Why Export ? Dr. Gauri S. Guha ASU, Jonesboro. Global signals to globalize Examples of export led growth: –Japan: 3 rd party resources, value added exports.

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Presentation transcript:

Why Export ? Dr. Gauri S. Guha ASU, Jonesboro

Global signals to globalize Examples of export led growth: –Japan: 3 rd party resources, value added exports –Asian Tigers (S Korea, Singapore, HK, Taiwan) –Sleeping giants awake: India, China Removal of barriers to trade –Electronic Commerce = global outreach –Internet = instant knowledge Global competitiveness –Great survival strategy –Stimulates innovation

Gains from trade – your region Revenue –Direct income earner –Indirect benefits of higher visibility Spillover effects in region –Jobs, higher wages –Higher local procurement Cash-in comparative advantage –Resource ownership –Know-how

Gains from trade – your company International demand for your product (can also create demand) Higher prices abroad (less supply, weak dollar) Local competition = low margins (export lets you “stay-in-the-game”) Export revenue = leverage local market share (if you don’t use it, your competitor may!) Export market can stabilize year-round production (beat the seasonality of demand)

Look before you leap! On average new exporters generate $2m, but getting into this business requires… Initial market research expenses Knowing many new procedures –Foreign exchange –Lines of credit –Shipping methods –Standards, certifications

So what’s new on the menu? A.Sealing the dealSealing the deal B.Dealing with the seals!Dealing with the seals!

A.How to seal the deal 1.Identify buyer, negotiate contractIdentify buyer, negotiate contract 2.Product transportation and risk of lossProduct transportation and risk of loss 3.Select of harmonized system number and tariff considerationSelect of harmonized system number and tariff consideration 4.Forms of paymentForms of payment 5.Documentation for your export saleDocumentation for your export sale

A-1.Contracting… Initiate contact –Market research –Market visit –Trade fairs, expos Contract - Offer - Acceptance UN convention on contracts for international sales Determine your price

A-2.Transportation Incoterms 2000: transportation and risk of loss Freight Forwarders Ocean Carriers and Shipping Rates Air Carriers and Shipping Rates Surface (Truck and Rail) Insurance

A-3.Tariff considerations Choosing a Schedule B number How to reduce your Foreign Purchaser's Tariff Liability (so that you get a price advantage Dispute resolution Other contract considerations

A-4.Payment Letter of Credit Other terms of payment Hedging against FOREX risk

A-5.Documentation Commercial Invoice Packing List Air Waybill Dock Receipt, Warehouse Receipt Bills of Lading (Inland and Ocean) Insurance Certificate Shipper's Letter of Instructions (SLI) Certificates of Origin Consular Invoice, Customs Invoice

Now to deal with the regulations! 1.United states government export regulations 2.Copies of Documents and Distribution 3.Government Security Initiatives 4.Air Shipment Security Requirements - Federal Aviation Administration 5.Certificate Issued Upon Completion.