Working with an International Trade Consultant
International trade regulations are in a constant state of change. That means it’s vital for companies to be well-prepared to keep their trading operations compliant and up-to-date.
Many trends have arisen over recent years in international trade. There has been a rise in economic nationalism while state capitalism has expanded. Meanwhile, supply chains have become more local, and the digital economy has supplanted the physical economy. Businesses trading overseas now have to contend with this “new normal”.
To achieve this goal, they must assess their exposure across the value chain and understand the new trading rules’ dynamics. Businesses must identify any potential levers, build greater resilience and try as much as possible to influence policies.
Although it’s difficult for businesses to stay on top of changes, employing an international trade consultant can be beneficial.
What Are International Trade Consultants?
International trade consultants have skills and experience that are key to working with many unique clients. Having an international trade consultant on board can assist companies in getting answers about potential future changes in foreign markets. A reliable consultant can provide services and advice around numerous projects across several trade areas. These include human resources, market research, IT, corporate strategy, and engineering, among others.
An international trade consultant is an effective communicator who can accurately analyze data. This allows them to make accurate predictions about the outcomes of specific actions. It also allows them to identify particular strengths in clients, which can be beneficial in the long term.
A consultant can provide several services to aid their clients. We will look at those below.
Services That an International Trade Consultant Can Offer
International trade consultants can offer a broad spectrum of services for clients, including:
- Monetary recovery
- Technical services
- Reviews of compliance processes
- Help with international trade agreements
A consultant can help a company to make swift monetary recoveries from international trade spending. This could include assistance with duty deferral, recovery, and drawbacks, also identifying opportunities for duty refunds. This reduces a company’s financial concerns exponentially when trading overseas.
Dependable consultants are also able to help with foreign trade’s technical aspects. These services include tariff classification, valuation, customized training, advance customs rulings, and voluntary disclosures. By offering these services, a consultant can ensure no technical elements are underused or overlooked.
Staying in compliance throughout the supply chain is vital for businesses trading internationally. A good consultant will carry out regular compliance process reviews to audit all aspects to maintain compliance consistently. These reviews could include assistance with customs auditing and compliance, post-entry audit, and internal control and process design. This will eliminate concerns regarding adherence to regulations within the industry.
Establishing a preferential trade agreement and maintaining it correctly can be complex. An international trade consultant can ensure the process runs smoothly. A consultant can assist with country origin determination, certificate of origin maintenance, and free trade program compliance reviews. This ensures further compliance throughout the supply chain.
Essentially, international trade consultants can ensure a business has all it needs to stay compliant while managing foreign trade.
What Is Market Development?
Market development represents one specific area that international trade consultants can assist with.
Market development is a strategy for growth that identifies then develops new market segments to sell current products. This type of strategy involves expanding a potential market via new uses or users. This can include new geographic segments, and this is where an international trade consultant can assist.
Can An International Trade Consultant Help Minimise Supply Chain Costs?
Over the years, supply chains have become increasingly global and complex. This has led to greater exposure to more risks. Many organizations lack visibility into the supply chain, but disruption can take place at any stage.
For this reason, a flexible and innovative model for the supply chain needs to be put in place. This is where an international trade consultant can prove incredibly useful. They can provide an in-depth understanding of the potential risks in the supply chain and mitigation strategies. This, in turn, will minimize the costs of maintaining the supply chain in its entirety.
A skilled international trade consultant can evaluate a company’s existing transportation rates against the industry benchmarks. They can also analyze the current global shipping contracts. Once they have done this, they can offer support in negotiating agreements for better transportation terms.
International trade consultants can also establish relationships with service providers overseas, offering the lowest prices and reliable services. They can even carry out audits of all international shipping invoices, so only received services are paid for. All of this works together to optimize the whole supply chain network and drive down costs for the business.
Why Work with An International Trade Consultant?
If your business is ready to expand into new overseas markets, an international trade consultant could be invaluable to you. If you already export goods internationally but are now interested in exploring new opportunities, they could also help.
An international trade consultant has the expertise and experience to highlight the pitfalls and potentials of global trading. Their expertise counts from identifying the best overseas markets and barriers to their entry to pinpointing the best marketing approach.
When you work with an international trade consultant, you will gain insights into costs, timescales, and legal requirements. An in-depth understanding of these factors is vital when trading abroad. They can also assist with local ways of doing business and overcoming the language barrier, which is imperative.
Exporting goods overseas can open up many business opportunities, but it’s not a straightforward process. Knowing how to approach international trading is key to success. This is why using an international trade consultant is so helpful. They can assist with:
- Fast-tracking the export journey
- Producing faster returns
- Reducing risk
- Gaining successful market entry
- Drawing up a detailed and defined strategy
With this in mind, it is easy to see why more companies are now going down the international trade consultant route.