According to a recent survey by Lloyds Bank Corporate Markets, exports are rising as business looks to diversify into fast growing economies. However, it warned, trading overseas has associated risks.
Alan Bracken of ABTS Training Services commented: “Many UK companies are now expanding into new global markets which can only be good for our faltering economy.”
“However, they must have a strong understanding about the business of exporting, such as negotiation skills with overseas partners and understanding the different commercial cultures. They must be in a position to deliver the sharp end of exporting in terms of understanding documentation and freight rates and working with third party providers such as clearing agents and freight forwarders.
“Get it right and it is a smooth operation. Get it wrong and you are in deep trouble.”
Getting it right is the theme of ABTS Trainings’ online import export course. A practical training course teaching you the necessities of importing and exporting, with free one-to-one support.
Since the introduction of Incoterms 2010, some importers and exporters have been struggling with the new edition especially with the new rule for delivery and passing of risk with FOB, CFR, CIF.
The old “over the ships rail” has gone (how did we ever manage that with RO/RO?) and been replaced with “on board” the vessel, a clearer and more sensible place to transfer risk and delivery.
The new Incoterms DAT and DAP have been a welcome addition for traders, giving them a better variety of delivery points.
Incoterms 2010 has been a welcome and refreshing edition and as ever illustrates clearly the trader’s responsibilities under place, cost and risk. However traders are still making the same fundamental mistake with Incoterms 2010 as they did with previous editions.
They do not indicate that the term they quote is subject to Incoterms 2010, thus leaving the responsibility under place cost and risk up for grabs, contrary to the reason why Incoterms was initially established back in the early 1930s.
If you have been trading under Incoterms 2000, understanding the transition to the latest edition can be accomplished in our half day ‘Incoterms 2010’ course.
For beginners, our online import export course goes into detail on Incoterms 2010 and how it must be used for International trade.
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