Exporting to new markets in 2024
If you’re thinking about exporting from the UK this year, you may be wondering about recent events in the Red Sea and their impact on global trade. As around 30% of global container ships travel through the Suez Canal, there is no doubt there is a big impact on costs and transit times for goods throughout the world. We are advising all our customers to talk through the options and costs with us, to minimise the impact on their goods. It is definitely still worthwhile finding and continuing to export to new markets, it just needs more careful planning.
Why export from the UK
Exporting can be daunting for companies used to selling only within the UK, but the rewards are there for companies who sell to overseas markets. A recent study found 82% of businesses they questioned agreed exporting boosted their company’s revenue and fuelled innovation. The last ten years has seen a rise in smaller companies exporting from the UK, helped by platforms like Ebay or Amazon. This can make exporting and selling overseas less complex.
Preparation and Planning to Export from the UK
The Department of Trade and Industry highlight three crucial steps to prepare for exporting from the UK:
Identify opportunities/Research
Prepare you company
Look at regulations and licensing
Research funding and financing opportunities
Part of this preparation will be researching the best way to transport your goods overseas. This is where we come in.. it will usually save time and money to recruit a freight forwarding company to arrange things for you.
Freight Forwarding Services from the U
Freight forwarding is the movement of goods from one part of the world to another as economically and efficiently as possible. The aim is to ensure that cargo arrives at the right destination at the right time.As a freight forwarding company, we are responsible for choosing the best, cost effective distribution needs for our clients.
We handle all aspects of the transportation by sea, air and land - sea freight, air freight and road freight. We can also arrange courier shipments.
Additional services we offer to customers who export goods are:
Assistance with incoterms (shipping terms)
Incoterms are trade terms used to define each of the obligations of seller and buyer when moving goods. The specific term makes it clear who is responsible for each aspect of the cost/risk at each stage of movement. You should always try and negotiate Incoterms into your sales contract, to avoid disputes at a later date. We explain some of the more common terms on this blog post.
Your rights as an exporter
We help our clients understand where their responsibility as a seller ends and when the buyers responsibility begins.
Liability throughout the shipping process
It is important that an exporter understands their liabilities throughout the shipping process. This can save time and money should a dispute occur.
Assistance with letters of credit
A letter of credit is a guarantee from a bank that a seller will receive a payment due from a buyer. The bank guarantees that the seller will be paid an agreed amount of money by a certain date. The bank in question will require documents - for example shipping confirmation - as a proof that this agreement will be upheld.
More on exporting - useful links
Exporting is Great - UK Government website
Get in touch!
To talk to us about exporting and freight forwarding, please get in touch by phone +44 (0)131 554 1231 or email shipping@tward.co.uk