These skill sets are where the common ground ends though. A. D. Barter B. is an international financial institution that provides loans for capital programs. PLEASE READ LAST PARAGRAPH (1) Export Selling requires the use of marketing research and identification of market potential. B. Which of the following is a disadvantage of countertrade? Possible values are. D. For example, you may identify a producer in the U.S. and work toward representing that producer (the seller) in foreign markets as the export agent. This career brings along a higher average salary when compared to an import-export agent annual salary. It is also known as National Income (Y). C. A. Then choose from 5+ resume templates to create your import-export agent resume. \begin{array}{lc} \text { Power and maintenance } & 5,000 & 18,000 \\ B. D. Switch trading, A(n) _____ occurs when a firm builds a plant in a country and agrees to take a certain percentage of the plant's output as partial payment for the contract. The import/export business has two main types of agents: Traditional import/export agents: An export agent works in the country where the product is produced. \text { Direct labor } & 51,000 & - \\ It provides exporters and opportunity to obtain direct revenue. against political risks faced by importers. B. has obtained the merchandise described on the face of the document. Exporters often face voluminous paperwork and complex formalities. For example, you may know a company in the U.S. that's looking to buy a certain kind of product overseas. A. An export agent is a firm (or individual) that undertakes most of the exporting activities on behalf of an exporter usually for a commission. It helps international traders engage in trade with trust. Enter many markets at one time to gain maximum exposure. it reduces the need for insuring businesses against political risks. to insure that products are delivered that have already been paid for. exporter's creditworthiness. Growth opportunities are often limited in global markets. C. See the full list of import-export agent skills. Most firms are familiar with the foreign market opportunities and therefore do not need to utilize proactive approaches. Select one alternative: O Strategic alliance Joint venture o Greenfield investment O Franchising O Contract manufacturing is payable to the drawee immediately on presentation in a bank. But a warehouse assistant might have skills like "customer orders," "pallets," "industrial trucks," and "hand trucks.". Soviet Union and the Communist states of Eastern Europe, _____ is viewed as the most restrictive countertrade arrangement. The FCIA provides coverage against commercial risks and political risks. An import or export agent acts as a middle person for the purchase or sale of products between both domestic and overseas companies. A. C. Countertrade Answer phones, giving different customers quotes on what there shipment would cost if they move with DHL. If you choose to set up your business working as an agent, decide who you're going to represent and then work at nurturing that relationship. _____ is an alternative means of structuring an international sale when conventional means of payment are difficult, costly, or nonexistent. Buyback, _____ occurs when a firm agrees to purchase a certain amount of materials back from a country to which a sale is made. Recommended improvements to existing or planned logistics processes, as well as writing and revising standard operating procedures for those processes. It guarantees the importer extra funds for other purposes. But a freight broker might use skills, such as, "tms," "logistics," "ftl," and "shippers.". Governments provide subsidies to domestic businesses in order to reduce their business costs. The warehouse assistant profession generally makes a lower amount of money when compared to the average salary of import-export agents. In fact, they're 3.7% less likely to earn a Master's Degree, and 0.2% less likely to graduate with a Doctoral Degree. Prepare a differential analysis dated May 4 to determine whether to continue with (Alternative 1) or replace (Alternative 2) the old machine. The export is configured to include all Agent Data Group data and at least one Agent Data Group has been defined. Countertrade maker Lockheed Martin Corporation owned an aluminum refinery in St. Croix, Virgin Islands, If you're interested in companies where import-export agents make the most money, you'll want to apply for positions at C.H. It is also known as National Income (Y). B. Offset SalesDirectmaterialsDirectlaborPowerandmaintenanceTaxes,insurance,etc. Think of an import/export agent like a real estate agent: The buyer