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We are the direct providers of banking instruments which help you to expand your trade finance business globally. We are just a message away from you. Apply now: https://www.bwtradefinance.com/

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[bronzewingtrading]

We are the direct providers of banking instruments which help you to expand your trade finance business globally. We are just a message away from you. Apply now: https://www.bwtradefinance.com/

Discuss with us now:

Email us: support@bwtradefinance.com WhatsApp/Call/BOTIM: +971-50-4648761

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Stop delaying the execution of your new contracts and trade agreements! Get Bank Guarantee with Minimum Service Charges and ZERO Collateral in Less Than 48 Hours!

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Email us: support@bwtradefinance.com

WhatsApp/Call/BOTIM: +971-50-4648761

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Avail comprehensive range of Trade Finance facilities to cover your imports, exports, and construction works.

Discuss your requirements with us,

Email us: support@bwtradefinance.com WhatsApp/Call/BOTIM: +971-50-4648761

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Do you have a supplier who needs to see your creditworthiness in order to sell you bulk commodities?

We can help! We provide Bank Comfort Letters that can be used as proof of good financial standing with your seller.

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Apply for Standby Letter of Credit now & get it issued in 2 banking days. Submit your requirements now: www.bwtradefinance.com

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Don't have enough cash funds to purchase goods from your supplier? Use a Standby Letter of Credit and import goods on a credit basis.

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Email: support@bwtradefinance.com

Call/WhatsApp/Botim: 0097150 4648761

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Bronze Wing Trading L.L.C. is the Trusted Trade Finance provider in Dubai. We are the direct provider of Letter of Credit, SBLC, and Bank Guarantees from our own European Bank accounts. We specialize in assisting traders and contractors by providing different Financial Instruments to conclude their deals without tying up their cash capital.

Being an International Trade Finance provider, we extend our Trade Finance Facilities to all around the world, specifically to USA, Canada, Brazil, Mexico, Columbia, UK, Italy, Spain, Singapore, Thailand, Vietnam, Malaysia, Indonesia, Philipines, UAE, Saudi Arabia, South Africa, Nigeria, Ghana, & so on.

For instance, if you have any trade deals available and your bank says ‘NO’ to assist you. We will say ‘YES’ to support your trade deal by providing Import LC, SBLC, or Bank Guarantees. Moreover, Bronze Wing Trading has helped more than 25,000 clients globally to conclude their deal successfully by availing our Trade Finance products.

Avail our Trade Finance Products listed below and make your international or domestic trade easier & secure.

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Common Mistakes in Import Export Business: How to Avoid them?

The various aspects of the import export business so that the trader may be able to identify the possible problems that might arise in the future and work on them The import export trade is a highly thriving venture that provides extremely viable opportunities on a global scale. However, as with any business, there are always certain drawbacks, and the import export trade is no different. These challenges can be avoided by being cautious, and this article will deal with the various aspects of the import export business so that traders can identify the possible problems that might arise in the future and work on them.

There have been many changes in the Import Export business such as, ease of doing business, opportunities at a large scale with the support of the government in promoting the Import and Export of goods and services from one county to another, better transport management and etc. But, due to some small mistakes, it leads to a higher risk, resulting in reduction of profit margin that the business can earn through import export. Thus, such mistakes shouldn’t be ignored.

What are the common mistakes in Import Export business and How to avoid them?

There are some of the common mistakes in import export business. These have been discussed below along with the ideas to how to avoid them

Signing a Contract without confirming the legitimacy of the Seller or the Buyer

Many of the small traders and manufacturers in India wish to expand their business globally by engaging in import export trade, but sometimes they do not give much importance to check the reliability of the importer. Due to such ignorance, the company might come under the risk of involving themselves into more losses. There are many companies that try to lure and inveigle the importer of exporter by providing fake company profiles and product portfolios. Understanding the customer is a right, be it on the domestic market or on the international market. Checking the legitimacy of the buyer or seller with the proper government officials[1] helps the business to minimise the risks factor and helps it to maximise the profit. Hence, signing a contract without confirming the legitimacy of the seller or buyer must not be done.

