The United States is a dream market for many exporters as selling goods in large markets brings a vast growth opportunity for their business. The ‘American dream’ for exporters is supported by the fact that the US has the largest economy globally and represents over 25% of the world’s GDP.
However, entering the US market is not everyone’s cup of tea as the country’s international market policy is flooded with different tariffs, taxes, requirements, and regulations.
In the following paragraphs, we will discuss some important insights related to exporting goods to the US. Apart from that, we will also find answers to some common questions like what is an ECCN number.
Partner Entity In The US
The best way to expand your business to the US market is by having a trustworthy business partner in the country who has experience in bringing imports. Your US-based partner can help you with instructions and advice regarding:- Invoicing
- Marking
- Packaging
- Stocking
- Labelling
Market Research
It is an important fact to note that the United States has a federal system, and hence, it is not a single national market like the other countries. You can start by identifying your target state where you intend to sell your goods. You can also refer to the sales history of each product and use Data Intelligence tools to generate future sales projections.Stay Up To Date
To ensure that your goods get a fast clearance from US customs, it is better to keep yourself updated with the current tariffs, regulations, and instructions. Many exporters have to deal with delays due to improper and incomplete invoices, details of products. Moreover, it is better to be aware of the provisions related to items in food, drugs, cosmetics, and alcohol categories. You will need the following documents to accompany your goods to the US, and as a seller, then it will be your responsibility to furnish the first three:- Packing List
- Commercial Invoice
- Bill of lading
- Binding ruling
- Air waybill
- Customs bond
- Cargo release entry
- Customs import declaration
- Import security filing
- Manifest for motor carrier, vessel, or aircraft
What Is An ECCN Number?
An ECCN is an alphanumeric set of five characters used by the commerce control list to designate the dual-use items for export control.Familiarity With Incoterms
Before beginning your export, it is quite important to familiarise yourself with International Commercial Terms or simply Incoterms. Apart from that, you also need to be familiar with simple steps like how to find ECCN numbers. Three of the most popular arrangements under the incoterms are:- CPT (Carrier Paid To)
- EXW (Ex Works)
- FCA (Free Carrier)