The import-export industry is definitely one of the hottest industries that anyone looking to build their wealth can venture into these days. With massive trade deals looming and fast emerging markets booming, it is no wonder why the WTO expects that the international merchandise trade volume growth will reach 4.4% in 2018. With statistics showing that the global trade industry is growing, many starting entrepreneurs are looking into the import-export as a scalable way to increase their sales and profits, grow their market share and client base, expand their workforce, and elevate their brand into the global stage. All these benefits, of course, can only be achieved if you have what it takes to compete in an arena where the wise and experienced people thrives, and foolish, hasty people lose.
While import-export is highly lucrative business nowadays, it is also one fraught with risks. Therefore, you will need deep and relevant knowledge about the nuts and bolts of this sector before you embark on your journey.
Are you contemplating a move into the import and export industry? Are you asking yourself, “How should I get into import-export without risking all the money that I’ve earned during my corporate rat race stint?” Read on as we present the key takeaways from the infographic below, courtesy of Excelsior Worldwide Freight Logistics, which details the most common import and export mistakes that you should avoid.
- Lack of knowledge in import and export regulations
- Hiring an incompetent or unexperienced customs broker
- Not declaring the correct value in customs
- Unfamiliarity with Incoterms
- Failing to insure goods properly
- Not verifying the legitimacy of the supplier or buyer of the product.
To learn more about the common pitfalls in the import and export business, check out the infographic below.