Importing goods from other countries and selling the products on the local market can be highly profitable. Unfortunately, most business owners tend to spend more money than necessary on the importation process, and the total financial losses can be significant. If you are concerned about your current importation and customs clearance expenses, you should use the below-outlined tips to manage your business costs.

Capitalise on Free Trade

You should plan on capitalising on current free trade agreements when importing goods. If you acquire your merchandise from countries with these agreements, the duty charges will be negated as long as an approved free trade agreement certificate is provided. You should note that there are constant changes in free trade because of the shifts in the international trade relations. It is prudent to constantly review the market so that you will take advantage of all opportunities for saving.

Check the Merchandise Value

The declared value of your imported goods will be critical in determining the duty charges, taxes and other fees imposed. Therefore, you should know the value of your goods so that you can manage these charges. One of the common mistakes that importers make is failing to differentiate between the purchase price and the declared value. The value is assessed on the day your commercial shipment departs from the country of origin. As a result, the duty charges can increase and decrease depending on the fluctuations of the dollar. It is important to keep your eyes on the money market trends so that you will avoid an unexpected increase in the duty and taxes.

Avoid Audit Penalties

You should not be so focused on cutting your importation costs and forget that there are penalties for imposed on any violation. You should remember that the customs authorities can review the import documentation in your files as part of an audit. If there is a mistake in the paperwork, significant penalties can be levied. These penalties can unnecessarily increase your cumulative import expenses. You should be thorough and compliant with current legislation when preparing your forms and documents. This diligence will protect you from audit problems.

Consider Your Port Charges

Finally, you should keep your eye on the port charges. Often, importers are overcharged and remain unaware of the injustice because they are not involved in the negotiation process. You can avoid the financial losses by consulting an experienced customs clearance service for guidance. The professional will evaluate your load and help you negotiate a fair price for the port services.