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Import Guide: How to Import Precious Metals

December 27, 2010 by

One of the world’s most popular import and export is that of precious metals. The market for precious metals is in such demand that there are precious metals being sent all over the world at all times of days. In fact, it is estimated that precious metals is one of the most lucrative importing and exporting businesses that a person can get into. If this sounds like something that might interest you or your importing business then there are a few things you will need to consider before you can start importing precious metals.

Here is a guide to some of the factors that people will need to consider when importing precious metals.

Transportation. There are restrictions on how precious metals can be sent. Many air and mail shipment facilities will require that you fill out several forms before the precious metals will be transported. If you are considering importing these precious metals consider asking about the restrictions that might be put on shipping them.

Declaring Precious Metals. You will be required to fill out a form called a United States Customs and Border Form. This will ask you questions about what you are importing. It will also ask you if you need to declare the imports. You will need to declare any precious metals that are valued at over $10,000. If the precious metals are under $10,000 you will not need to declare them and there will be a lot less paperwork.

Fill out Other Financial Forms. You will be required to fill out other forms if your precious metals will amount to over $10,000. The forms that you will be required to fill out are called FinCen Form 105. This will allow the custom agent to figure out what the amount of taxes will be on the precious metals that you are importing.

Filed Under: Commodities, Import/Export, Trades Tagged With: , ,

Types of Financing Available for Import and Export Businesses

December 23, 2010 by

Every type of business will require some type of funding. While importing and exporting are very profitable markets they still require a small degree of financing to allow them to get started. Luckily, there are several dozen different choices when it comes to the type of financing that are available to importing and exporting businesses.

Here is a look at the various types of financing that are available for a business that is looking to start out in importing and exporting.

Bank Loans. The traditional finance option for importing and exporting businesses is that of a traditional bank loan. Banks will treat importing and exporting businesses just like traditional businesses and require that they follow the same loan procedures. Some banks will allow importing and exporting businesses to develop a talk about how important their goods are and what their business plan is. However, a large amount of the funding will have to result on your personal credit and what you can get as far as a business loan.

Export/Import Bank. After contacting the traditional financial institutes there is a separate bank called the import/export business bank. This type of bank will allow you to present your importing and exporting business plan and talk about what it can do for the country. If they decide that the import and export is necessary for the country they could help back your business financially.

Sponsorship. Certain companies that are looking to bring their product either into the country or get it to new customers might be able to help your business. These businesses will help fund your import and export business by offering the financial support that you need. This is done in an effort to get you established so that you can bring the companies product to the consumers that they are looking to reach.

Filed Under: Import/Export, Trades Tagged With: , ,

International Trade News: China Announces Tighter Exports of Rare Metals

December 6, 2010 by

For a number of years China has been the world’s leading supplier of rare metals. In fact, China accounts for over 95% of the world’s rare metals. In a very bold move on Tuesday, the Chinese government announced that beginning in 2011 the country would begin to limit the exports of these rare earth metals to countries all over the world.

What does this mean for the trading world?

The first noticeable effect this limited number will have is an effect on the prices of various products all over the world. Rare metals are used in products such as computers, automobiles, smart phones and other technologically advanced items. With the limited number of rare metals that could be distributed it will drive prices of these products even higher due to the limited amount of metals that will be able to be used for such products.

The other effect that this limited number will have is on those that invested in rare metals. With 95% of the world’s rare metals coming from China, this limited number of exported metals could deeply cut into any person’s finances who have invested in rare metals.

While there is no reasonable explanation for the limited amount of rare metals that will be leaving China, the move is certainly not unexpected. Over the past few years China has slowly been decreasing the amount of exports with little or no explanation. China has also drastically increased taxes on rare mental exports. The taxes on these exports rose from 15% to 25% just this past year. China has also started taxing other exports of metals such as oxides and alloys that are not considered rare metals but still come solely from China.

China has tried to reassure experts and those in the rare mental export business that this limit could be temporary. However, only time will be able to tell if this limitation on rare metals is here to stay.

Filed Under: Import/Export, Trades Tagged With: , , ,

Concern Over Air Cargo Security Could Effect Trade

December 3, 2010 by

One of the most essential elements to trading and the business of import and export is the airline industry. At the moment there is very little security measures that go into examining packages that are imported and exported from countries. Of course there are some security measures put into place. However, due to recent political events those security measures could change.

Back in October airlines discovered explosives packed into ink jet cartridges that were shipped to the country from Yeman. This discovery created a bit of panic and caused some countries to express concern over security measures.

While security measures inside the airport have been beefed up. The security measures of imports and exports remains virtually untouched. However, after October’s incident that could all change.

Government officials and trade experts around the world have expressed a desire to increase security measures when it comes to importing and exporting goods into and out of the country. While this might not seem like such a big ordeal for those that are in the trade business, these new security measures could have major impacts on any type of importing and exporting business.

The first impact would be the time element. More security measures could delay shipments into and out of the country. If every package and shipment has to be examined by officials it will create a greater delay in sending and receiving packets. Delays could trickle over to businesses and cause some types of businesses to experience financial losses due to such delays.

The other impact is that of a financial impact. If the government needs to hire more security to screen imports and exports, the money will have to come from somewhere. Shipping costs will rise as well as taxes and levies on certain goods. This raise in fees could potentially hinder and hurt certain businesses that rely upon importing and exporting to keep their business alive.

Filed Under: Import/Export, Trades Tagged With: , ,