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Import Export Institute

Import Export Institute News Archive

How to Qualify International Buyers

Exporting successfully really comes down to this: minimizing risk. How can an exporter minimize risk when a buyer is thousand of miles away, speaks another language, and comes from a different culture? In the early stages of the negotiation process, a seller must properly screen the buyer.  This is easily accomplished and is a similar process to screening a domestic customer. If your company has a website, chances are you are receiving requests for quotations. Preparing quotes takes up time, and in many circumstances, are not going to a qualified, legitimate buyer. Here is a list of questions that should be[...]

Tips for Starting Your Import Export Business

Having a great idea and developing it into a business takes time, patience, knowledge, and careful planning.  Once you have made the decision to start your import export business, you need to then take it from development to launch.  But, how do you do that?  Careful planning is a key component. Start with your business basics - how will you structure your company, what will you name your business, what domain will you get for your website, the location of your business, and exactly what type of import export entity will you operate.  Once you get those questioned answered and addressed[...]

U.S. Trade With Panama

The Office of the U.S. Trade Representative reports the following trade facts and statistics between the U.S. and Panama: U.S.-Panama Trade Facts Panama is currently our 52nd largest goods trading partner with $7.255 billion in total (two way) goods trade during 2015. Goods exports totaled $7.6 billion; Goods imports totaled $408 million. The U.S. goods trade surplus with Panama was $7.1 billion in 2015.  These figures reflect a decline from our trade in the years 2012-2014. For complete trade stats, visit the U.S. Trade with Panama information available through Dept. of the Census. Exports Panama was the United States' 32nd largest goods export market[...]

Exporters - Suggestions for Customs Clearance

Suggestions to the Exporter for Faster Customs Clearance of Merchandise: 1. Include all information on your customs invoices. 2. Prepare your invoices carefully. Type them clearly. Allow sufficient space between lines. Keep the data within each column. 3. Make sure the invoices contain the information that would be shown on a well-prepared packing list. 4. Mark and number each package so it can be identified with the corresponding marks and numbers appearing on your invoice. 5. Show a detailed description on your invoice of each item of merchandise contained in each individual package. 6. Mark your goods legibly and conspicuously with the country of origin unless[...]

Exporting IS Easy! Exporting Myths - BUSTED

When companies consider exporting, like any serious decision, they need to weigh the advantages and disadvantages.  If, after careful consideration, they come to the conclusion that exporting their product or service will be beneficial, they should proceed cautiously.  However, if the business comes to the conclusion that they should not export and base that decision on perceived myths, then they will lose out on tremendous opportunity.  Below, we have some myths that we want to BUST.  All decisions should be based on facts. MYTH: Exporting is only for large companies. FACT: Small firms account for 97% of all exporters, and 70% of[...]

Tips When Using a Foreign Distributor

Many new to exporting companies make a decision early on in their market strategy - to use a foreign distributor. On its face, this seems like a no-brainer. After all, these distributors know the foreign market, the language, the culture, they have a network of buyers and have the physical facilities in place for storing, warehousing and delivery of product. This strategy is totally acceptable, but can have many pit-falls if the manufacturer does not take the time to LEARN the basics of exporting or if they treat this agreement as any other agreement with a domestic distributor. Once a suitable[...]

Do You Need an Export License?

The Department of Commerce’s Bureau of Industry and Security (BIS) is responsible for implementing and enforcing the Export Administration Regulations (EAR), which regulate the export and reexport of most commercial items. We often refer to the items that BIS regulates as “dual-use” – items that have both commercial and military or proliferation applications – but purely commercial items without an obvious military use are also subject to the EAR.   What exactly IS an export? Any item that is sent from the United States to a foreign country is an deemed an export. Said “items” include commodities, software or technology, consumer items like[...]

Become a CGBP - Certified Global Business Professional

In the import export and international trade industry, there is only one national certification offered by NASBITE (National Association of Small Business International Trade Educators).  The designation is that of CGBP - Certified Global Business Professional. There are many, many benefits to earning this designation. It demonstrates that you have knowledge and competency in all areas of global business.  Obtaining the credential will help you advance your career by giving you an edge over the competition.  If you are a small business owner, it shows the business community that you take your business (and yourself) seriously by looking for ways[...]

U.S. Trade with Cuba - Regulatory Updates

Bureau of Industry and Security (BIS) and Office of Foreign Asset Control (OFAC) changed regulations pertaining to doing business with Cuba in September 2015. Below are the top 11 regulatory changes. Here is a detailed summary of these changes: I.     Travel Travelers who have been authorized now can travel by vessel from the United States and Cuba, as long as it stays as a closed loop with no outside countries within the loop. – §515.572 Persons subject to U.S. jurisdiction providing authorized carrier services by vessel are also authorized to provide lodging for authorized travelers on-board during the period of time the vessel is traveling to, from, or[...]

