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Showing posts from April, 2021

Why Do Many Exporters Find Freight Booking a Challenging Task?

Booking your consignment a space on a ship or an airplane for export to a foreign country is one of the important tasks of the entire supply chain management. If it goes wrong, all your efforts may go in vain and it may cost your business a loss of profits and clients. But, what may go wrong in the freight booking process that looks pretty straightforward? Undoubtedly, a lot! Let’s find out! Not Able to Find the Best Quote Because of the unlimited resources and your business’s outdated means to contact different shipping lines, you may have fewer quotes in hand to compare. Consequently, the chances are high that you may regret later for spending unnecessarily on cargo shipping that could have been done in your preferred budget. So, it is important that you receive quotes from different service providers and compare them to strike the best possible deal. Spending a Lot of Time on Booking Imagine that you receive quotes from the top freight services in the region. Now, comp

How Does a Certificate of Origin Decide the Rate of Traded Goods?

To start with, a certificate of origin (COO) is an important trade document that an exporter may need to prepare as a part of export documentation. As the name suggests, it certifies the origin of goods that a country exports to another. For example, if you export certain products that are produced, manufactured or processed in Australia to Thailand, you must obtain a TAFTA (Thailand-Australia Free Trade Agreement) COO. So, what would this certificate imply? In simple words, it certifies that the exported goods have their origin in Australia and no other country. Now, the bigger question is that how does it matter? Under the TAFTA regulations, the goods traded between Thailand and Australia would enjoy preferential tariffs. By preferential, it means reduced or lower tariffs that benefit the importers as well as exporters. Obviously, importing such goods at reduced tariffs let importers extract more profits. For exporters, it is a great opportunity to turn their products competitive in

How Can Non-compliant Documentation Affect Your Export Business?

It is common to read and hear stories about export companies paying heavy fines for not being compliant with prescribed trade norms and regulations. Export documentation, in particular, is one of the biggest reasons behind it. Because of the lack of knowledge or ignorance towards the international laws, exporters struggle to prepare fool-proof export documents. For this reason, many of them have begun to invest in export documentation software tools that make this task efficient and simpler. If you still want to know the importance of one such software, it would be good to learn about the consequences of non-compliant documentations that these tools address. Here are some of them. Rejections and Delays Needless to say, non-compliant export documents are bound to face rejections with the approving authorities. For example, a phytosanitary certificate required for export of plants and plant products may get disapproved when submitted to the Department of Agriculture, if it d