Importing and exporting your goods
If your company is looking to expand beyond local borders, importing and exporting play a crucial role. Whether raw materials, semi-finished or finished products, the process of importing and exporting is at the heart of global trade.
What is importing and exporting?
Put relatively simply, importing and exporting refer respectively to the importing and exporting of goods between countries.
What is importing?
Importing is when a country or company purchases products or services from companies in other countries. The purpose of importing may be to obtain cheap raw materials, to gain access to products not available in the home country, or to take advantage of lower production costs in other countries.
What is exporting?
Exporting involves sending goods or services from one's own country to other countries. Companies export to reach new markets, increase demand for their products, or to take advantage of higher prices in foreign markets.
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How does the process of importing and exporting work?
The process of importing and exporting begins with a company identifying a need, such as the need to buy raw materials (importing), or the desire to expand into new markets (exporting). A trade agreement is then drawn up between the importer and exporter. This includes choosing the appropriate logistics and transportation methods, as well as complying with all customs and other regulations of both the importing and exporting countries.
Frequently asked questions about importing and exporting
How much time does the import and export process usually take?
The time frame of the import and export process depends on several factors, including the speed of providing correct documentation, the quantity and type of goods, the invoice value and any need for classification when in doubt. Checking the shipment can also affect the process. However, it goes without saying that a well-prepared and well-organized order can speed up the process.
Who is responsible for importing and exporting goods?
Whoever orders the import or export of the goods is responsible for the process. However, this may also depend on the status of representation - direct representation or indirect representation. Although many organizations choose to hire a freight forwarder or trusted partner to simplify the process.
How much does it cost to import and export goods?
The costs associated with importing and exporting goods are variable. These costs can be affected by factors such as the nature of the goods, the invoice value, the country of origin or destination, and the rate of import duties and VAT. For organizations in possession of an Article 23 exemption from VAT is possible, so the final cost will vary.
