Financial tips for exporting and importing

The growing globalization and therefore, the economic interdependence between countries, markets and industries have given rise to a notable expansion of international trade. Factors such as economic liberalization, the growth of communication systems and the reduction of barriers to immigration have also contributed to its rise.
International trade is now an important and irrevocable component of the engine of global capitalism. It is a function of supply and demand: one country has a supply of some product or merchandise that is demanded by another. This is why international trade through imports and exports is considered desirable. It also allows countries to specialize and produce goods in which they have a comparative advantage, that is, an efficiency and/or cost advantage over other countries, so that they can export these goods. For goods where they don’t have a comparative advantage, they will matter.

Importers and exporters face various costs and risks: from tariffs and taxes to currency fluctuations, non-payments and non-shipment risks. Therefore, below, we share some financial tips to carry out this activity in the best possible way.

Find out what process you should follow
This varies depending on what you import or export, where it comes from or goes to, and where the headquarters are. Collect all the necessary information so that you do not have problems at customs or control centers in different countries.

Check labeling and licensing regulations
For certain products, such as those of animal origin or hazardous chemicals, you may need valid licenses or certificates. There are also labeling, marking and marketing standards for products such as manufactured goods and foodstuffs. Don’t forget to check all this with the companies you do business with.

Customs declarations and duties
A customs declaration details the goods being imported or exported to ensure that the correct duties and VAT are applied. It usually includes commodity codes and necessary licenses. You can make the declarations yourself or hire a customs broker.