Watch a Free Webinar: Understanding Export Regulations

By: Omari Wooden

Yesterday we held the ninth webinar of the Go Global series focusing on Understanding the Foreign Trade Regulations.

The Foreign Trade Regulations set Globe Webinars 2013forth the rules and regulations for all parties involved in the export transaction. Learn more to avoid common mistakes by making the right decisions regarding your export shipments from day one. The webinar included information on:

  • U.S. Principal Party in Interest
  • When filing is required
  • Types of export transactions
  • Penalties
  • Best Practices

The next free webinar in the Go Global series will be held on September 24 and will focus on understanding the Export Administration Regulations.

View past and sign up for future webinars.

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July Services Trade Set Records

By: John Sperry

In July, the Nation’s international trade deficit increased to $39.1 billion from $34.5 billion in June (revised), as imports increased and exports declined.  Imports increased $3.5 billion to $228.6 billion primarily due to increases in industrial supplies and materials ($2.0 billion) and automotive vehicles, parts, and engines, ($0.8 billion) which set a record high ($26.5 billion).  Exports decreased $1.1 billion to $189.4 billion, driven by decreases in capital goods ($1.6 billion) and consumer goods ($1.4 billion). An increase in industrial supplies and materials ($1.7 billion) which included highest on record exports of petroleum products ($12.5 billion), partially offset the decline in exports.  July also set record exports ($56.7 billion) and imports ($37.3 billion) of services.

Croatia Joins the European Union

Effective with this release, the European Union was expanded to reflect the entry of Croatia on July 1, 2013.  Though we have recorded a year-to-date trade deficit of $66.3 million with Croatia, July’s monthly trade balance witnessed a $6.3 million trade surplus.  Despite the addition of Croatia’s trade surplus, the July deficit with the European Union ($13.9 billion) was the highest on record due to record imports ($35.1 billion).   The graph below displays the European Union exports, imports, and trade balance over the last twenty-four months, it reflects the countries in the grouping as they were at the time of reporting.

July_2013

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Free AESDirect and AESPcLink Webinar

By: Omari Wooden

Learn how to file to the Automated Export System using AESDirect and AESPcLink with our eighth webinar of the Go Global series,  Documentation and Shipping.

Easily manage your export reporting by learning the do’s and don’ts of the Automated Export System.  Learn more about the benefits of templates, profiles and the shipment manager.  In this webinar you will learn how to save time and money by efficiently managing your electronic export reporting.

The next free webinar is on September 10th and will focus on the Foreign Trade Regulations.

View past and sign up for future webinars

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A Look into Foreign Trade Zones

By: Michael Simmons

What are Foreign Trade Zones?

Why Foreign Trade Zones?

If you’ve thought about expanding your trade efforts, there are many advantages for using or operating a Foreign Trade Zone (FTZ). You can ship, store, assemble, or manufacture merchandise from FTZs. Zones also offer employment opportunities and stimulate trade. Using a FTZ offers relief from inverted tariff and duty exemption on re-exports and the cash flow cost savings will be of great value to your organization.

Data from Foreign Trade Zones

We collect information regarding Foreign Trade Zones from the EEI exporters submit. As you can see from Graph 1 , the use of FTZs for exports contributes significantly to overall U.S trade efforts, accounting for millions in revenue. In Graph 2 you can see the top countries of import that use FTZs to deliver a vast array of products and merchandise, such as automobiles, spirits, and confectionary are admitted into the U.S. Foreign Trade Zone.

With more than 280 Foreign Trade Zones in the U.S available for foreign and domestic companies, the use of zones continues to increase providing job opportunities for the community and numerous benefits to their users.

If you have questions regarding FTZs, contact us at 301-763-2259 or visit the Foreign Trade Zone Board or the National Association of Foreign Trade Zones.

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Watch a Free Webinar: Trade Financing Part 2

By: Omari Wooden

Learn about the financing options available to help you start exporting with our seventh webinar of the Go Global series,  Trade Financing: Part 2.

Working capital is available under a U.S. government-guaranteed loan program or as a direct loan up to $500,000 to help fund any export development activity, including:

  • Translating your product literature or website
  • Participation in a foreign trade show or trade mission
  • Foreign travel to meet potential business partners
  • Funding your export orders

As if that did not sound good enough, there are also guaranteed-loans for up to $5 million available to fund your export transactions. In addition, a credit insurance policy allows you to reduce 95% risk of non-payment. Watch the webinar to learn more.

The next free webinar is on August 27th and will focus on the Automated Export System requirements - Documentation and Shipping.

To register:
1.  Approximately 15 minutes prior to the start of the webinar, go to our training page.
2.  Click on the Go Global webinar series.
3.  Click on the log-in information and call into the dial-in number.

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June Exports Set Records

By: John Sperry

In June, the Nation’s international trade deficit decreased to $34.2 billion from $44.1 billion in May (revised), as exports increased and imports declined.  Exports increased $4.1 billion to a record high $191.2 billion primarily due to increases in industrial supplies and materials ($1.5 billion) and capital goods, ($1.5 billion) which also set a record high ($46.2 billion).  Imports decreased $5.8 billion to $225.4 billion, primarily driven by decreases in industrial supplies and materials ($2.5 billion) and consumer goods ($1.6 billion).  Following two months of increases in petroleum imports, June petroleum imports ($29.0 billion) contributed to the lowest petroleum deficit ($17.4 billion) since August 2009 ($17.3 billion).