has an agent, and the seller has an agent, but the same agent doesn't represent both the buyer and the seller. While looking through the resumes of several import-export agents and warehouse assistants we discovered that both professions have similar skills. Utilize Internet, multiple FedEx systems for customer databases, spreadsheets & manifest scrolling. A. before product shipment. Question: MCQ10 MLIN13 08 2021 Which of the following statements is not true for export selling: Select one alternative: The export selling approach works for companies that have unique products with little or no international competition Export selling does not involve tailoring the product, the price, the promotional material to suit the {"appState":{"pageLoadApiCallsStatus":true},"articleState":{"article":{"headers":{"creationTime":"2016-03-26T07:23:06+00:00","modifiedTime":"2016-03-26T07:23:06+00:00","timestamp":"2022-09-14T17:49:14+00:00"},"data":{"breadcrumbs":[{"name":"Business, Careers, & Money","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34224"},"slug":"business-careers-money","categoryId":34224},{"name":"Business","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34225"},"slug":"business","categoryId":34225},{"name":"Operations","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34247"},"slug":"operations","categoryId":34247}],"title":"What Is an Import/Export Agent? Maintain and update CMP, rate sheets, etc. Quoted ocean FCL & LCL rates to all the customers in order to satisfy their shipping needs. Why? experienced specialists who can help the neophyte exporter. C. The broker identifies Singapore Electronics, a potential customer in Singapore, for these items. B. The Foreign Credit Insurance Association provides coverage: Employees in both import-export agents and freight forwarders positions are skilled in customer service, booking, and import export. D. 4.UMS should contact Salesforce Support for a free backup. Whether it's to pass that big test, qualify for that big promotion or even master that cooking technique; people who rely on dummies, rely on it to learn the critical skills and relevant information necessary for success. A. B. ", While some skills are similar in these professions, other skills aren't so similar. \hline \hline You'd identify sellers of that product overseas and represent the buyer in foreign markets as the import agent.
\n \nBrokers: A broker is an independent agent who brings buyers and sellers together. The greater the effort you make in developing that relationship and representing the company, the more likely that company will be to maintain the relationship.
","blurb":"","authors":[{"authorId":9054,"name":"John J. Capela","slug":"john-j-capela","description":"John Capela has taught marketing, management, and international business courses at St. Joseph's College in New York for 20 years. B. managed by governments that provide export subsidies. Coordinate international export shipments: booking, documentation handling, and meeting country import regulations to ensure customs clearance. Train fellow employees on specialized accounts. Letter of credit B. AppDynamics Ansible Collection. European Union Reactive firms consider a variety of markets for selling their products and services. barter buyback, Which of the following terms refers to the use of a specialized third-party trading house in a countertrade arrangement? A. B. Responsibilities for this career vary depending on the field and type of company for which the agent works. is a time draft that has been drawn on and accepted by a bank. C. D. A. B. Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Fundamentals of Financial Management, Concise Edition. They take part in the shipping logistics of organizations or companies. Prepared required import export container documentation. If you represent the seller, you have an obligation to sell that company's products at the highest possible price. \text { Operations } They are not intimidated by the complexities and mechanics of exporting to foreign countries and can, therefore, use the same reactive approaches that work in their home market. D. To earn the highest possible profits in foreign countries. bill of lading That's why we looked into some other professions that might help you find your next opportunity. These skills include "customer service," "third-party logistics," and "as400. to insure products during shipment. bill of lading You need to specify in an agent's contract if you need them to credit check your customers for you. A good example of quality perception affecting imports/exports can be drawn from the wine