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More About This Textbook
Overview
International business, especially export-import trade, is no longer an option, but a necessity for today's apparel industry to grow and generate profits-or just to survive in the global marketplace. The decision to export or import is best based on a company's or an individual entrepreneur's careful and thorough analysis of its internal and external resources and capabilities. Essentials of Exporting and Importing: U.S. Trade Policies, Procedures, and Practices provides merchandising, marketing, and business students with a practical, basic guide for importing and exporting products, services, or technology while maintaining compliance with government policies. Calling upon the knowledge and expertise of industry professionals and government officials as sources, the authors focus on the policies, procedures, and practices essential for success in the dynamic and expanding field of international trade.
Features
Draws upon authentic examples to supplement topics within each chapter, which are designed to strengthen critical thinking.
End-of-chapter elements include key terms and concepts, a summary of key points, discussion questions, and assignments.
Features two types of boxes: Spotlight on Global Trade, which explains current practices in international trade such as a day in the life of the Customs agency, and International Fashion Focus, which describes special aspects of certain fashion businesses.
Provides all the information for import and export regulations to develop an import or export international business plan.
Includes a glossary that defines key terms and cites their chapter sources, enabling students to look up specific words quickly.
Product Details
Table of Contents
Introduction xiii
Preface xvi
Acknowledgments xviii
Part I Globalization and the U.S. Export-Import Business 1
Chapter 1 An Overview of Global Business Today 2
Benefits of Trade 4
What Makes Up Global Business? 8
Foreign Investment 9
Export-Import Trade 15
Recent Changes in U.S. Export-Import Trade Policies and Procedures 18
Technology Energizes Globalization 20
Electronic Technologies 20
New Information Resources 20
Communications Breakthroughs 21
Supply Chain Management 21
Challenges to Globalization 22
Summary 24
Key Terms 25
Review Questions 25
Discussion Questions and Activities 26
References 27
Chapter 2 Globalization and Trade Liberalization 28
International Alliances 32
The International Monetary Fund (IMF) 32
The World Bank 32
The General Agreement on Tariffs and Trade (GATT) 34
G8 Ministers Conferences 39
Regional Alliances 40
The European Union (EU) 40
The North American Free Trade Agreement (NAFTA) 45
Trade Liberalization 48
Summary 49
Key Terms 50
Review Questions 51
Discussion Questions and Activities 52
References 53
Chapter 3 The U.S. Role in Global Trade 54
Trouble in World Trade? 57
Key U.S. Trade Relationships 62
U.S.-Canada Trade 64
U.S.-China Trade 67
U.S.-Mexico-Trade 76
U.S.-Japan Trade 78
U.S.-Germany Trade 81
U.S.-U.K. Trade 82
U.S.-E.U. Trade 83
U.S. Perspectives on Global Trade 85
G20 Summits-Washington, D.C. (November 2008) and London, England (April 2009) 90
Group of Seven Meeting-Rome 91
Recent U.S. Trade Trends 91
Prosperity Flows from Trade 94
CAFTA-DRFTA 94
MEFTA Free Trade Area 95
Non-ratified FTAs 96
The End of Textile and Apparel Quotas 98
Summary 101
Key Terms 102
Review Questions 103
Discussion Questions and Activities 103
References 104
Part II U.S. Exporting Policies and Procedures 106
Chapter 4 Basics of Exporting 108
What Is Exporting? 110
Challenges to Exporting 115
Deciding to Export 115
Is Our Product Exportable? 115
Exporting Goods versus Exporting Services 116
Do We Have Sufficient Resources? 117
Are We Prepared to Export? 117
Getting Started in Exporting 118
Export-Readiness Evaluation 118
Market Entry Options 120
Market Entry Strategies 120
Determining Your Export Potential 122
Developing an Exporting Marketing Plan 123
Initiating Market Research 126
Where to Begin 126
A Step-by-Step Approach 130
Formulating Pro-Active Strategies: Communication and Trade Shows 131
