The process of bringing goods or services from a foreign country into the home country. Importing allows businesses to access a wider range of products or materials that may not be available domestically. It involves activities such as sourcing suppliers, negotiating contracts, arranging transportation, and complying with customs regulations.
The process of sending goods or services from the home country to a foreign country. Exporting offers businesses the opportunity to expand their market reach and increase sales. It involves tasks such as market research, identifying potential buyers, negotiating trade agreements, arranging shipping, and ensuring compliance with export regulations.
A tax or duty imposed on imported or exported goods by the government. Tariffs are usually levied to protect domestic industries, regulate trade, generate revenue, or address trade imbalances. It’s essential for businesses to understand tariff rates and classifications to calculate costs accurately and remain competitive in the global market.
The government agency responsible for regulating and controlling the flow of goods in and out of a country. Customs administrations enforce customs laws, conduct inspections, assess duties and taxes, and facilitate trade by ensuring compliance with regulations. Businesses need to work closely with customs authorities to meet import and export requirements, submit accurate documentation, and facilitate smooth clearance of goods.
Taxes or fees imposed on imported or exported goods by customs authorities. Duties are based on factors such as the product’s value, classification, origin, and trade agreements. Businesses must consider duties as part of their cost calculations and ensure compliance with duty payment and reporting requirements to avoid penalties and delays.
International commercial terms that define the rights and responsibilities of buyers and sellers in international trade contracts. Incoterms specify who is responsible for various aspects of the transaction, such as transportation, insurance, customs clearance, and delivery. Understanding and using Incoterms correctly helps businesses establish clear terms of trade, allocate risks and costs effectively, and prevent misunderstandings.
Trade Compliance 贸易合规
The adherence to laws, regulations, and policies governing international trade activities. Trade compliance involves complying with import and export controls, trade sanctions, customs procedures, product safety standards, and documentation requirements. Ensuring trade compliance is essential to mitigate legal and financial risks, maintain a good reputation, and facilitate smooth trade operations.
Free Trade Agreement 自由贸易协定
An agreement between two or more countries that eliminates or reduces barriers to trade. Free trade agreements aim to promote economic integration, expand market access, and encourage trade liberalization. They typically involve the reduction or elimination of tariffs, quotas, and other trade restrictions, creating more favorable conditions for businesses to engage in international trade.
Harmonized System (HS) Codes 协调系统编码
International standard codes used to classify and categorize products for customs, statistical, and logistical purposes. HS codes are numeric codes that represent specific products and help classify goods uniformly across different countries. They are crucial for determining customs duties, trade statistics, regulatory controls, and supply chain management. Proper classification of goods using HS codes is vital for accurate documentation, customs compliance, and trade data analysis. Read more about HS codes in China