Learn to Export

Explore Exporting is a new training program designed to help businesses who wish to enter the global market. Statistics tell us that only 1% of American companies export (what?!) and that 58% of those who are exporting do so to one market (gasp!). The only way we can improve those numbers is to support businesses by empowering them with knowledge and providing the tools that they need to succeed. This program will answer some questions that potential exporters might have like: Who do we sell to? How do we find overseas buyers? What country do we sell to? How do[...]

Why an Import Export Business is the BEST Business

Starting an import export business is one of the best small businesses to start, if you know what you are doing! Let's review a few "do's and dont's" of import export business operations that will put you on the path to global success. First, what you DO NOT need: 1. A college degree. While you do need to be educated on all areas of global business, international marketing, shipping and logistics, and trade finance and payment terms, this information can be obtained by taking classes and earning a certificate. This is much cheaper and faster than a degree. 2. A highly visible commercial[...]

Government Programs for Exporters

Many beginning exporters are unaware that the U.S. Department of Commerce has resources to help them in their export efforts. Many programs are free, some are fee-based depending upon the level of assistance required. However, be aware that many programs are not designed for the very early stages of exporting. A company must have already started their export planning in order to best utilize these services. If you have started your export readiness, meaning you have identified what product you want to export, the markets you want to sell to, and your pricing strategy, then it is time to reach[...]

Should Your Company Export?

Making the decision to export requires careful assessment of the advantages and disadvantages international market entry.  Once the decision has been made to export, developing an export business plan and an international marketing plan are essential. Some of the benefits of exporting are: Enhance domestic competitiveness Increase sales and profits Gain global market share Reduce dependence on existing markets Extend sales potential of existing products Stabilize seasonal market fluctuations Enhance potential for corporate expansion Sell excess production capacity and inventory Gain information about foreign competition In making an informed, balanced decision to export, it's important to note that there are certain trade-offs[...]

Import From China

Imports from China totaled $482 billion in 2015, up 3.2% (or $15 billion more) from 2014. The top U.S. imports from China are electronic goods, with the value being $482 billion in 2015. These products account for 14.4% of total U.S. imports each year. Other popular import products from China include: furniture machinery toys and games footwear plastics apparel medical and technical equipment Always make sure you are thoroughly researching your international partner. Too many small U.S. import export business have been burned by bad deals, because they didn't take the time  to confirm the product they were purchasing or verify the[...]

Avoid Import Export Scams

Those who are true import export professionals typically do not fall victim to scams and frauds - we never say never, as on a very rare occasion, and I mean rare, a seasoned import export broker or import export trader will have a run-in with a less-than-honorable transaction.  However, those import export brokers that  are very new to the industry or those that  have attempted international transactions with little or no training do fall prey to scams and frauds.  How does it happen?  Far too easily, and usually with the promise of a big profit.  We all have good intentions[...]

Build your Import Export Business

To get anywhere in any business, you must market and network  to build customers and referral sources.  Every small business owner, from the lady who sells cosmetics from home to the gentleman who runs a lawnmower repair business, must reach their respective customer!  The import export business is no different. Once you make the decision to investigate the possibility of launching an import export business, you will see a lot of incorrect information about how to get customers, leads, and deals. One misconception is that you can do ALL your work from home, in front of your computer. This is partially[...]

Export Assistance - Resources to help you export

Many beginning exporters are unaware that the Department of Commerce has resources to help them in their export efforts. Many programs are free, some are fee-based depending upon the level of service. However, be aware that many programs are not designed for the very early stages of exporting. A company must have already started their export planning in order to best utilize these services. If you have started your export readiness, meaning you have identified what product you want to export, the markets you want to sell to, and your pricing strategy, then it is time to reach out to[...]

Export Management Compliance Program

Every individual who either imports, exports, or operates an import export business knows that government compliance is no joke. Fines can be huge (thousands to millions of dollars), delayed shipments, being banned from exporting for long periods of time, or worse yet - jail time, can all cause a business to crumble. Exporters need to have internal compliance programs and evidence that these policies are being adhered to. We often get asked by import export brokers or import export traders if they are required to have compliance programs in place. Although it is the ultimate responsibility of the exporter of record[...]

