Resources

Understanding trade finance and payments helps exporters turn opportunities into sales and get paid for those sales in full and on time.

There are four methods of payment in international trade:

• Open account
• Documentary collection
• Letters of credit
• Cash-in-advance

Each payment method contains varying levels of risk for the importer and exporter. An appropriate payment method must be chosen carefully to minimize the payment risk to the exporter while accommodating the needs of the importer.

In Virginia, 86% of businesses that engage in international trade depend on imports of intermediate goods for their operations. Virginia businesses that import intermediate goods generate $90 billion in output, $131 billion in economic activity, 550,000 jobs, add $58 billion to Virginia’s Gross State Product, and support $1.8 billion in revenues for the Commonwealth’s annual budget. On average, workers at these businesses earn $3,000 more per year.

This Guide to Supply Chain Management and Importing aims to curate directories of professional service providers, education opportunities, networking events, and online resources to assist Virginia businesses in optimizing their supply chains and importing. This report includes:

• The basics of importing, focusing on the essential role of imports, compliance, and foreign trade zones;
• A comprehensive list of conferences that focus on importing and supply chain logistics; and
• A guide to service providers that work in tandem with VEDP to help Virginia business with supply chain logistics and importing, including associations and organizations, educational resources inside and outside of Virginia, and logistics resources.

Download the Full Report Here