For as many elements as there are to the export process, from the big picture concepts to the finer details, there are individuals who can apply their skills at multiple stages. Whether that be early on, researching markets and opportunities; or later, seeing the goods off and ensuring they arrive at their final destination efficiently. These individuals are known as International Trade Specialists.
It’s what can be described as an all-encompassing position. They develop and oversee, or at the very least stay informed on, all but a few aspects of a company’s trade strategy. This can be done internally as an employee or as a third-party provider—like the NDTO!
Welcome to the fourth installment of “Moving Parts,” a series from the NDTO where we discuss the many individuals and organizations that make international trade possible. International Trade Specialists work hard to ensure “possible” becomes productive.
International Trade Specialists: What They Do
It would be easy enough to say International Trade Specialists do a lot and just leave it at that. But truly, it’s subjective. Their role in trade management can vary depending on who they work for—private agencies, non-profits, large-scale companies, or themselves. However, it’s best to consider all they may take part in for an accurate sense of their influence on various processes.
Here are a few of their major and minor responsibilities:1
- Track global market trends and analyze risks and opportunities.
Like supply chain managers, International Trade Specialists are often tasked with predicting the state of various global markets to determine whether organizing trade deals is worth the investment.
- Negotiate trade contracts and ensure compliance with the help of Trade Compliance Experts.
International Trade Specialists play a meaningful role in the negotiation and closing of trade contracts, ensuring all parties are complying with international standards and benefiting from the contractual agreements.
- Develop export and import strategies to optimize supply chain efficiency and minimize costs.
Everything has a price. International Trade Specialists work to make sure your company isn’t overspending or going about exporting in inefficient, ineffective ways by developing a strategy for every step along the process.
- Coordinate with freight forwarders to adhere to regulations and standards.
Like they collaborate with supply chain managers and trade compliance experts, they also work alongside freight forwarders to make sure the actual moving of your product is done safely, securely, and legally.
- Assign tariff classifications, keep track of duty rates, understand restrictions.
International Trade Specialists have acute, up-to-date knowledge of tariffs, taxes, rates, and other things that could hinder your ability to export. They also know how to make sure you can overcome these hindrances through the proper channels.
- Mitigate risks.
Similarly, International Trade Specialists can help you avoid or dull the effects of risky ventures and oversights.
- Facilitate international communication and build strong relationships.
International Trade Specialists often act as a great first point of contact when it comes to global partnerships and inquiries. Their expertise allows them a broader understanding of your partners’ needs and expectations.
Common Mistakes
Because they are equipped to manage so much of the trade process, International Trade Specialists can help your company prevent or alleviate a number of common export-related mistakes.
These mistakes include:1
- Trade Noncompliance: Failing to abide by the laws and agreements that control international trade due to lack of understanding.
- Missing, Incomplete, or Inaccurate Documentation: Being unprepared with the paperwork necessary for compliance, customs clearance, and proper service.
- Overspending: Complicating the trade process and having to allocate more money to accommodate additional channels and aid.
- Incorrect Tariff Classification: Falsely or inaccurately labelling goods being exported and delaying their delivery.
North Dakota Resources
There really is no place like the NDTO. Our team comes complete with a couple International Trade Specialists—even if their title is slightly different. Always feel free to reach out if you’re struggling at any phase of exporting. Your success is our own.
Other than the NDTO, the team at the U.S. Commercial Services (USCS) office in Fargo are a great resource for any questions you may have when it comes to exporting, ND’s trade network, or ND international relations.
1 https://climbtheladder.com/international-trade-specialist/