TradeWizards.com will enable users to instantly perform numerous global trade activities including: restricted party screening, product classification, and landed cost calculations.  What used to require hours of manual interpretation of trade rules is now an automated process achieved instantly via TradeWizards.com. 

Find out how you can streamline the trade compliance process at your company. Watch the TradeWizards.com tutorial.
To read the full press release, please click here.

Global trade experts will explain the importance of automating trade compliance processes and the difficulties oil and gas companies face, as well as present recent developments in the industry.  By attending this webinar, you will walk away with:

• A better understanding of the export compliance challenges oil and gas companies are facing
• Various strategic considerations to think about when implementing an automated trade compliance solution
• Best practices you can use to improve your company’s export compliance processes

Speakers will include:
Scott Byrnes, Vice President of Marketing, Amber Road (formerly Management Dynamics, Inc.)
Natalia Shehadeh, Director of Trade Compliance, Weatherford
Scott Johnston, Attorney, Specializing in U.S. Import/Export Law, Givens & Johnston, PLLC

Join us and find out how you can automate your trade compliance process!

Management Dynamics, a leading provider of Global Trade Management solutions, today announced that it has changed its name to Amber Road.  The name change comes during a year of rapid expansion, marked by a 40% growth in employees, a 325% increase in European bookings, and the opening of a flagship office in Tysons Corner, Virginia.  This breakout year is anchored by a 33% compound annual growth rate (CAGR) in overall revenue for the past decade. 

“Today, our SaaS-based solutions span fourteen software products that include global transportation management, import/export compliance, supplier management, supply chain visibility and a content knowledgebase covering trade regulations and tariffs for more than 120 countries, “  said Jim Preuninger, CEO.

To learn more, please read the full press release or visit www.AmberRoad.com.

Presented by the Journal of Commerce, global trade compliance experts discuss the technology available to help companies of all sizes with managing classification and other critical compliance processes. Anthony Hardenburgh, VP Global Trade Content at Management Dynamics, and Ty Bordner, VP of Solutions Consulting at Management Dynamics, also provide details on the launch of a free trade tool that will soon be available to the trade community.

Click here to listen to the podcast.

Over the past year, the company’s European group has acquired multiple companies that now operate as TALIS Group subsidiaries, prompting TALIS to consolidate management of its global trade compliance capabilities. Since the beginning of May, Management Dynamics’ Export On-Demand solution has been running at all German entities in TALIS Group, with additional European entities scheduled to come online in stages over the coming weeks.

For more information please click here

During the one-hour webinar, key industry experts will discuss the market dynamics driving importers to consider this strategy, and Management Dynamics customer Leggett & Platt will share their success story. Other topics will include:

- The benefits of integrating logistics and compliance
- Challenges importers will have to overcome
- The key role technology plays
- Actionable advice for importers exploring this idea

Register today!

The new INCOTERMS® 2010 became effective January 1, 2011. Incoterms–which is an abbreviation for International Commercial terms–are a series of sales terms. They are published by the International Chamber of Commerce (ICC) and are widely used in commercial transactions. In addition to providing a set of rules for the interpretation of commonly used trade terms, INCOTERMS® 2010 accomplish the following:

1. Significantly revises Group D listed in INCOTERMS® 2000;

2. Reduce Incoterms from four groups to two groups, allowing trade experts to choose the most suitable rule related to the mode of transport; and

3. Reduce the absolute number of Incoterms from 13 to 11.

Moreover, INCOTERMS® 2010 offer additional guidance which assists users in selecting the most appropriate Incoterm for each transaction. The revised terms also spell out rules regarding the use of electronic procedures; detail information on security-related clearances for shipments; and offer advice with respect to domestic trade.

Learn more about Incoterms 2010

If you still have questions regarding the new Incoterms 2010, please contact the Trade Information Center at 1-800-USA-TRADE (1-800-872-8723).

From this article, I have composed 5 simple tips on how to reduce costs in your company as an importer:

1. View your import tax policy.

Unlike import tax duties, import duties can change dramatically. How you classify your product, the type of packaging and assembly determines the particular rate you receive. Knowing you have the ability (with a little research) to recatergorize your product can help reduce costs.

2. Understand the subtle differences with the tariff schedule.

Pay attention to how your product is labeled. An example from the article was an oversized t-shirt can be labeled as either a nightshirt or a swim suit cover. The swim suit cover had an increased rate of almost 7 percent compared to the nightshirt. Make sure its clear how your product is used. Furthermore, researching  the location your product is assembled can reduce costs. Should your product be imported pre-assembled? Or, is it more cost effective to import the parts and assemble domestically? You may be surprised from your research.

3. Audit your Supply chain.

This may be commonsense, but many companies may just go through the motions and not notice extra costs popping up here and there.  For example, a U.S.-based wholesaler orders $1,000 worth of handbags from a France vendor. The vendor, in turn, orders the handbags from a factory in Manila for $750. If the American wholesaler can show through purchase orders that there was an arms-length sale between the France and Manila companies, and the handbags are clearly destined for the United States, the customs duties would be assessed against the $750, rather than the $1,000. Your audit trail will prove this transaction to the American government for tax purposes.

4. Discuss tactics with your vendor.

Always keep your vendors in the loop about tax breaks! This can help keep costs low and give you more for your money. Deciding on where you manufacture your product and where it is assembled, again, makes a difference for both you and the vendor.

5. Practice “tariff engineering.”

According to CFO, “tariff engineering is the practice of designing and marketing a product with a tariff schedule in mind.” Understand how you will market the product. The terms and use of the product derives back to tip #2, how you classify your product can help you save money.

“How you import products is actually a science. If you know the [importing] categories and how to work with the categories, you’ll save your company money.” states  Billy Pymm, CFO of Maverik Lacrosse

White Paper: Automating the Import Supply Chain

A final way to optimize your import duties is by using trade compliance software to capture and review a complete audit trail of all import transaction activities from pre-entry to Customs to post-entry.

This white paper discusses how streamlining import compliance leads to reduced landed costs through duty savings.

Download our white paper, Automating the Import Supply Chain, to learn more.

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