No one likes to be charged additional costs to move their cargo, or have unexpected expenses along the import and export of their goods. However, in the freight industry, there are many regulations and requirements that need to be followed, and people can easily be overcharged if they are not aware of how the process works and how to smartly conduct their import and export matters.
This post intends to show you some tips you should consider when doing your import or export process, in order to help you save costs. Check it out!
1. Know your declared value of goods
Most people assume that the purchase is the declared value of goods. However, this is not the case. The value of goods is usually determined on the day that the shipment departs – not the day you placed the order or the day you paid the supplier. This is why you should be attentive to the dollar rate at the time of the declaration of the value of your goods.
2. Capitalize on free trade agreements
Free Trade Agreements apply and change over time, depending on your country’s trade relations. When importing from countries that have a current Free Trade Agreement with your country will save you some costs by negating duty free charges, for example.
3. Know the audit rules for importing
Customs can refer back to your imports documentation for up to five years after the shipping process took place and in case a fault is found on the paperwork, penalties could be applied to you – even for a shipment you bought four or five years back.
This is why you should safely store the documentation regarding your import processes during this period of time. By hiring the services of an experience and reputable freight forwarder such as GCE Logistics you won’t have to worry about that! We will make sure all the documentation regarding your cargo is safely stored for the legal time it needs to be so you wont have to be charge any penalty costs.
1. Know your Incoterms
Incoterms can be complex and confusing to understand; however, it is essential that you fully comprehend the terms that you are agreeing to, avoiding you to having to end up paying more or running unexpected fees. Therefore, as an exporter, you need to know all the costs, responsibilities, rights, and obligations that accompany the use of a specific Incoterm, which will lead you to know exactly what costs will be associated with the goods you are exporting, without any overestimation or underestimation.
2. Research the area you are exporting
Each country has its own specifications and legal requirements regarding its import and export processes. Selling to a new area requires you to fully understand what steps you need to follow in order to make sure you have everything required for your cargo to safely arrive at is destination, without any documentation problems at customs that will end up making you spend more money to solve, for example.
By hiring GCE Logistics export solutions, for example, you won’t have to worry about this, because our team has all the expertise in the different country’s regulations, and will be ready to assist you and guide you through your entire exportation process, ensuring that you save costs on having any problems with that.
3. Do your paperwork
As we have already mentioned above, each country has its own set of import regulations, requiring different licenses and customs paperwork, for example. Some countries will require certain stamping, legalizations or original documents, for example, while others accept copies. This is why, in order to make sure you don’t make any unnecessary effort or pay an additional cost you shouldn’t have to, you should know exactly what the country you are exporting to requires as far as documentation and paperwork.
You are now aware of some important actions you should consider when importing and exporting goods, in order to not have any additional and unexpected costs during this process. However, with no doubt, there is one single tip you need to follow in order to ensure all of these other ones are also followed, and that is working with an experienced and reliable international freight forwarder.
By moving your cargo with GCE Logistics, we ensure you the process will be hassle free and that you won’t have to worry about any of this, our experienced staff will guide you through every step along the way and make sure your import and export processes are as smooth as they can be!
Visit our website to learn more about our import and export solutions!