Description
In order to operate an global import export data successfully, you will need to utilize various services to ensure that your operations run smoothly. Failure to do so can result in losses due to mistakes such as inaccurate document preparation, disorganized shipping, false declarations to the government, incorrect duty calculations, and other related costs.
It's important to keep in mind that just as you cannot know everything about your business, you also cannot know everything about foreign trade. There are many specialties within this field, and to ensure safe and secure importing and exporting, you may need to work with private and quasi-government agencies such as a customs broker, bank, freight forwarder, insurance company, testing and inspection company, and export credit agency (ECA).
Additionally, there may be other institutions that you'll need to work with, especially for certain goods that require preliminary authorization before exporting or importing. These may include chambers of commerce or consulates, laboratories, and government agencies.
To illustrate an exporter's export process, imagine a scenario where an exporter wants to leave nothing to chance. They start by obtaining credit insurance from an ECA and then sign a sales contract with the buyer. The exporter begins production and prepares the necessary export documents while also informing their customs broker and forwarder about the shipment. The customs broker handles the legal procedures while the forwarder makes the booking.
Once production is complete and the goods are packed, an inspection company checks the goods, and upon approval, the container is ready to be shipped. After the transport vehicle leaves, all required documents are collected and submitted to the bank. Assuming the payment term is CAD, the customer representative at the bank checks the documents and sends them to the buyer's bank for review. The buyer receives the documents upon making the payment and then clears the goods at customs upon arrival.
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