As a firm or an organization dealing with imports, you should be aware of certain superficial or authentic loopholes in the supply chain or while importing goods that involve numerous risks in the process. Such risks are associated with transport, the final state of the quality of products being imported, and uncertainty involved in delivery and exchange, where currency exchange rates play an important role.
But as an importer, the primary goal should be not to dissatisfy the client, deliver faulty products, lose reputation and face severe loss. Hence, to reduce such inconsistency in the system, having prerequisite knowledge is beneficial.
For example, the intelligence trade data analysis of the furniture buyers US import-export shipment records are helpful to collect information of global suppliers plus buyers.
This article discusses how you can avoid certain losses while importing furniture. So, let’s begin.
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Extensive Survey Of Foreign Markets
The furniture importers US must initially carry out detailed surveys and market penetrations with extensive studies and analytics to achieve a successful foreign trade. It might be challenging to stay relatively up to date with the current trends. Still, it is essential to match relevant generational choices and lifestyle changes to avoid significant losses.
Taking the 2019 global statistical reports into account, you will find that the United States stands out as one of the top importers of furniture with an import value of about 54.9 billion USD. A dominant sale of furnishing accessories as per consumer unit estimated to be about 114.5 billion USD in the same year adapting to frequent market changes.
The booming market growth for furniture buyers US statistics implies the availability of the right products in the market. Suppose you can incorporate better features in your product, analyse your competitors, consider consumer feedback, note down the positive and negative facts. In that case, you can establish considerable profits.
US importer Redekers is one such valuable furniture importer fulfilling the market trends.
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USDA Regulations For Furniture Importers
You can import any furnishing products, but the USDA (U.S. Department of Agriculture) has specific fundamental regulations that every furnishing importer must comply with to carry out overseas trade. These regulations include:
Lacey Act
Imported wood products must be mentioned in a declaration form by the furniture importers to Aphis.
Aphis Regulations
Imported wood products are sanitised by heat and chemical treatments in this regulation.
Cites Regulations
Endangered wood furnishing products can only be imported if they have USDA-issued certification and are stated under the CITES.
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Currency Exchange Rate Risks
When it’s time to proceed with overseas trade based on market trends and filtered import-export data intelligence reports, you should also remember that every country has its currency. Every currency is associated with a rate at which it is exchanged, known as the exchange rate. These exchange rates often fluctuate depending upon policies and trade relations.
For example, during the US-China trade war, the Yuan value decreased compared to the USD value. The following situation boosted the business and led to importing products considerably at a cheaper rate from China to the US.
Sometimes the time gap causes exchange rate risks, i.e. the time while entering the commercial contract and the time of actual payment is unevenly extended. Hence, it is vital for furnishing importers to note the product value in domestic currency from the exporters to make the product available at the right price without any loss.
The furniture importers US status is beneficial for overseas trade as there is a strong demand for the USD currency. Significant importers like the US allow primary usage of certain imported products way more than products manufactured by them.
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Avoid Damage During The Shipment Process
While loading the cargo for shipment, it is always necessary to take care of specific measures. An air or an ocean freight can be utilised for overseas trade depending upon the furniture’s size and weight. You can reduce the shipping damages by loading furniture on pallets and wrapping it with plastics.
Documentation and proper HS code implementation are crucial parts of any import-export trade process, without which one may incur significant losses due to penalty.
It is essential to have insurance coverage, which may not directly save the shipment from being ruined, but can financially safeguard the shipping aspects. Therefore, every point is significant in reducing the occurrence of loss.
Why Is It Beneficial To Import Furniture To The US?
If trade data is closely analysed, you will get facts and figures about how significant the US import furniture market is. For example, the US-based furniture importer Redekers have records related to eight significant Hong Kong-based imports in Tacoma, Washington.
The accessibility of higher quality and unique furnishing accessories at a lower price creates effective business. To summarise, it is beneficial to import furniture to the US as the profit margin increases and the safety measures mentioned earlier help make the system much more affordable.