The import export trade is a highly lucrative venture. It offers unlimited viable opportunities on a global scale. But that is not to say that it is smooth running all the way. The road to international trade success is littered with challenges. However, a majority of the disadvantages of exporting can be avoided. Take a look at some of the most common mistakes in Importing Exporting that traders make in this industry and learn how to avoid them so as to enjoy success.

Importing or exporting can be fruitful for growing businesses, but it’s important to get it right. Are you in the process of setting up an overseas operation where you will import and export goods? We spoke to Woodgrange Immigration lawyers to look at the top import/export mistakes that businesses can avoid. Here are some of the most common ones:

• Lack of knowledge in import and export regulations.
• Hiring an incompetent or unexperienced customs broker.
• Not declaring the correct value in customs.
• Unfamiliarity with Incoterms
• Failing to insure goods
• Not verifying the legitimacy of the supplier or buyer of the product

Avoiding these mistakes is hugely crucial to maintaining a legitimate and streamlined import/export operations. To learn more about these common mistakes you need to avoid in import and export business, check out the below:

Understand Country Regulations

Some business owners think that they can import/export just about anything they want from a foreign country, but this is not the case at all. Most of the countries out there will have very strict guidelines when it comes to the types of products and materials they will allow to go in and out of their territory. Failing to know what these regulations are will usually lead to make a variety of costly mistakes. If you are shipping in things to a country that are regulated, the shipments will usually be seized. This means that you will lose product and money. Rather than having to take these losses, you need to find out detailed information regarding what a particular country allows regarding import/export.

Build Relationships With Customs Officials

Another important thing you will need to do when trying to be a successful importer/exporter is to build relationships with the customs officials. Each country will have customs officials that will be in charge of checking all of the shipments that come in and go out of their territory. Ideally, you will want to develop a relationship with these officials so you can make it easier to get your goods moving to their final destination in a hurry. If you are known as a troublemaker, you may find it difficult to get your goods through the custom officials a country has in place.

Pay Attention to the Exchange Rates

The currency market fluctuates on a daily basis, which can cause challenges when trading on 30-90 days (i.e., the time at which you pay for the cost of producing your goods is considerably different to the point at which you receive end payment, and the FX rates could swing adversely in the meantime). Even if you make a deal with a foreign supplier, a lot can change from the time the deal is signed and the goods are actually delivered.

Instead of losing money on these deals due to a lack of focus, you need to keep your eyes peeled for any changes in the currency market. If you start to notice large fluctuations, you may want to wait on making a deal with a foreign supplier until these prices start to level out.

Pay Attention to Packaging and Marking Regulations

You will also need to pay close attention to the regulations a country has regarding the packaging and markings you can use on your goods. The last thing you want is to have your items shipped back to you due to a violation of these regulations. If anything on your packaging is even somewhat offensive, you need to think about changing it before shipping to a foreign supplier. While new packaging may be a bit costly, it is well worth the money invested due to the trouble it can save you in the long run.

Having success in the world of importing and exporting goods will require you to do a great deal of work.

B2B Export Import Academy is the most genuine export-import management course institute having its presence in the various metro cities of India including Delhi, Mumbai, Kolkata, Pune.etc.An ideal import export training in Pune is one that is imparted at the center or the field without compromising with the practical import-export techniques.

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B2B Export Import Academy.