Chambers Wales is providing guidance and support to businesses exporting for the first time.
The leading business organisation has helped hundreds of firms trade their goods and services globally and is encouraging Welsh businesses new to international trade to export by providing support tailored to their needs and schedules.
In 2020, despite challenges to international trade as a result of the Covid-19 pandemic and Brexit, the value of Welsh goods exports in 2020 totalled £13.4 billion. Exports to the EU accounted for 58.1%, with Germany and France the largest markets for Welsh products.
Jo Price, Director of International at Chambers Wales, said: “An excellent way to expand and grow your business is by exporting; you can reach new customers and increase your profit. Wales is rightly considered an exporting nation in terms of trade and, using our expertise and experience, we are keen to help more businesses realise their trading potential on the global stage.”
Chambers Wales, which brings together the best industry expertise and resources from around the world to enable Welsh businesses to grow, is helping to bust the myths surrounding international trade to alleviate any concerns businesses may have.
Frequently raised issues include costs and volume of paperwork, with almost half of members citing paperwork as the biggest challenge to sending goods outside of Wales in a recent business survey facilitated by the Chamber.
Jo Price said: “It can seem like exporting has a whole culture and language of its own and this can feel overwhelming when trying to make sense of the terminology and paperwork. Whether you are exporting for the first time or currently trading internationally, it is worth working with your local Chamber who can help you navigate the required paperwork to your chosen country of export.”
A trade specialist like Chambers Wales can also make businesses aware of requirements specific to their sector and any extra steps in the export process that have been introduced post-Brexit.
Jo Price added: “It is important for companies to understand the export process to know what they need to keep for their records including export duties and proof of export, especially as changes are introduced.
“Our proactive international trade team are able to advise businesses on ongoing developments, as well as provide upskilling opportunities through our series of accredited training courses on Incoterms, export documentation and customs procedures.”
Chambers Wales’ tips for first time exporters:
- Make sure you have the correct paperwork for exporting and each country’s requirements.
- Keep full records of your products, especially origin, commodity codes and cost.
- Be aware of Incoterms 2020, who is liable for goods during transit and who bares the cost.
- Find out all of the available options for payment of goods and the relationship between delivery and payment.
- Most countries like to know the people behind the company they are dealing with, so trust is important. This may take time to develop but will be beneficial in the long run.
- Funding may not be easy to obtain but there are other options apart from the high street banks.
- Speak to your local Chamber of Commerce who are experts in trading internationally.