Nearly $2 trillion in goods and services were exported from the United States in 2017. Foreign companies have greater buying power than ever before, and when paired with the rise in global supply chains, exporting presents a lucrative opportunity for many U.S.-based companies.
But international trade isn’t easy. Exporters face a variety of challenges as they work to sell goods overseas.
Challenges for exporters
Exciting opportunities are typically accompanied by challenges. And exporting is no different. From leaving the port to cracking into a new market, trading goods across borders comes with challenges that business owners most address before, during, and after each transaction is made.
1. Identifying overseas customers
Many companies that don’t currently export goods or services claim they wouldn’t know which countries or markets to target. It takes work to identify the right market, understand the business climate, address language barriers, and more.
2. Understanding exchange rates
Exchange rates fluctuate daily – and a lack of understanding around exchange rates and currency can leave business owners vulnerable to major profit losses.
3. Building relationships with customs officials
Life is all about relationships, right? That includes exporting. It’s critical to develop solid relationships with all the parties involved – including customs officials, transportation specialists, brokers, and more.
4. Adhering to localization laws
The laws regarding packaging, labels, units per box, etc. will be different in each country. Business owners should leave no stone unturned when researching the packaging, marking, and language laws for imported products.
Learn more with us
Exporting comes with challenges, but business owners can overcome them with help from the experts.
The Small Business & Technology Development Center is excited to offer a special series focused on exporting opportunities for local businesses.
Thursday, March 21 from 11:00 a.m. – 1:00 p.m.
Thursday, April 11 from 9:00 a.m. – 12:00 p.m.
Thursday, April 25 from 9:00 a.m. – 12:00 p.m.