tariffs are taxes placed on imported and exported goods, and if you want to ship items to a country that has placed a tariff on goods from the United States, you have to be sure you know which items are subject to the tariff and which aren't (tariffs are not an all-or-nothing deal; importing countries will often place tariffs on some goods but not on others from the same exporting country). Those tariffs may not affect your prices immediately as the tariffs are treated as taxes in the importing country that consumers often have to pay; however, the tariffs could affect your sales as those consumers seek cheaper products. Licenses and embargoes can also prevent you from having the sales you want, and you need help keeping track of all the requirements.
Agricultural pests — insect, mammal, and pathogen — are major problems for many countries that are trying to prevent those pests from spreading into their farming regions. No country wants to import a pest that it is currently free of. That means that any foods, plants, or other agricultural items that you want to export will be subject to inspections, if not be outright banned. An international trade compliance consultant can help you determine which of your products can go to a certain country and which products have to be restricted.
Proper Classification of Goods
Sometimes classifying a product is trickier than you'd think, and a compliance consultant can help you determine exactly what classification to use. The classification determines what licenses, tariffs, and other restrictions apply. If you try to export something with the wrong classification, you could either end up paying more than you should in fees or having the export process held up as customs officials try to straighten out the situation.
Don't let your business get hung up in regulations. If you can find a great compliance consultant to work with, your export business should go a lot more smoothly. Contact a provider of international trade compliance consulting services to learn more.Share
29 July 2020
There are times in which reaching out to an outside consultant is the best course of action to take for your business. I had been struggling to earn a nice profit with my business for nearly a year before I reached out for help. After getting some help, I have been enjoying a greater level of success and things have picked up quite a bit. What can a consultant do for you? How do they help? My blog will show you why you should invest some money in hiring a consultant to help you improve the position that your business is in.