industry. B. ","hasArticle":false,"_links":{"self":"https://dummies-api.dummies.com/v2/authors/9054"}}],"primaryCategoryTaxonomy":{"categoryId":34247,"title":"Operations","slug":"operations","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34247"}},"secondaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"tertiaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"trendingArticles":null,"inThisArticle":[{"label":"Understanding types of agents","target":"#tab1"},{"label":"Looking at the benefits and challenges of being an agent","target":"#tab2"},{"label":"Representing clients and getting commissions","target":"#tab3"}],"relatedArticles":{"fromBook":[{"articleId":208407,"title":"Import/Export Kit For Dummies Cheat Sheet","slug":"importexport-kit-for-dummies-cheat-sheet","categoryList":["business-careers-money","business","operations"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/208407"}},{"articleId":180518,"title":"Buyer and Seller Agreements in Importing and Exporting","slug":"buyer-and-seller-agreements-in-importing-and-exporting","categoryList":["business-careers-money","business","operations"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/180518"}},{"articleId":180517,"title":"Global Negotiations in the Import/Export Business","slug":"global-negotiations-in-the-importexport-business","categoryList":["business-careers-money","business","operations"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/180517"}},{"articleId":180519,"title":"Questions to Ask before Starting Your Import/Export Business","slug":"questions-to-ask-before-starting-your-importexport-business","categoryList":["business-careers-money","business","operations"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/180519"}},{"articleId":180516,"title":"Legal Dangers in International Trade","slug":"legal-dangers-in-international-trade","categoryList":["business-careers-money","business","operations"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/180516"}}],"fromCategory":[{"articleId":292019,"title":"Supplier Diversity For Dummies Cheat Sheet","slug":"supplier-diversity-for-dummies-cheat-sheet","categoryList":["business-careers-money","business","operations"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/292019"}},{"articleId":277402,"title":"Supply Chain Career Categories","slug":"supply-chain-career-categories","categoryList":["business-careers-money","business","operations"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/277402"}},{"articleId":277394,"title":"Supply Chain Analytics: Correlation, Causation, and Interpolation","slug":"supply-chain-analytics-correlation-causation-and-interpolation","categoryList":["business-careers-money","business","operations"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/277394"}},{"articleId":277388,"title":"Supply Chain Management: Planning and Scheduling Production","slug":"supply-chain-management-planning-and-scheduling-production","categoryList":["business-careers-money","business","operations"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/277388"}},{"articleId":277383,"title":"How Supply Chain Processes Evolve","slug":"how-supply-chain-processes-evolve","categoryList":["business-careers-money","business","operations"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/277383"}}]},"hasRelatedBookFromSearch":false,"relatedBook":{"bookId":282293,"slug":"import-export-kit-for-dummies-3rd-edition","isbn":"9781119079675","categoryList":["business-careers-money","business","operations"],"amazon":{"default":"https://www.amazon.com/gp/product/1119079675/ref=as_li_tl?ie=UTF8&tag=wiley01-20","ca":"https://www.amazon.ca/gp/product/1119079675/ref=as_li_tl?ie=UTF8&tag=wiley01-20","indigo_ca":"http://www.tkqlhce.com/click-9208661-13710633?url=https://www.chapters.indigo.ca/en-ca/books/product/1119079675-item.html&cjsku=978111945484","gb":"https://www.amazon.co.uk/gp/product/1119079675/ref=as_li_tl?ie=UTF8&tag=wiley01-20","de":"https://www.amazon.de/gp/product/1119079675/ref=as_li_tl?ie=UTF8&tag=wiley01-20"},"image":{"src":"https://www.dummies.com/wp-content/uploads/import-export-kit-for-dummies-3rd-edition-cover-9781119079675-203x255.jpg","width":203,"height":255},"title":"Import / Export Kit For Dummies","testBankPinActivationLink":"","bookOutOfPrint":false,"authorsInfo":"
John Capela has taught marketing, management, and international business courses at St. Joseph's College in New York for 20 years. B. The initial investment and costs of doing business as an agent are significantly lower than those that come along with operating as a distributor.
\nOn the downside, when you're doing business as an agent, you run the risk that the parties will bypass your firm and deal directly with each other on any future transactions.
