Import Export Documents
The Import Export documents that accompany all import export items are an integral part of all import export activities.Given that the world is now a global village there’s hardly anything that doesn’t move between borders be it books, foodstuffs, white goods and even cars. Importing and exporting are routine activities for many businesses, and the reason for being for others. It is almost certain that you’ve been involved in import export at some level in your business, even if it’s just the products you need to use in your business. But if you are toying with the idea of getting more serious about import export, you need to learn about the import export documents you will need to be familiar with.
The Importance of Import Export Documents
A common adage is that importing and exporting has next to nothing to do with goods and everything to do with import export documents! It sounds like an exaggeration, but unfortunately it’s true! The importance of correct paperwork cannot be overstated properly managing importing exporting. If you’re the type of person who just can’t stand dealing with paperwork for your import export documents, may we suggest that you hire someone who can! Documentation is the cornerstone of international trade and the lifeblood of making a living from it.
Some Variation in the Import Export documents Required
There is generally some variation in the Import Export documents documentations required for trade from country to country but they’re sure to include the following:
Purchase order – It seems like a business requirement but it may be needed for financing. The purchaser may need to show the order to his bank to organize a temporary loan or customs may want to see the paperwork to make sure everything is valid.
Letter of credit – this is used for making payments for imported goods, once the necessary import export documents are handed over (see, we told you they were important). A letter of credit basically says that the importer’s bank guarantees to pay provided all the papers stipulated in it are in order.
Shipment documents – a bill of lading is needed for sea shipments or an airway bill when goods are sent by plane, as proof that the goods have been sent by the supplier.
Certificates of origin – Several countries have restrictions on the learn import of goods from certain other countries, and may apply tariffs to these goods or ban them altogether. Alternatively, there may be tariff benefits accorded to goods from specific supply sources. In such cases, an learn export will need to submit a Certificate of Origin, which is endorsed by a designated regulatory authority.
Quality or inspection certificates – if the buyer specifies an inspection prior to shipment, these are paramount to making sure the deal is confirmed.
Packing list – The list of all of the cartons within the container and the contents within.
Invoice – The most important document, make sure that a full summary of goods is outlined and it’s invoiced in the currency of sale.
Others(!) – These are specific requirements, and change from country to country. For example, Australia has stringent quarantine restrictions governing the trade of food and animal products. You would need to secure a permit, or subject your goods to an inspection or quite possibly both.
This might seem like a long list of Import Export Documents, but is in no way exhaustive. That is why it’s important to either speak to some experts, hire someone or make sure you get the training you need. It will end up saving you a lot of money and a lot of heartbreak in the long-term.
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