Importers and exporters need to fulfill a range of compliance requirements before their transactions can be completed. If you wish to achieve faster clearance from the customs department, you need to have a robust trade compliance program in place. This blog focuses on helping traders in speeding up their transactions by providing three reasons to review their trade compliance program.
The first reason to review your import/export trade compliance program is that it reduces the risks involved. Traders are always facing the threat of fines and penalties. You need to play by the rules if you want your goods and services to be delivered in a timely manner. For example, if they are not declaring their goods in an accurate manner, then they could be penalized by the customs department. Furthermore, not meeting all requirements could even result in your import/export license being cancelled. Alternatively, not reporting the cost of goods in an accurate manner could also mean that your products are seized by the authorities. In order to avoid such risks, you should regularly review your trade compliance program.
This may come as a surprise to some traders, but having a robust trade compliance program could actually save you some money. If your trade compliance program is up to date, then it could help you in keeping track of the latest regulations related to the export of goods and border controls. Such an updated program could also mean that you are able to eliminate any delays in your transactions. A reduction in delays means that you will be able to reduce transit times and increase your trade volumes. For example, if you are exporting a product from the US to Europe, you may keep your costs under control by implementing strong compliance mechanisms. These mechanisms could mean that you are able to avoid instances of Importer Security Filing (ISF) offense.
Traders involved in the export of goods can rely on repeat business in order to achieve growth. Your relationships with other traders, the authorities, as well as your customers, can prove to be the key differentiating factor. Having a comprehensive trade compliance program could mean that you are able to nurture these business relationships in a better manner. If you are perceived to be a trader that has elaborate compliance infrastructure in place, it could also help you in getting new customers more easily. This could help your business in realizing its true potential.
Thus, it is evident that there are multiple compliance aspects that international traders need to comply with. If you need external assistance with your trade compliance program, there are various trade management firms active in the market. One such firm is OCR Trade Management. Our global trade compliance software makes sure that your business is fully compliant with all trade regulations. For more information about our export software offerings, please contact us.