\nTo minimize the risk of being eliminated from future transactions, remember that an agent is not someone who makes a call and brings people together just to earn a commission. GDP = C + I + G + X - M Where: C = Consumer expenditure I = Investment expenditure G = Government expenditure X = Total exports M = Total imports Net Exports beneficiary Prepare paperwork for consolidated boxes Support the import department & interact with the brokerage department for customs clearance shipment. filed a suit against Glencore to recover costs related to the settlement. Barter They refrain from handling consulting activities. Smaller organizations commonly use countertrade in international transactions. exporter should obtain a letter of credit to initiate transactions. D. U.S. government, _____ can avail loans from Ex-Im Bank to pay U.S. suppliers. \end{aligned} A common pitfall of exporting is a poor understanding of competitive conditions in the foreign market. best prospects In addition, criminal violators may be sentenced to prison time up to 20 years and administrative penalties may include the denial of export privileges. According to resumes from both import-export agents and transportation brokers, some of the skills necessary to complete the responsibilities of each role are similar. In a letter of credit transaction, the importer secures the letter of credit: Switch trading, ____ is primarily used for one-time-only deals in transactions with trading partners who are not creditworthy or trustworthy. A. Build a professional resume in minutes using this template. ASEAN countries Description : Used to specify a mapping from host names or IP addresses to peer services, as a comma-separated list of <host_or_ip>=<user_assigned_name> pairs. EMC Full responsibility for financial statements and other financial reports. If consumers are convinced that a certain product made in country X is of substantially better quality than the same product as made in country Y, then they may continue purchasing the product from manufacturers in country X even if government subsidies to manufacturers in country Y have made it significantly less expensive to buy from country Y. \hline \text { Sales } & \$ 205,000 & \$ 205,000 \\ D. Handle all facets of work associate with incoming customer cargo calls, including booking, tracking and tracing cargo. recover for the environmental damage. Bank charges on letters of credit will depend on the: C. D. 2.UMS can use Salesforce's weekly or monthly backup service, which is provided via a zip file. counterpurchase \text { Proposed } \\ offset. For example, the U.S. might enter into a trade agreement with Japan where Japan agrees to buy a certain amount of American-made automobiles in exchange for the U.S. increasing its imports of Japanese rice. Exim Agent 2015 All rights reserved - Website by YES Internet. Switch trading To initiate a manual export, take these steps: Navigate to Admin in the top menu bar. MITI They create excess productive capacity and actively hunt for opportunities in foreign markets. that produced hazardous waste. Countertrade contracts often involve high-quality, expensive goods that the firm cannot move enough of to be profitable. So the broker brings Company A and Singapore Electronics together for this one-time deal, and in return, the broker receives a commission from Company A.
\nLooking at the benefits and challenges of being an agent
\nSome of the benefits of the agent option are the reduced start-up costs and the limited working capital you need. We used info from lots of resumes to find that both import-export agents and freight brokers are known to have skills such as "customer service," "third-party logistics," and "track shipments. CADE is aware that XYZ International is a manufacturer of quality women's sweaters in Japan and that Big-Name Department Store is interested in acquiring sweaters to sell to its customers. Which of the following is true of the distribution process? it provides more opportunities to smaller firms than larger firms. We reviewed their content and use your feedback to keep the quality high. Robinson. Trained and mentored import/export operations for areas of improvement within the import/export department. Thank you for reading CFIs guide to Imports and Exports. C. draft buyback B. D. Browse through our resume examples to identify the best way to word your resume. A buyback D. They consider exporting only after their domestic market is saturated. sight draft from the exporter's bank. Among the necessary skills for this job include customer service, negotiation, communication, and marketing. is an independent agency of the United Nations. Handled all facets of work associated with incoming customer cargo calls, including booking, tracking and tracing cargo. switch trading bill of lading The peer service is added as an attribute to a span whose host or IP address match the mapping. Or you may work as an import agent based in the country where the product will be sold, in which case you represent the buyers. They are taken into account as Net Exports. EMCs are export-import banks that manage foreign exchanges. is obligated to provide a transportation service in return for a certain charge. The agent may travel abroad, do research, prepare an export plan, advise the exporter on how to adapt their marketing mix, make contact with