When running an import and export business, owners and managers typically stop evaluating the success of their operations once they have shipped their goods across borders.
Not many importers and exporters give attention to the nooks and crannies of their business, which more often than not, is where many costly mistakes and errors take place.
The international trade sector, unlike any other industry, is widely connected and is deeply diverse.
Therefore, in order to succeed in an import and export business, one must have a working knowledge of the industry, not only to ensure success but also to avoid committing expensive blunders unknowingly
It is extremely important for budding importers and exporters to be able to identify the pitfalls of the trade prior to starting their business in order to avoid costly mistakes.
While avoiding these pitfalls can sometimes require the input of an outside trade expert, import and export companies need to be aware of the cost savings they will be able to generate by addressing these common issues early on.
To sum up, here are the key takeaways from the infographic below, courtesy of Excelsior Worldwide Logistics, which details the most common mistakes you should avoid in import and export business.
- Lack of Knowledge in Import and Export Regulation
- Hiring an Incompetent or Inexperienced Customs Broker
- Not Declaring the Correct Value in Customs
- Unfamiliarity with Incoterms
- Failing to Insure Goods Properly
- Not Verifying the Legitimacy of the Supplier of Buyer of the Product
To learn more valuable insights on these mistakes, check out the infographic below: