International Trade Impacts Everyone

March 30, 2022
|In I Want To Grow My Business, International Business
|By Sarah Mailloux
There was a time when companies selected to decide if they would participate in international trade, exporting, or importing. It is no longer a decision. With supply chains networked around the world, we are all impacted on a business and a personal level. When your company initiates a website or social media content it becomes international.

The global impact of a recession in China - The Boston Globe

Companies still have the option to decide if they will participate in international trade or rely on others to make the decisions for them. It is a matter of the degree of control and risk a company deems appropriate for its operations. Exports have often helped companies to retain workers when the U.S. economy was down, and imports have served the purpose of obtaining materials that are sometimes not available in the U.S. market or at a price that enables a U.S. product to be market competitive.

 

You Can Master the Skills
  • Start slow and grow your knowledge; it is a learning process.
  • Basics domains of knowledge include global business management, marketing, supply chain management, and financing options.
  • Exporting and Importing have some similarities although they are not the same.
  • Export Basic Programs and Webinars are offered by the Small Business Development Centers, on SBA websites, and through the International Trade Administration, U.S. Commercial Service. PA DCED, Office of International Business Development also has numerous services available to assist companies at the regional and state level.International Business Degree | UMSL
  • Key Considerations:
    • Classifying your products; determine taxes and/or duties.
    • Determining best potential markets for exporting or importing goods.
    • Learn how to prepare international quotations including terms of shipment and methods of payment, along with financing considerations.
    • Developing market entry methods and/or contacts/suppliers.
    • Export and Import Compliance – Product Standards & Compliance Requirements
    • E-Commerce, Privacy, and other evolving regulations
    • Packaging, Shipping, Customs Clearance
    • Collection of Payments; Paying for Goods and Service

International Trade is not boring, it will push you to use your intelligence, be better informed, and constantly learn something new. Through the process, you will become better at your business and more competitive. Are you ready for the challenge?

The SBDC International Trade Specialists are available to assist you through the processes and/or to provide information on educational programs and referrals as needed.

Written by Vickie Gyenes, Global Trade Manager at St. Vincent College SBDC

Vickie Gyenes joined the Saint Vincent College SBDC in 1998 after over twenty years of pragmatic industry experience. Vickie holds a BS in Business Management from the University of Pittsburgh and a Master of Science in Operational Excellence from Saint Vincent College. Vickie is one of the first 100 people in the United States to obtain the NASBITE Certified Global Business Professional (CGBP) designation. Vickie assists clients with international trade development and educational training, domestic and international market research, business start-up and expansion business plans along with financial projections. She has traveled with companies to Canada, Mexico, Ireland, the United Kingdom, the Czech Republic, Poland, Hungary, and China.