International business

International business

Trading internationally can involve importing, exporting, or both.

If you're an importer, you'll be sourcing supplies or finished goods from abroad. The benefits can include lower prices, higher-quality products or products that are unique and from an original source. The other side of the coin - exporting your own products - can be a way of expanding your business into new markets that offer growth opportunities.

Before deciding to trade internationally, you need to do your homework. There will be additional factors to consider - as varied as different languages and laws, transportation and time zones, foreign currency accounts and international money transfers. As with any major business decision, research and a well-developed strategy are key.

What you need to know

  • Importing. - A carefully thought-out plan of development and action is essential if you're going to import supplies successfully. Here we look at the planning steps you need to take.
  • Exporting. - This section considers the benefits of international trading, then takes you through the stages of assessing your own company's suitability for exporting.
  • Payments and foreign exchange. - Find out about making payments efficiently within Europe and managing exchange rate fluctuations.
  • INCOTERMS. - This guide takes you through the INCOTERMS (International Commercial Terms), an internationally recognised set of trade term definitions developed by the International Chamber of Commerce (ICC).

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