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Read MoreIncoterms can be intimidating and confusing for many new importers. Knowing how incoterms function, which terms offer the best solution is essential will help you avoid unexpected costs when importing from Chinese ports. You can import from Huangpu to the UK through FOB or EXW. Here is a guide to help you choose the best solution for your cargo.
For Free On Board (FOB) terms, your supplier will pay for all the charges and transportation on your behalf from Huangpu to your courier’s warehouse. The local transport costs will be part of the buying price of your goods.FOB shipping is generally the most straightforward approach to importing goods from China because your supplier will handle all the hassles of local transportation. You will only pay your supplier on FOB terms for the products and then hire a freight company to deliver the goods to your door from the port with no hidden costs.FOB (free on board) is a shipping word that usually refers to a port of origin for the supplier’s shipment. If your invoice says “FOB Huangpu,” it means that your supplier will cover all local fees, including cargo transport to Huangpu port, documentation, port handling, customs clearance, and export licenses.
Some of the advantages of using FOB terms when importing your goods are that:
FOB terms also have disadvantages. For example
When importing from Huangpu on EXW incoterms, you, or your freight forwarder, assume full responsibility for all expenses and risks from the seller’s door to your warehouse in the UK. You are responsible for any charges associated with making the arrangements with the freight company. Because of the permits in place and their distance from the port, getting an accurate price for transporting your goods from your supplier is a little more complex than on FOB terms. When operating on EXW terms, your costs are transparent, and there should be no surprises, but getting a quote may take a little longer.
EXW provides the advantage of transparency and the convenience of having all your import procedures handled from a single point. Apart from the time your products are in customs, you have complete control over the shipping. You save yourself the risk of inflated local expenses. Still, EXW has its drawbacks, for example;
Both CIF and CFR are pretty similar, but the seller pays for insurance on CIF shipping terms. Your supplier will cover all costs associated with transporting the products to the United Kingdom on your behalf under these terms. Your responsibility for the imported goods begins once they arrive at the UK port. The total cost of import might get out of hand due to the unexpected expenses that will inevitably arise along the way. If you are a beginner, it’s best to avoid these conditions since they may get complicated; they may appear to be the cheapest option, but there are often hidden expenses.
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