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@incodocs
Click to download the Global Trade Guide
Learn key import export information:
IncoTerms
Freight forwarders
Free Trade Agreements
Certificate of Origin
Shipping container specs
Packing declarations
Shipping documents and more..
Importers & Exporters use IncoDocs to create and share shipping documents for global trade - https://www.incodocs.com/
How to Calculate the Landed Cost of Imported Goods
When you contact overseas suppliers they will send you a quotation or Proforma Invoice for their products. Before you place a new order, you must clearly understand the Landed Cost or Landed Price of the products by the time they are delivered through to your door.
The Exporter's quote or invoice will usually be Ex-Works (EXW), Free-on-Board (FOB), Cost and Freight (CFR/CIF), which means that there will be extra charges that the consignee (importer) will have to pay. This is common in ecommerce, seafreight and airfreight shipping.
Read the below to understand how to calculate the Landed Cost of your goods:
Receive a detailed product Quotation from your supplier, that includes IncoTerm, Pricing, Currency, Product sizes and weights
Meet with a freight forwarder to get a detailed quote for all shipping and other associated costs
Confirm the International Seafreight costs from Port of Loading to Port of Discharge (usually in USD)
Understand the total of all of the local port handling charges, customs clearance, import documentation, trucking delivery charges etc
Find the product's HS Code and confirm the applicable import duty (%) for each product to be imported
Confirm the applicable import taxes (%) that are charged in the country of import
Find a currency exchange agent and understand your actual currency exchange rates and costs
Convert all product costs, seafreight, customs clearance, local handling costs etc into your local currency
Add all seafreight and local handling costs to the product costs. You can split up the costs over the total cubic size (m3) or weight, whatever is greater
Apply the import duty rate to your products to get your Landed Cost Ex Tax. Then add the import taxes to your final Landed Cost
Download this Landed Cost Excel template calculator to help you work out the landed cost per item... https://www.incodocs.com/blog/calculate-landed-price-cost-import-export-shipping-global-trade-duty-taxes-currency
Importers & Exporters use IncoDocs to create and share shipping documents for global trade - https://www.incodocs.com/
11 Tips to Sourcing new suppliers from Alibaba, Made-In-China, Global Sources and India.
Sourcing the right supplier for your business is key to your Import Export success. You should research online trade marketplaces such as Alibaba, AliExpress, Global Sources, Made In China, Trade India or EC21 to name a few. You must thoroughly research and understand your supplier and their product offering so that you can choose the right partnership for your business. Follow these 11 steps to find how to import from the right factory from Alibaba:
Get quotes from 3-5 alternative suppliers
Be very specific with product details
Carefully compare Quotes and details
Negotiate a fair deal
Negotiate payment terms
Calculate the Landed Price of products delivered to your door
Perform company background checks
Get samples of the exact product
Create detailed Purchase Order and Proforma Invoice documents
Understand your currency exchange costs and payment method
Importers and Exporters use IncoDocs to create and share shipping documentation - https://incodocs.com/
Watch how shippers can create a Verified Gross Mass Document / Certificate (VGM) for import export shipments. This uses Method 1 and Method 2 for SOLAS regulations to declare total weight of loaded shipping containers for International Trade documents.
Importers and Exporters use IncoDocs to create Verified Gross Mass documents https://www.incodocs.com/
Watch how Exporters create a Packing Declaration document for import export shipments. The shipper will create the packing declaration and share with the importer after the goods have been shipped. It will confirm the type of packaging and materials used when packing products for export including pallets, packages, crates, dunnages to ensure they meet compliant ISPM15 fumigation requirements to prevent the spread of insects and disease.
Importers & Exporters use IncoDocs to create Packing Declarations and other shipping document in the global supply chain https://www.incodocs.com/
Watch how shippers create a Shipper's Letter of Instruction (SLI) / Interim Receipt to give the freight forwarder instructions to arrange the export of shipments. Freight forwarders will use this document to arrange pickup from warehouse, delivery to port, customs clearance, loading on board vessel for export. They will use the SLI to arrange the supply chain and logistics for your export business.
