International trade gives you the chance to expand your business worldwide and earn more profit. Before getting to issues faced by people while international trade let’s know more about international trade. ” In layman’s word international trade is the exchange of products and services. ” International trade comes into existence when nations have less recourse, to satisfy the needs international trade started. In recent years international trade has increased due to the advantages we get like a large market with good profits, benefits by the government, and lots of more. International trade isn’t as simple as it looks so, we are here to guide with an online import export course.
Types of Global Trades:
- Export Trade: Export is International trade in which goods and services produced in a nation are sold to the buyer of various country.
- Import Trade: Import is International trade in which goods and services are bought by a nation from other countries to fulfil the domestic needs.
- Entrepot Trade: Entrepot trade means re-exporting. Entrepot trade is importing goods and services from a country and re-exporting it to different countries at a higher price.
Digital Exim provides India’s only Integrated Export, Import, Shipping, & Logistics Program. We are one of the best export import business consultancy with over 33 years of experience in export. Our experience speaks and our actions work. We give you training and personal consultancy with our years of experienced trade managers. You have a problem, we have the solution. Joint with us to know A to Z of International trade.
But before that let’s talk about some common Issues traders face while International business.
1 Inaccurate Documentation-
It is one among the foremost common issues a new trader faces. As there’s an inventory of documents exporters and importers need to prepare. This involves export import licence, shipping bill, entry bill, letter of credit, warehouse receipt, and lots of more. This should be the primary step to possess all the accurate documents.
2 Shipping Issues-
You have to make sure that shipment arrives on time, in the right place at the right time. You’ll need to plan everything. Finding fast and reliable shipment is what makes it easy. As per your product you’ll need to decide whether you would like to ship by land, sea, or air.
3 Lack of trade policy/ restrictions knowledge-
International trade market has many policies. To be a champion in export import, trade policies should get on your tongue. With that there are many restrictions in trade and it varies from country to country. Not knowing about the policies and restrictions will end up costing you fine and penalties.
4 International market knowledge-
You have decided your product, country, everything is final but do you know about the international market? One should have all the knowledge of the market he/she is going to sell or buy the merchandise. Know the cultural, social, and economical factors of the market.
5 Countries law and regulations-
Knowing the country law, rules, and regulations in which you are going to sell or buy is a must task. Every county has their own laws and regulations for trading. Every trader must be aware of the same.
6 Background Check-
Your trade partner should be trustworthy. Confirm to cross check your client’s background. Check your client reputation, business history, and financial status. Avoid connecting with companies you’ve doubted or have any bad business history.
7 Currency Exchange Rate-
If you don’t know the currency exchange rates in international trade, you’ll find yourself making wrong decisions. You’ll make a wrong profit calculation and will make your future plans or trade with that amount making it a wrong plan. Currency rate fluctuation is one of the most challenging problems.
Before going International, traders must plan all the above mentioned factors carefully. Especially to the ones who are new in this business. Find the trouble spot and make a path in between, homework is must before the real execution. International trade brings you new opportunities to shine, get your doubt clear with us and become a trade master.
Hope now you are more into international trade, for more visit the link below:
Give us a visit to know about the export import Industry or Call +91-9898724798.