Trade data is import and export trade information that is taken from dozens of sources, including the U.S. Census Bureau and U.S. Customs, and assists businesses in a multitude of ways. With much deliberation, Zepol Corp. has come up with the top ten ways professionals use this trade data to their advantage. Here are two identified by Marketing Associate Cori Rogers:
Feel Awesome when Audited: Importers Stay Compliant
When dozens of import compliance sources are combined into one place, it’s easy to adhere to the latest U.S. government regulations and keep track of records. Compliance data tools can help your company ensure that you’re paying the correct duty rate for products, monitor changes, and even know if there’s an anti-dumping case relevant to your product.
Recently, importers of bottom-mount refrigerators coming from South Korea and Mexico were under an antidumping investigation. The companies who were aware of the investigation early on had the best chance of responding proactively and discovering if their suppliers were subject to the dumping. Staying aware of recent investigations helped those companies avoid immense fees and also have the opportunity to defend themselves, gather documents, and even appeal the ruling to the ITA.
Stay Proactive. A Hurricane Hits your Supplier, Now What?
When you have access to over 100 million Bills of Lading at your fingertips, it’s easy to proactively respond to changes in your marketplace. Importers can search for specific products and find suppliers across the globe, using near real-time information. Take, for example, the lag in electronic imports after the tsunami hit Japan. Trade data helped businesses be prepared for changes…before the storm hit.