Importers & Exporters use IncoDocs to create SLI and other shipping documents https://www.incodocs.com/
Watch how Exporters create a Commercial Invoice document for import export global trade shipments. The seller will create a Commercial Invoice to share with the buyer, this document will contain all product information, values, currency, incoterm (FOB, FCA, CFR, CIF etc), buyer and seller information, port of loading, port of discharge, shipment type, signature and payment details. It will be used by Freight Forwarders, ports, agents, customs, banks and other parties along the supply chain.
Importers & Exporters use IncoDocs to create Commercial Invoices and other shipping documents https://www.incodocs.com/
Watch how Exporters create Export Packing Lists for import export global trade shipments. The shipper will create the Packing List and share it with the importer after the goods have been packaged or shipped. The packing list will state all of the product and packaging details included in LCL, FCL, consolidated and Airfreight shipments.
Importers & Exporters use IncoDocs to create packing lists and other shipping documents https://www.incodocs.com/
Watch how Exporters create a Proforma Invoice document for import export shipments and global trade. The seller will create a Proforma Invoice document and share it with the buyer. The document will state buyer and seller information, product details, values, currency, port of loading, port of discharge, shipment type, signature IncoTerms and payment details. The buyer and seller should counter-sign both the Purchase Order and Proforma Invoice documents for every order.
Importers & Exporters use IncoDocs to create Proforma Invoices, Purchase Orders and other shipping documents https://www.incodocs.com/
Watch how Importers create a Purchase Order document for your import export shipments and global trade. The buyer will create the Purchase Order document that states the buyer and seller information, product details, values, currency, port of loading, port of discharge, shipment type, lead time, signature, IncoTerms and payment details. The seller will also issue a Proforma Invoice document to reconfirm all details. Both parties will counter-sign both documents.
Importers & Exporters use IncoDocs to create Purchase Orders, Proforma Invoices and other shipping documents https://www.incodocs.com/
Watch how Exporters create a Quotation Document for import export business and global trade. The seller will create a quotation document and share it to the buyer. This document will state all of the buyer & seller information, product details, values, currency, port of loading, port of discharge, shipment type, lead time, signature, IncoTerms and payment details.
Importers & Exporters use IncoDocs to create Quotations and other Shipping Documents https://www.incodocs.com/
Watch how you can create an Order Confirmation document for import export global trade shipments. The buyer will create a Purchase Order document and share it with the seller. The seller will then create the order confirmation document that confirms all buyer and seller information, product details, values, currency, port of loading, port of discharge, shipment type, signature, IncoTerms and payment details.
Importers & Exporters use IncoDocs to create Order Confirmations and other Shipping Documents https://www.incodocs.com/
Understand the different shipping types and shipping container sizes used in Global Trade. When importing or exporting you will need to decide how to send your goods and what type of shipping container to use.
Click to download the Shipping Container size chart to understand best method of shipment.
Importers & Exporters use IncoDocs to create and share shipping documents for global trade - https://www.incodocs.com/
Understanding IncoTerms for Import Export Global Trade shipments
When exporting and importing in International Trade, the buyer and seller must agree to sell goods based on key IncoTerms:
Ex Works EXW
Free to Carrier FCA
Free Along Ship FAS
Free On Board FOB
Cost and Freight CFR
Cost Insurance Freight CIF
Carriage Paid To CPT
Carriage and Insurance Paid to CIP
Delivered At Terminal DAT
Delivered Duty Paid DDP.
These are the International Commercial Terms that are published by the International Chamber of Commerce.
Click to download the IncoTerms chart
Importers & Exporters use IncoDocs to create and share shipping documents for global trade - https://www.incodocs.com/
Download the Landed Cost calculator template
When importing goods you must clearly understand the final Landed Cost of the products by the time they are delivered to your door. This includes product cost, currency exchange, shipping, customs clearance, local port charges, trucking, import duty, taxes etc etc..
