Five Money-Saving Tips for Importers
Saving money in importation is crucial for any business that aims to provide high-quality products to its loyal customers. However, successful importing requires effective communication, and getting good deals with international traders is not an easy task.
Some economic factors directly affect the practice of buying products overseas. One example is when a country imposes certain import duties on the goods coming from another country, the importer has to shell out a lot of money to get the goods at low duty rates. This further strengthens the need to learn ways to save money when importing goods.
If you own a business and is currently having some trouble with your expenses in the importation process, here are some tips that can help you minimize the costs:
Tip #1: Talk with Local Exporters
A straightforward way of saving money in importing is through getting in touch with local exporters. Most of these local exporters may have the details you need about the duties on imported goods and ways to save money in importation (from your country’s perspective). You can contact these local exporters directly and ask for advice on saving money on importation. The knowledge, especially in how they give rates to their products, will provide you with a rough idea of how you can deal with exporters from other countries.
Tip #2: Prefer Partnering with Suppliers for Neighboring Countries
As much as possible, try to negotiate with suppliers that are close to your home country. For example, if you are based in the Philippines, it would be better to partner with businesses situated in the East and Southeast Asian regions. Nearby countries can lower transportation costs and make it easier for your chosen freight forwarder to offer you better deals in carrying services.
Tip #3: Make a Checklist of Your Expenses
For those who are new in this practice, here are some of the expenses that you will likely incur to sustain your importation needs:
- Trucking
- Ocean Freight
- Duty/Tax
- Storage/Warehouse
- Brokerage
- Documentation
- Shipping Charges
Tip #4: Buy in Large Quantities
Importing a large number of products on your first import can be a gamble as you don’t have any idea if it can sell well on your local market. Once you think that importation can be a promising venture for your business, it would be better if you will purchase in bulk. Large quantities are usually easier to negotiated deals with and will likely reduce the price per unit as you order more.
Tip #5: Track Your Imports
Knowing the condition of your imports, as well as being aware of its route, can provide you with details on how to speed up your other imports in the future. Freight forwarders are professionally trained to ensure that your imports will arrive on time and increase your chances of more saving money in the process.
Excelsior Worldwide Freight Logistics conducts free orientation for those who are willing to learn. It is our advocacy to share our knowledge & experience worth more than a decade in the business. Visit our website today at www.excelsior.ph to learn more about our service.