Lack of Import Export Knowledge

A common drawback that the small and medium enterprises face is the conception that they can easily supply the products in the international market without facing any losses. But the lack of knowledge of the import export regulations would result in a great loss than expected. The International Chamber of Commerce (ICC) has implemented certain terms to make sure that the import export business is performed smoothly with fewer risks and at a high profit margin. It is must to understand the import export regulations before stepping into the world of international business so as to be on a safer side and avoid the risk of penalties.

Incompetent Customs Broker increases the risk of losing money

The customs broker performs a duty to make sure that all the businesses done in the import export industry adhere to the strict rules and norms of the government of both the countries, i.e., the place of country of both the importer and the exporter. An incompetent customs broker would result in making great losses in the business if the documents are not verified and met with the legal norms on time. Therefore, it is import for businesses engages in import export trade to contact a reliable customs broker after the verification from the competent authority to make sure that all the requirements of the businesses are met with ease with hassle free documentation and a customs broker is fully aware of all the paperwork which is required to supply the products.

Understand the Regulations of the Country

One of the most common mistakes in import export business is that the exporter while supplying the goods to the foreign countries is thinking that anything can be supplied to the foreign countries. However, in reality it is not true. When a product is involved in an Import Export trade, certain countries have their own norms which allow only few products and restrict the importing of other goods from another country. It is necessary for the exporter to understand these norms which would help him to save a large amount of money and its products, both at the same time.

Lack of Familiarity with Incoterms

Incoterms means International Commercial Terms, which is one of the easiest terms defined by the International Chamber of Commerce (ICC) to make the export of import of goods from one country to another easier. The Incoterms uses abbreviations such as FAS for free alongside ship, FOB for free on board, FCA for free carries, EXW for ex-works and etc. If a business is willing to engage in import export trade, it is important to be aware of these Incoterms as it would help to overcome the risks of handling goods and providing a safer way for trade with the help of legal documentation, thereby saving enough money.

Avoiding or not paying Attention to Foreign Exchange Rates

Another common mistake in Import export business is that many business owners tend to avoid the foreign exchange rates while importing or exporting the products from one country to another. This sometimes occurs, because the traders overlook the risk factors involved any only focus on the profit margins. But, in reality the rate fluctuations might be a reason to lose the enough margins. Thus, it is necessary for the business owners to focus on the exchange rates when the materials are shipped on the 30 to 90 days credit terms and wait until the fluctuations in the foreign exchange rates get stabilised for smooth transactions and gaining high margins.

Insured Goods Imported or Supplied

The key factor in the import export trade which makes sure that the goods imported or supplied will reach safely or if any damage or loss occurs, is to insure the goods before it is dispatched, either from the importer’s side or from the transportation authority. The insurance of the goods is advisable in the course of trading goods and services in a foreign market so as to secure the products which can be done easily through the documentations between the consignee and the shipment company. If the goods are not insured, it might result in unbearable losses of the goods as well as the capital.

Conclusion

To become a successful buyer or supplier, it is important to avoid the common mistakes in import export business. It not only helps the businesses to easily reach the global market but also helps it in avoiding risks of losing money and instead earning profits in it.

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How to Succeed in Import Export Business

Import Export are one of the oldest business forms in the world. It's a basic business model that has been around for years. Still, it is one of the most successful ways to earn money on a global level. In Import-export goods are bought and sold from one country to another. The opportunity for companies to sell overseas is vast. Countries depend on each other for goods and services. Buying and selling in foreign markets is a great way to expand businesses. Further, importing goods into your country has many benefits. Lower consumer prices, better quality products, and more variety are a few of them. But, there are challenges too. Firstly, you have to find the supplier. Then you need to understand the laws of imports/exports. Most importantly, you need to know the Trade Finance options for your business.

Know the Import Export Market

First of all, know who your target customers are. What your customers want from you. Then, know how to sell it to them. In any business, you won't be able to make money if you don't know what your target audience wants. Therefore, gather a better understanding of your market before you start. At the same time, figure out who your competitors are. Do the competitors have a better way of doing something? Are they offering more value? Find out the answers to improve your strategy.