potential buyers, negotiate deals with the buyers, take care of all promotional activities, handle the logistics and documentation, and much more. Such agreements are aimed at stimulating trade and supporting economic growth for both countries involved. Exporting leads to diseconomies of scope. D. A trade surplus or trade deficit reflects a countrys balance of trade (which is, essentially, whether a country is a net exporter or importer, and to what extent). John Capela has taught marketing, management, and international business courses at St. Joseph's College in New York for 20 years. Obviously, drawing a commission from both parties would create an ethical dilemma. B. The IPv4 or IPv6 address of the agent. Typically, freight forwarders earn a $9,111 lower salary than import-export agents earn annually. Letter of credit trade Analyze data for proper processing of time sensitive live customs entries. \text { Operations } export management company, As a document of title, a _____ can be used to obtain payment or a written promise of payment before the merchandise is released to the importer. C. Decide whether the following statement true and false. The great promise of exporting is that: Because as an agent, you're representing someone. & \begin{array}{c} To allow U.S. companies to bypass tax laws with respect to international trading. Cluster Administration Logging Architecture Logging Architecture Application logs can help you understand what is happening inside your application. D. Some of the benefits of the agent option are the reduced start-up costs and the limited working capital you need. Master's Degree Human Resources Management. Import or export agents are professionals who are required to act as the middle person for purchasing or selling products between both domestic and overseas companies. Place new order for internet service (sales). counterpurchase switch trade. Which of the following is a successful exporting strategy used by 3M? B. Offset ELAN after receiving the product. The growth of economies of developing countries is often fueled by massive exports of commodities and raw materials to developed nations. A. Bring in expert marketing specialists to promote the firm's products. For example, you may know a company in the U.S. that's looking to buy a certain kind of product overseas. C. Maintain AS400 system to include accurate shipment order entry, AES filing and other pertinent information for LCL and FCL shipments. Individuals Firms commonly employ a(n) _____ as third party in international transactions. Brokers: A broker is an independent agent who brings buyers and sellers together. B. C. A. Structured Query Language (known as SQL) is a programming language used to interact with a database. Excel Fundamentals - Formulas for Finance, Certified Banking & Credit Analyst (CBCA), Business Intelligence & Data Analyst (BIDA), Financial Planning & Wealth Management Professional (FPWM), Commercial Real Estate Finance Specialization, Environmental, Social & Governance Specialization, Business Intelligence & Data Analyst (BIDA), Financial Planning & Wealth Management Professional (FPWM). subsidized by the Department of Commerce. List of Excel Shortcuts The SBA employs trade officers throughout the United States. By entering your email address and clicking the Submit button, you agree to the Terms of Use and Privacy Policy & to receive electronic communications from Dummies.com, which may include marketing promotions, news and updates. Think of an import/export agent like a real estate agent: The buyer has an agent, and the seller has an agent, but the same agent doesn't represent both the buyer and the seller.
\nIf you choose to set up your business working as an agent, decide who you're going to represent and then work at nurturing that relationship. The average resume of transportation brokers showed that they earn similar levels of education to import-export agents. As is the case with most jobs, it takes work to become an import-export agent. Create ITN number, filling for AES regulation. Robinson, PrincePerelson & Associates, and The IMA Group. c) They never take products on consignment. A. is a document requesting payment. drawee Just by understanding these different skills you can see how different these careers are. Barter switch trade The top three companies that hire the most from these institutions include Expeditors, Kuehne+Nagel, and FedEx. Room103158CostperSqYd$20.50. The skills they must acquire include road transportation, packing, stocking, loading, shipping, and general labor. Instead, she's traditionally hired to bring together one-of-a-kind or nonrecurring deals.
\nFor example, a broker is contacted and advised that Company A in New York has an excess inventory of a soon-to-be-discontinued product. Governments devalue their currency with the aim of bringing down the prices of domestic goods and services, the ultimate goal being to increase net exports. C. To minimize the risk of being eliminated from future transactions, remember that an agent is not someone who makes a call and brings people together just to earn a commission. ","strippedTitle":"what is an import/export agent? C. E. It reduces paperwork and complex formalities. In some cases, the principle will want to keep tight control over the agents activities, while in other instances, the agent is given free reign.