Second Calendar Quarter Sets Export Records

With the highest on record goods ($134.3 billion) and services ($56.9 billion) exports in June, the second calendar quarter of the year closed with both record high exports of goods ($395.7 billion) and services ($170.1 billion).  As seen in the graph, these quarterly records led to the highest quarter exports on record ($565.8 billion).  For more historical trade data visit our website.

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Watch a Free Webinar: Trade Financing Part I

By: Omari Wooden

Yesterday we held the sixth webinar of the Go Global series focusing on: “Trade Financing: Part I”.

Learn more about the financing options to get started. Working capital is available under a U.S. government-guaranteed loan program or as a direct loan up to $500,000 to help fund any export development activity including:

  • Translating your product literature or website
  • Participation in a foreign trade show or trade mission
  • Foreign travel to meet potential business partners
  • Funding your export orders

As if that did not sound good enough, there are also guaranteed-loans for up to $5 million available to fund your export transactions. In addition, a credit insurance policy allows you to reduce 95% risk of non-payment.  Watch the webinar to learn more.

The next free webinar is on August 13 and will also focus on Trade Financing.

To register:
1.  Approximately 15 minutes prior to the start of the webinar, go to our training page.
2.  Click on the Go Global webinar series.
3.  Click on the log-in information and call into the dial-in number.

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Find Buyers and Make Contacts Abroad: How the Foreign Agricultural Service Can Help

By: Omari Wooden

The fifth Go Global webinar was held last week, focusing on: “Finding Buyers and Making Contacts: Part II”.

You can access the webinar here.

Learn about the services the Foreign Agricultural Service offers you for the export of food or agricultural products. These include:

  • Customized export assistance
  • Cost-share export promotion funding
  • Trade show exhibit support
  • Training and trade missions

The Foreign Agricultural Service collaborates with 75 groups in the industry, manages a toolkit of market development programs, and provides credit guarantee programs.  They also provide unique market intelligence on foreign market opportunities, online databases of foreign buyers, U.S. suppliers, and trade leads.

Tune into the Go Global Webinar Series.  Each webinar is led by financial, regulatory, and trade experts and focuses on different topics – from picking your market, accessing trade data, learning about available financing options, just to name a few.

The next free webinar is on Trade Financing.

To register:
1.  Approximately 15 minutes prior to the start of the webinar, go to our training page.
2.  Click on the Go Global Webinar Series.
3.  Click on the log-in information and call into the dial-in number.

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View Foreign Trade Regulations Webinar Today

By: Omari Wooden

If you want to know more about the Foreign Trade Regulations, here is your free opportunity to do so!

Learn about what has changed and how it affects you.

The webinar will focus on changes in reporting requirements, new fields added to the Automated Export System (License Value and Ultimate Consignee Type), changes in definitions, such as port of export and household goods and much more.

The FTR Town Hall Webinars will be held on the dates below at 2pm EST:

Thursday, July 18
Thursday, August 8
Thursday, September 5
Thursday, October 3
Thursday, November 7
Thursday, December 12

Registration is free and easy:

  1. Approximately 15 minutes prior to the start time, go to the registration page.
  2. Click on the log-in information and dial into the webinar.

 

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Successfully Sharing Foreign Trade Data

By: Kristen Nespoli

History in the Making
In July 1987, the United States and Canada decided to try something unique and exchange data. Canada would use U.S. imports from Canada as their export data, and the U.S. would use Canadian imports from the U.S. as their export data.

While the statistical agencies were the agents behind the exchange, U.S. Customs and Border Protection and the Canadian Border Services Agency also had to be on board since they were the administrators of the trade data. Because of the complexity and magnitude behind the Data Exchange, it wasn’t implemented until the January 1990 statistics – yes, three years later.Effects of Sharing Data

Increased Reliability of Export Data
The Data Exchange significantly reduced the amount of non-reported exports on each side of the border. Before the Data Exchange, export statistics were derived mostly from paper documents. This, inevitably generated ongoing reporting and collection problems. Occasionally we relied on the good aim of truckers who would toss the documents into a box at the border. It was estimated the understatement of U.S. exports to Canada had reached over 20 percent. These errors affected the published trade balances and consequently the data users who relied on accurate statistics.

Reduced Burden of Exporters of Both Countries
For 2012, U.S. exports to Canada totaled $291.8 billion and Canadian exports to the United States totaled $329.9 billion – that is a lot of information to file! It is estimated that in 2012, U.S. exporters saved 574,644 hours of work worth $10.3 million by not having to fill out export documentation that did not require licenses(Department of Labor’s Occupational Employment Statistics ).

Changes to Operations in Statistical and Customs’ Agencies
Statistical agencies had to establish new procedures to use import data to serve as export data, including converting values using exchange rates.

Another change involved managing information for enforcement and administrative purposes. In order to satisfy confidentiality requirements of both countries, both countries agreed that the exchanged data could only be used for statistical purposes.

Challenges…what challenges?
As with all relationships, there can be some rough patches. When the U.S. Government shut down for an extended period in the mid 1990’s, both the United States and Canada had to delay their monthly releases. Statistics Canada could not receive our data, and their exports to the United States represented well over half of their total export trade.

Challenges also may arise when verifying data. Because each agency must verify each others’ data, if analysts on either side respond late, there can be an impact on data quality and publishing deadlines.

When the U.S. moved daylight savings time a month earlier in 2007, it caused a problem. Both countries had to agree to release their statistics on the same day at the same time to protect the security of the economic indicators. After many negotiations, the Canadian government made a similar change to the daylight savings time period, and the problem was resolved.

The Census Bureau and Statistics Canada have paved the way to maximize the use of trade data through an enduring partnership for over 20 years -one that serves as a model to the rest world!

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