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Why We Need To Import & Export

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What is Drawback

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The United States is an economic beast. We are home to some of the largest and most successful businesses on Earth. A big reason for that is because we are able to work internationally by importing and exporting goods and services. Cut that ability out and our economy changes. So, what exactly are the benefits? That is what we will talk about today.

We need to import from other countries for many reasons. To begin, we need to import to introduce new products to the market. A healthy market is one with different options for consumers to choose from. New products are what keeps businesses afloat and competitive. Secondly, we need to import to reduce costs. Many businesses find that importing products and resources are way more affordable than producing them here in the states. Instead of investing in modern, expensive machinery, businesses opt to import to reduce those costs. Lastly, although we are an economic beast that does not mean we are the best at everything! Some of the highest quality products are from other countries. Many factories and other highly professional sellers reside abroad and have an upper hand on quality of products compared to their competition here in the United States.

It is also important for our businesses to export to other counties as well. Just as there is a variety of benefits of importing goods and services, there are numerous reasons for exporting. The first reason being that exporting tends to increase sales potential. If businesses want to grow their business they can look internationally or even globally. Exporting is especially good for medium and large businesses – the ones that have already expanded within the local market. Additionally, exporting increases profits. Foreign orders are usually larger than those placed by local buyers. Here in the states local customers buy a few products or a pallet at a time while businesses abroad oftentimes order containers or larger loads at a time. And a product made here that has never been seen in international markets, profits increase rapidly in no time.

So, do we need to import and export to keep our economy up and running? The answer is absolutely! Businesses depend on their ability to import and export as they come with countless benefits.

For more information on importing and exporting please reach out to us here at Duty Calc.

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Reducing Shipping Costs

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Anyone in the import and export business will tell you that one of their largest costs are shipping costs. There is no way to avoid paying for shipping. It is simply something you have to factor into your business. Though they are unavoidable there are ways to minimize shipping costs. Today we are going to give you a few ways to do so.

To begin, use air freight only when needed. Goods that are not time sensitive can be shipped by sea and land freight. Doing so will save you a lot of money. A $200 ocean shipment can cost you $1,000 by air. Shipping by air can also be tricky because airlines have stricter regulations when it comes to shipping certain materials.

Another easy way to save on shipping costs is to buy larger quantities of raw material (if you can afford it). If you do not get the lowest price per item, you will be amazed at the cost that is spread to every commodity. Also, the price of freight is determined by the weight of the goods. When the goods are transported, the more goods, the cheaper the freight. Although this freight cost looks higher, the cost per unit of shipping is lower.

The last thing you should consider when shipping is optimizing your packaging. As mentioned before freight charges are based on the weight or volume of the goods. Shipping extra packaging will not only cost you in package material but also in terms of lost cargo space. If you can optimize by reducing the volume you are using then you will end up saving loads of money. By optimizing packaging, you can save on packaging materials, raw materials, warehousing, and of course shipping costs.

There are many avenues you can take when it comes to minimizing your shipping costs. You just have to find the one that works best for your business.

For more information on importing and exporting stay updated here on our monthly blog.

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Biden Administration & China

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What is DrawbackWith the Biden administration taking over the White House this election it is apparent that many things will be changing. One thing, however, that is not projected to change that much is the trade tension between the U.S. and China. Earlier this year Biden wrote, “The United States does need to get tough with China” in a “Foreign Affairs” article. He went on to say, “If China has its way, it will keep robbing the United States and American companies of their technology and intellectual property. It will also keep using subsidies to give its state-owned enterprises an unfair advantage – and a leg up on dominating the technologies and industries of the future.”With that said China is hopeful that because there is new blood in the White House, this new Biden administration will welcome new negotiations. China’s Vice Foreign Minister Le Yucheng believes that the Biden administration would “meet China halfway” according to state media. Xu Hongcai, deputy director of the Economics Policy Commission at the China Association of Policy Science believes that “Biden is reasonable” and “Biden, Obama, they understand the basics of holding a dialogue.”In Biden’s acceptance speech the ongoing trade war with China was absent. Since Biden’s acceptance speech he has still yet to bring up the issue. How Biden will actually handle the intense trade war that the Trump administration has left him, is still an unknown. What we do know is that Biden will have to prove that he can work more effectively with U.S. allies in order to win the heart and soul of the nation that is now in his hands.More news and updates will be coming up quickly as the White House transition continues. For information on the ongoing trade war between the U.S. and China, please stay updated here on our monthly blog or reach out to us here at DutyCalc.

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