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Successful Sourcing and Importing Overseas

Successful Sourcing and Importing Overseas. Tim Redhed. Overview. Purpose of this class Offer practical, real-life advice on how to effectively source and import products Background Tim Redhed Global Sourcing Specialist YourBuyer Inc. Sourcing. Overview: using common sense

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Successful Sourcing and Importing Overseas

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  1. Successful Sourcing and Importing Overseas Tim Redhed

  2. Overview • Purpose of this class • Offer practical, real-life advice on how to effectively source and import products • Background Tim Redhed Global Sourcing Specialist YourBuyer Inc.

  3. Sourcing • Overview: using common sense • Does it make sense to import the product? Weight, labor, commodity vs. specialized • What are the likely countries? • Trusting your instincts • Avoiding assumptions • Guerrilla sourcing

  4. Sourcing, cont’d • Searching for suppliers – • Google vs. Trade Portals • Specific portals: Alibaba, HKTDC, Global Sourcing, TradeEasy • “Gold” or “preferred” suppliers • Foreign consulates – export promotion • Referrals

  5. Sourcing, cont’d • Trading groups vs. manufacturers • How to differentiate • Pros/cons • Contacting • Email vs. Fax vs. Phone vs. In-person

  6. Importing Ok, I found a vendor, NOW what do I do? • Find a good customs broker • Find a good freight forwarder • CIF vs. FOB pricing

  7. Negotiating • Cross-cultural communication • Do your homework on the culture • Listening as an art • Buying is the same as Selling • Recognize that the vendor you want may not want you • Multiple vendors • Terms • 100% TT, 30/70, Letters of Credit

  8. Calculating True Costs • Tooling charges • Sample charges • Inspections – SGS or other • Duty rates – HS codes • Customs broker/port/FF fees • Freight – international & domestic • CBM, peak rates, EBAF, palletization

  9. Top Mistakes When Importing • Vendor not properly qualified • Product quality didn’t meet expectations • Pricing changed at last minute • Underestimated freight charges • Production delays not anticipated • Freight delays not anticipated • “Manufacturer” was really a trader with no control • Wrong HS code, wrong duty rate • Customer staff not properly trained on the nuances of importing

  10. Summary • Source creatively • Negotiate by listening • Manage expectations • Never assume! • YourBuyer, Inc. as a sourcing tool

  11. Appendices • Major trade portals • Government links & miscellaneous tools • Sample costing worksheet

  12. Appendix 1: Trade Portals • Asia www.alibaba.com www.hktdc.com www.globalsources.com www.ebigchina.com • North America www.thomasregister.com

  13. Appendix 2: Gov Links & Misc. tools • USITC Tariff and Trade Data site • http://dataweb.usitc.gov/scripts/tariff2004.asp • HS Code lookup • http://trade.netvigator.com/gtd/english/html/3_mc.asp • Conversion tools • http://www.onlineconversion.com/ • World Clock • http://www.timeanddate.com/worldclock/

  14. Appendix 3: Sample cost worksheet

  15. Questions

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