Click to download our Landed Cost Excel calculator template
Importers & Exporters use IncoDocs to create and share shipping documents for global trade - https://www.incodocs.com/
An Overview of the Shipping Documents used in Import Export Global Trade
An overview of the Shipping Documents used in the Import / Export process
The different types of sales and shipping documents used throughout the Import/Export process can seem confusing at first. You need to understand the process, which party is responsible for creating each document and when they need to be sent to each party in the supply chain process. IncoDocs makes it easy for Importers, Exporters and Freight Companies to connect and share important shipping information and documentation.
Below is an overview of the shipping documents required for the Import / Export process:
ENQUIRY
The sales process always starts with the buyer enquiring about the seller's product details and pricing. Some Importers and Exporters find each other on trade websites such as Alibaba and GlobalSources to send messages enquiring about specific products.
Quotation
Detailed Quote for products offered, details including product description, pricing, currency, overall packing sizes, Incoterm, payment details, port of loading, port of discharge, type of shipment (FCL, LCL, Breakbulk, Air, Courier).
ORDERED
Purchase Order
The buyer will send an official Purchase Order document confirming all product and pricing details, generally as stated in the supplier's Quotation.
Proforma Invoice
The Seller will send an official Proforma Invoice document to reconfirm the order details.
Note - Both parties will have to counter sign each document as they represent a legally binding agreement between the buyer and seller. If there are any disputes relating to the order, these documents will be referred to in a court of law. Using IncoDocs buyers and sellers can easily issue and digitally counter-sign these documents.
Order Confirmation
In some cases the supplier may also issue an Order Confirmation document to confirm the order details.
SHIPPED
The exporter will have to create some documentation before the products can be shipped.
Shipper's Letter of Instruction (SLI)
A Shipper’s Letter of Instruction (SLI) or Interim Receipt is an important legal document the exporter will send to the Freight company that is organising the export and logistics of the shipment. It is a detailed document which gives the freight company all specific instructions relating to the export of goods so the freight company can correctly arrange the export and logistics of the cargo.
Verified Gross Mass (VGM)
This document is only required if the export shipment is by full container. It is a very important documents that states the total gross mass of the shipment, to ensure containers are not overloaded and cause problems along the supply chain. The exporter can create and issue this declaration themselves as a statement of total gross mass. The exporter can also request the Freight company to arrange to get this Certificate at an additional cost. In this case the freight company will arrange for the truck and container to be weighed at a weighbridge before entering the port. Using IncoDocs exporters can easily create their own VGM declaration.
As soon as the products have been shipped the exporter will have to create and send shipping documents to the importer. The importer will check these documents and pass on to their freight company that is handling the import clearance of their shipment.
Bill of Lading - Abbreviated B/L or BoL
This is the most important document involved in the supply chain. It is a legal transport document issued by the carrier of the goods, sent to the shipper of goods. So when the goods are loaded on board the vessel of export the shipping line will issue a Bill of Lading to the shipper (exporter) to confirm proof of shipment. The shipper will send a copy of the Bill of Lading and shipping documents to the importer.
Commercial Invoice
The Commercial Invoice displays all shipper and consignee's details, product information, pricing, currency and IncoTerm.
Packing List
The Packing List is a detailed document stating how all of the products have been packaged inside the shipment including details of types and quantities of pallets, cartons, crates and dunnages used.
Packing Declaration
The export packing declaration states the type of packing materials that are used to pack the goods inside the shipment. It is to ensure that any timber packaging used are ISPM15 compliant to protect the spread of insects and diseases that can be hiding away in timber packing materials such as pallets, crates and dunnages.
Certificate of Origin (COO)
This document is only required if the country of export and country of import have Free Trade Agreements in place. If so the exporter will get a Certificate of Origin issued (usually by their local Chamber of Commerce) that will be sent to the importer. The importer will use this in the customs clearance process to reduce or eliminate import duties applied to the imported shipment
ARRIVED
As the shipment is arriving the Shipping company will create and send Customs documents, arrival notices and freight invoices (freight is payable by the consignee/importer for Freight Collect/FOB shipments).
Importers, Exporters and Freight Forwarders connect on IncoDocs.com to share important shipping information and documents.