Import Export Business Program

Importing and exporting is big business - in 2015, the U.S. imported over $2 trillion worth of goods, and the U.S. exported over $1.5 trillion. (source - UN ComTrade) Exporting is also good for the country! In 2015, 11.5 million American jobs were supported by goods and services exports. The U.S. Department of Commerce states that businesses that export pay their employees a greater wage, are more profitable and experience greater annual growth over their non-exporting counterparts. Many individuals who consider starting a small business look to importing and exporting because the possibilities are so vast and potential so great. Those trillions[...]

Import Export Institute Indirect Versus Direct Exporting

How does a company decide the best way to enter a foreign market?  By careful analysis of course. There are two main methods for international market entry - indirect and direct exporting.  Indirect market entry means turning over international sales to a third party. Generally speaking, this third party "manages" the exporting for the manufacturer. By utilizing indirect exporting, this is outsourcing the export efforts. Typically this means a company will be utilizing the services of an Export Management Company - meaning distributors,  or commissioned agents or brokers. The services vary, so a careful analysis is always needed to determine if[...]

Import Export Business Opportunity

When you study the statistics of importing and exporting, you will be amazed by the opportunity that exists.  This opportunity goes untouched every day.  The Department of Commerce reports that only 1% of U.S. manufacturers export.  That means 99% of manufacturers are your potential customers.  Of those companies that export, 70%  have fewer than 20 employees.  Of those companies that export, 58% do so to only one foreign market.  As you can see by those three  statistics, opportunity clearly abounds. The question is why aren't our companies exporting.  And, the other question is with this much untapped opportunity, why aren't there[...]

Import Export Profession

In some of our other blog entries, we make reference to the fact that there are many "quick and easy" ways to make a "fast buck" importing and exporting.  I feel the need to clarify a few things and explain why we seem to look down our noses at these schemes.  The profession of international trade is that, a profession.  Like any profession, you need to be educated, knowledgeable, current, and you should approach importing and exporting as a real business.  Did your surgeon learn what he needed to know by watching a free webinar, or buying someone's $99 "How[...]

Export to Vietnam

U.S. exports to Vietnam grew by 23.3 percent to $7.1 billion in 2015. This was by far the largest increase out of the U.S.’s top 50 export markets. During the same period, Vietnam’s exports to the U.S. increased 24.2 percent to $38 billion, resulting in a $30.9 billion bilateral trade deficit with Vietnam. The Top 5 reasons American companies should consider exporting to Vietnam: Strong GDP growth expected to continue for medium term. The fastest-growing middle and affluent class in the region, with young consumers who are among the most optimistic in the world providing the right demographics for growth. Real[...]

Export to Bahrain

The U.S. Department of Commerce states the following reasons as to why American companies should consider exporting to Bahrain: Bahrain, along with Oman, is one of two Gulf Cooperation Council (GCC) members to have signed a Free Trade Agreement (FTA) with the United States. Bahrain permits one hundred percent foreign-ownership of a business or branch office, without the need for a local partner; no other GCC member state allows this. Bahrain has no tax on corporate income, personal income, wealth, capital gains, withholding, or death/inheritance. Bahrain has no restrictions on repatriation of capital, profits or dividends. The Heritage Foundation ranked[...]

Import Export Institute: Your Virtual Business Location

First Impressions are important; no matter if they are real-world brick and mortar or virtual online, your customer's first thoughts of your business can mean the difference between your business success or failure. Would you put your business in a tattered travel trailer at the end of a remote dirt road? Or, would you put your business in a clean professional building with adequate parking and signage? Probably the second choice. Your website is like the physical location for your business - you must take care in how the site looks and is perceived by your customers to[...]

Import Compliance

If you are importing into the United States, YOU are the responsible party and must be aware of your requirements and potential liability. There are vast  laws and regulations relating to importation that U.S. Customs and Border Patrol (CBP) oversee and monitor. Compliance is not a dirty word!!  Compliance is the full responsibility of the importer, and cannot be passed on to freight forwarders, customs brokers, etc. Develop a pre-import compliance plan to demonstrate understanding and identify potential problems. Would you rather use a band-aid or get stitches? Here are a few tips to help you. This list is not an[...]

Export to Canada

The United States and Canada enjoy the world’s largest and most comprehensive economic relationship, which supports millions of jobs in each country.  The magnitude of this $1.3 trillion bilateral trade and investment relationship is broad and deep, accounting for nearly $2 billion in cross border trade each day.  Canada is the top export market for 35 out of 50 states.  So whether your company is a first-time or seasoned exporter, Canada should be a key component of your export growth strategy. U.S. exports to Canada totaled $338 billion in 2015, representing 15% of total U.S. exports.  Principal U.S. exports to Canada[...]