Identifying Your Target Customers for Import Export

It is essential to identify your target customers. Why? Because customers pay you money. Your products or services are developed based on customer needs. Hence, the better your understanding of customer needs, the more successful you can be in selling them.

Define the Product to Import or Export

Having a clear idea of what you will sell is crucial. So here are some questions to ask yourself:

What type of market am I targeting?

Is it local or global?

Which region(s) are best suited for my product?

What kind of product do I want to sell?

Will it be raw materials or finished goods?

How much should my product cost for me to make money from selling it so that I can turn a profit?

If your answers are vague or unclear, then go back and look at where things went wrong with your original plan.

Expand your Knowledge of Financial Systems

The more you know about the market you're entering, the better off you'll be. People from different cultures behave differently in business situations. So it helps to know a little about their cultures when doing business overseas. The laws governing international trade vary from country to country. Hence, you should learn them before entering a new market. Likewise, negotiating contracts in another language won't be easy. The more fluent you are with your target language, the smoother your business negotiations will go.

Trade Finance in Importing and Exporting

Having good credit is necessary for successful import-export. Likewise, you must have a good relationship with your bank to make Trade Finance work for you. However, banks provide different products that can help businesses gain access to the funds they need to grow. Bronze Wing Trading offers Trade Finance and helps traders easily access Bank Instruments when needed. So, businesses can concentrate on growth without the stress of finances.

Letter of Credit: The Core Bank Instrument in Import-Export

A letter of credit is the most crucial instrument in international trade. An Import Letter of Credit is a written promise by a bank on behalf of the buyer. It ensures payment to the seller, provided specified terms and conditions are met in the sale of goods. A Documentary Letter of Credit (DLC) It assures payment to the suppliers or exporters. In addition, Letter of Credit MT700 will secure all parties' fiscal risk while making foreign trade possible.

Conclusion

In conclusion, Import and export is a risky business. You can make millions or lose your life savings in the blink of an eye. Most importantly, It requires planning, research, and experience. Therefore, have a good strategy before you commit time or money to import/export. Please don’t rush into it; think carefully before making any commitments.

[bronzewingtrading]

We are the direct providers of banking instruments which help you to expand your trade finance business globally. We are just a message away from you. Apply now: https://www.bwtradefinance.com/

   Discuss with us now:

Email us: support@bwtradefinance.com

Call Us: +971-4-5519699

WhatsApp/BOTIM: +971-50-4648761

[bronzewingtrading]

Stop delaying the execution of your new contracts and trade agreements! Get Bank Guarantee with Minimum Service Charges and ZERO Collateral in Less Than 48 Hours! Apply now: https://www.bwtradefinance.com/bank-guarantee-bg/

  Discuss with us now:

Email us: support@bwtradefinance.com

Call Us: +971-4-5519699

WhatsApp/BOTIM: +971-50-4648761

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We are the trade finance providers through which you can start your import and export business easily. Apply now & get the Letter of Credit, Standby Letter of Credit & Bank Guarantees in 2 working days at Zero Collateral: https://www.bwtradefinance.com/

 For more info:

 Email us: support@bwtradefinance.com

Call Us: +971-4-5519699

WhatsApp/BOTIM: +971-50-4648761

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Do you need a bank guarantee to complete an import contract of petroleum products? We are providing the bank guarantee without keeping your cash margin within 2 banking days.  Apply now: https://www.bwtradefinance.com/bank-guarantee-bg/

 Discuss with us now:

Email us: support@bwtradefinance.com

Call Us: +971-4-5519699

WhatsApp/BOTIM: +971-50-4648761

[bronzewingtrading]

Avail comprehensive range of Trade Finance facilities to cover your imports, exports, and construction works. 

For more info: https://www.bwtradefinance.com/

 Discuss your requirements with us,

Email us: support@bwtradefinance.com

Call Us: +971-4-5519699

WhatsApp/BOTIM: +971-50-4648761