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Import and Export

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Import and Export

Import is one of the processes in which goods and services are acquired from a foreign country, to be sold in local markets, while export is the supply of local goods to the foreign market, and the importance of each of them lies in increasing employment. opportunities, improving the level of the markets and improving the economy, and in this article we will mention the most important Tips to take into account when importing and exporting, and the most important terms related to them.


Import and Export Information

Tips when importing and exporting

  • Establish a complete and legal company or institution that qualifies to engage in import and export activity. It is possible to turn to legal accountants who can form a legal company whose terms are agreed in advance, and one of the advantages of using legal counsel. The accountant should save time and effort, as he can perform these steps quickly and clearly.
  • Opening a bank account for companies: Before starting the import and export process, it is preferable to open a bank account that takes care of customs clearance.
  • Retention of official documents and documents stipulating the establishment of the legal society, because customs officials review them from time to time.
  • Understand the terminology of e-commerce.
  • Learn how to send and receive emails in a professional manner.
  • Looking for a source of financing, in case of lack of liquidity.
  • Do not import goods created by the state.
  • Find nearby sources to buy the merchandise, because this reduces the customs that are imposed on you.
  • Inspect imported products before selling them.
  • Contracting with freight forwarders.

Terms used in the import and export process

  • Ex work: This term refers to the seller who delivers the merchandise directly to the buyer at the factory.
  • Free on board a ship: This term indicates that the seller delivers the merchandise to the buyer on board the ship at the port designated for loading, and does not include the cost of freight.
  • Cost and Freight: This term indicates that the seller delivers the merchandise to the buyer at the destination port and the buyer pays all shipping costs.
  • Freight and Insurance Cost: This term refers to the delivery of all goods to the port, and all insurance costs are insured.
  • Telegraphic Transfer: This term refers to the transfer of an advance from the seller, and the rest is paid when viewing the required documents and documents, and is considered one of the preferred methods by most merchants, as it saves time and effort .
  • Letter of credit: summarizes how banks relate to each other, in terms of various factors such as: sending and receiving money, which can be opened by the buyer going to the bank and opening a documentary credit, then the bank releases documents and documents. He then sends an application to the seller's bank, after which the seller's bank informs him of the documentary credit, for which he informs him of the conditions of the merchandise, and the seller has the right to refuse or accept retirement.
  • Cash against documents: This term refers to payment against documents. 

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