Following Through with an Export Order 132
Summary 133
Key Terms 133
Review Questions 134
Discussion Questions and Activities 134
References 135
Additional References 135
Appendix: Basic Resources Links Data 136
Links 137
Chapter 5 U.S. Export Controls and Procedures 138
The Export Administration Regulations 142
Reasons for Export Controls 143
National Security (NS) 143
Foreign Policy (FP) 143
Short Supply (SS) 143
The EAR and Dual-Use Items 144
New Dual-Use Export Control Initiative 144
Foreign End-Users 145
U.S. Competitiveness 145
Transparency 145
Export Licensing Requirements 147
How to Determine if You Need a Commerce Export License 147
What Are Your Exporting? 148
Where Are Your Exports Going? 149
Who Will Receive Your Export? 151
What Will Be the end-Use of Your Export? 152
Export Authorization 154
No License Required (NLR) 154
License 154
License Exception 154
Applying for an Export License 154
Export License Application Processing 155
License Status 155
How to Avoid Delays 155
Help with Export Administration Regulations 155
Basic Export Documents 156
Shipper's Export Declaration (SED or Form 7525-V) 157
Commercial Invoice 157
Certificate of Origin 157
CE Mark Requirements 157
Exporters Bill of Lading 157
Insurance Certificate 158
Export Packing List 158
Import License 158
Consular Invoice 158
Inspection Certificate 158
Dock Receipt and Warehouse Receipt 158
Destination Control Statement 159
Export License 159
Summary 160
Key Terms 161
Review Questions 162
Discussion Questions and Activities 163
References 164
Part III Importing into the United States 166
Chapter 6 Basics of Importing into the United States 168
Importing is a Privilege, Not a Right 170
Why Imports? 170
Risks to Importing 173
Reasons for Importing 174
The Market 175
Some Questions to Ask about the Market for an Imported Product 176
Conducting a S.W.O.T. Analysis 176
Locating Foreign Suppliers 180
Import Penetration 183
Importing E-Tailers and Retailers 185
The E-tailing Explosion 185
Sourcing Options for Retailers 185
Importing by Manufacturers 187
Domestic Production-Foreign Materials 189
Foreign Production-Domestic Materials 191
Manufacturer-owned Foreign Production 191
The Import Debate 191
Summary 196
Key Terms 197
Review Questions 198
Discussion Questions and Activities 198
References 199
Chapter 7 Entering the Import Business 200
Five Steps to Importing 204
Step 1 Determine Customs Classification 204
Step 2 Calculate Customs Quotas and Duties 207
Step 3 Find Out Special Customs Regulations 213
Step 4 Obtain Outside Agency Approvals 218
Step 5 Follow Sampling Procedures 218
Summary 219
Key Terms 220
Review Questions 221
Discussion Questions and Activities 222
References 223
Chapter 8 Navigating the Maze of Import Controls 224
History of U.S. Customs 229
Import Controls 229
U.S. Customs and Border Protection (CBP) 229
Import Procedures 240
Protest 246
Mail Shipments 246
Foreign Assets Control 247
Compliance Assessment and Measurement 247
Summary 248
Key Terms 249
Review Questions 249
Discussion Questions 250
References 251
Part IV Rewards and Challenges of Export-Import Trade 252
Chapter 9 Exporting America's Fashion Goods Around the World 254
Reasons for Exporting 256
Exporting by Entrepreneurs and Young Designers 259
Smaller Fashion Businesses 259
Tory Burch 260
Philip Lim 261
Exporting by Retailers 261
Lord Taylor 261
Macy's and Bloomingdale's 263
Saks, Incorporated 263
Wal-Mart 265
Exporting by Fashion Marketing Organizations 267
Abercrombie & Fitch 267
GUESS, Inc. 267
Estée Lauder Companies, Inc. 267
Levi Strauss & Co. 271
Nike, International 272
Williams-Sonoma, Incorporated 272
Exporting by Designers 277
Calvin Klein 277
Carolina Herrera 277
Marc Jacobs 277
Ralph Lauren 278
Summary 279
Key Terms 279
Review Questions 280
Discussion and Activities 280
References 281
Chapter 10 Getting Paid or Paying for Exports or Imports 282
Methods of Payment 290
Cash-in-Advance 291
Letters of Credit 292
Documentary Drafts 297
Open Account 298
Cosignment 298
Selecting Your Banker 302
Summary 304
Key Terms 305
Review Questions 306
Discussion Questions and Activities 306
References 307
Glossary 309
Credits 319
Index 323