Скачать или смотреть IB #8 | DDP VS DDU | CIF VS FOB VS ExWorks | Which Term Is Best For New Importer

Your Ultimate Guide to Secure Imports By Choosing The Right Inco Terms, Delivery Terms

When it comes to international trade, specifically import-export business, the Inco Term or delivery terms play a crucial role.

Inco Terms, also known as terms of invoice or delivery terms, decide which party handles transport, freight, customs clearance, shipping, and delivery.

Inco Terms determine the division of risk between the factory and delivery. It decides whether the supplier is responsible for everything from the factory to delivery, or if their duty ends after manufacturing, leaving the importer with the rest of the tasks.

There are a total of 11 Inco Terms, introduced by the International Chamber Of Commerce in 1936 and updated in 2020.

In this video, I'll focus on the five most commonly used Inco Terms that you, as a new importer, should consider.

Let's start with personal or sample imports. Most people start by importing samples to test the waters before committing to larger orders. For sample imports, you should opt for either DDP or DDU terms.

DDP and DDU are the safest terms for you as an importer. Under both of these terms, the seller assumes responsibility from the factory to delivery. The seller covers the shipping costs, and all you need to do is track your shipment using the provided tracking number.

When it comes to commercial imports, you'll need proper documentation, such as IEC, GST, PAN, Aadhar, a current account, and certificates specific to your product. Your three primary Inco Terms choices are Ex-Works, FOB, and CIF.

Ex-Works places all the responsibility and risk on you, the importer, from the supplier's premises to your destination in India. It's not recommended for beginners.

FOB, on the other hand, means the supplier covers the costs and risks until the goods are loaded onto the ship. This term is suitable for those with a bit more experience in importing.

Lastly, CIF is similar to FOB, but the supplier covers all the costs, including ocean freight, until the goods reach the port in India. This term is often preferred by new importers as it relieves you from most of the hassles.

It's crucial to have a trusted partner in the form of a local freight forwarder or a Customs House Agent (CHA) to navigate the complexities of customs clearance and logistics.

Remember, documentation is the key to a smooth import process. If you're new to importing, I recommend consulting a local freight forwarder or CHA before diving in.

This video provides essential insights, but the import landscape can change over time. Always consult with experts for the most up-to-date information.

If you found this video helpful, please like and subscribe to our channel. See you in the next video. Jai Hind!

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