Risk management in shipping is crucial to ensure smooth import and export operations.

Risk management in shipping is crucial to ensure smooth import and export operations.

 

Unless you have good communication with your suppliers, carriers, or customs authorities – last minute challenges, changes or adjustments can lead to misunderstandings and errors. We work to ensure you have clear communication channels, use technology for real-time tracking and updates, and maintain open lines of communication with all stakeholders.

 

Here are some common import and export issues to be aware of and strategies to avoid them:

 

Customs Compliance:

Risk: Failure to comply with customs regulations can lead to delays, fines, or seizure of goods.

Avoidance Strategy: Stay informed about customs requirements in both the exporting and importing countries. Utilise the expertise of our team to ensure compliance.

 

Documentation Errors:

Risk: Inaccurate or incomplete documentation can result in delays, customs issues, and additional costs.

Avoidance Strategy: Double-check all shipping documents, including invoices, packing lists, and certificates of origin. Utilise a thorough review process to catch errors before shipping, all of this is build into our shipping platform!

 

Cargo Damage or Loss:

Risk: Physical damage or loss of goods during transit can result in financial losses.

Avoidance Strategy: Ensure proper packaging and labelling, choose reputable carriers, and consider insurance coverage for high-value shipments. We can support you in the right choice of insurance for your business.

 

 

Regulatory Changes:

Risk: Changes in trade regulations or sanctions can affect the ability to export or import certain goods.

Avoidance Strategy: Stay informed about changes in trade regulations and maintain flexibility in supply chain strategies to adapt to evolving legal requirements. Keep a knowledgeable team close to get ahead of any changes and risks!

 

Currency Fluctuations:

Risk: Exchange rate fluctuations can impact the cost of goods and influence profit margins.

Avoidance Strategy: Work with reliable carriers who have real-time costs and information directly to hand, this way you will avoid unknown changes and know to the penny, what you will be spending.

 

Compliance with Trade Agreements:

Risk:  Non-compliance with preferential trade agreements may result in the loss of tariff benefits.

Avoidance Strategy: Understand and adhere to the rules of origin and other requirements of trade agreements. Utilise our management software and experienced team’s support to ensure compliance.

 

 

 Feel unsure about your logistics solution? We can help shed the light on any concerns you may have PLUS explore a better way, if there is one, for your business. Get in touch with the team today!  

0203 600 6006 [email protected] www.londoneasstransport.co.uk – Part of the InXpress Network