Import Export Education and Training Grant Funding

Did you know that many states have grant funding to promote exporting? The funds are to assist potential exporters enter the global marketplace, or to help those that are exporting expand their market. Through President Obama's Export Initiative, many states received funding through the STEP (State Trade Export Promotion) program. The funding was made available through the SBA. Each state can use the funds in areas that have been identified. Many states will provide grant funding to cover the costs of your export efforts, including export management consulting services and import export education and training.  The Import Export Institute is happy[...]

Import Export Suggested Reading

Import Export books that you may find useful. Click the highlighted title to go to the book link at Amazon.com. The Global Entrepreneur, by James Foley (Amazon.com) International Marketing, by David Baack (Amazon.com) Global Marketing, Sixth Edition, by Warren Keegan (Amazon.com) Preparing Your Business for Global E-Commerce, Free booklet provided by the Department of Commerce A Short Course in International Payment , by Edward Hinkelman (Amazon.com) Free E-Book, "10 Finance Tools to Grow Your Export Business." Provided FREE by the Export Import Bank of the U.S. Click here to download from an external website. Questions? We encourage you to contact us. Please call our training office directly at[...]

STEP - State Trade Export Promotion Program

STEP - State Trade Export Promotion Program Through a federal grant provided to the SBA (Small Business Association), states can apply for federal funding to help local manufacturers with their export efforts.  Each state can determine what route the funding will be used for.  Some states, like Wisconsin, Ohio, and California, are offering reimbursement to manufacturers who participate in training programs to learn about importing and exporting.  Other states, like Florida, are helping manufacturers enter the global marketplace by offering grants to be used for travel to international markets and to pay for the Department of Commerce Gold Key service.  This[...]

Import Export Institute: Dispelling Export Myths

When companies consider exporting, like any serious decision, they need to weigh the advantages and disadvantages.  If, after careful consideration, they come to the conclusion that exporting their product or service will be beneficial, they should proceed, but with caution.  However, if the business comes to the conclusion that they should not export and base that decision on perceived myths, then they will lose out on tremendous opportunity.  Below, we have some myths that we want to dispel.  All decisions should be based on facts. MYTH: Exporting is only for large companies. FACT: Small firms account for 97% of all exporters, and[...]

International Trade Associations and Organizations

NASBITE International (National Association of Small Business International Trade Educators) OWIT - Organization of Women in International Trade Tampa Bay Export Alliance Tampa Bay - Women in International Trade Los Angeles Women in International Trade GlobalTrade.net   Questions? We encourage you to contact us. Please call our training office directly at 352-364-4644. Our office hours are Monday - Friday, 8:30 a.m.. - 5:00 p.m.. EST. Weekends and evenings by appointment. Click here to vist the Import Export Institute Go Global! Training Program FAQ Page OR Click here to request information be emailed to you. Thank you. [...]

Import Export Institute: Clear Customs Faster

1. Include all information on your customs invoices. 2. Prepare your invoices carefully. TYpe them clearly. Allow sufficient space between lines. Keep the data within each column. 3. Make sure the invoices contain the information that would be shwon on a well-prepared packing list. 4. Mark and number each package so it can be identified with the corresponding marks and numbers appearing on your invoice. 5. Show a detailed description on your invoice of each item of merchandise contained in each individual package. 6. Mark your goods legibly and conspicuously with the country of origin unless they are exempted from country of origin markings. 7. Comply[...]

Export (and Import) Like a Boss Presentation

Mark your calendars. Our own Director, Dana Smith, CGBP, will be a presenter in the Tuesday Talks series on June 20, 2017, at the Ocala/Marion County Chamber and Economic Partnership. The Tuesday Talks series are sponsored by Rasmussen College and invite local experts to share information of interest to the business community. Dana will present "Exporting (and Importing) Like a Boss." This discussion will cover tips, techniques, and strategies on how companies can better compete internationally. Attendees will walk away with information on the benefits of exporting, compliance tips (including EAR information), global marketing strategies, the programs of Commercial Services and[...]

Ocala Resource Room Opportunity

Ocala area businesses... reserve your appointment with Dana Smith, CGBP in August. On August 16, 2017, from 11:00 a.m. - 1:00 p.m., Dana Smith will be at the Resource Room at the Ocala Power Plant business incubator. Prior to meeting  with Dana, please send her information about your product and company so that she can prepare to answer your questions thoroughly.  Call us for details, 352-364-4644, or email Dana Smith, CGBP,  dana@importexportinstitute.com.  Or, contact Jessica at the OcalaCEP at jessica@ocalacep.com Why Export? 1. Over 95% of the world’s customers are outside the U.S. 2. Companies that export realize higher employment growth than non-exporters. 3. Exporting[...]

 

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