1. Understanding your export market
If you've identified an opportunity overseas, having an in-depth understanding of your market will help you decide whether exporting your product is a good idea.
Take a closer look at the market - how big is the opportunity? Are there any competitors and what will customers be willing to pay? Comprehensive market research is a key step to deciding whether exporting is viable.
You should also see if any prohibitive trade embargoes or sanctions are in place. Read more about how sanctions may impact your transactions. Socio-political unrest or ongoing economic instability could make exporting more of a risk. Legal requirements, such as liability insurance and complying with local regulations, should be considered too.
2. Getting access to your market
Being able to deliver and sell your product thousands of kilometres away requires a network of partners - from banking to shipping to distribution. Finding the right partners to work with is essential, because a smooth supply line will invariably lead to cost benefits.
Nothing beats visiting the market you plan to export to, so you can see for yourself the infrastructure, roads, customs, logistics and other obstacles that your product will have to negotiate. There are also a number of Kiwi organisations who can help you understand your shipping and distribution options, as well as help you follow best practice and avoid exporting pitfalls.
Helpful resources
- New Zealand Trade & Enterprise (NZTE) is the government's international business development agency, offering a helpful step-by-step guide to getting started with exporting
- New Zealand Export Credit Office offers a range of financial solutions which can help Kiwi exporters secure export sales, manage risk and access trade finance
- Export New Zealand, known as the 'voice of exporters', is a supportive network of like-minded business people, who can share trading experiences and provide helpful contacts
3. Being fit for exporting
Exporting overseas can create new logistical and financial challenges for any business, so it's worth answering a few questions to see if your business is in shape to begin exporting its products.
4. Customs restrictions
Check that there are no restrictions or special tariffs on your goods, and confirm which countries your goods will travel through. You also need to decide who will lodge the paperwork with customs (usually the exporter). Both New Zealand Customs and the Ministry of Foreign Affairs and Trade (MFAT) can provide information on tariffs, duties and free trade agreements.
Plan for delays and unforeseen circumstances, as these can happen; having a contingency plan in place will ensure you can meet your contractual obligations.
5. Managing risk
Exporting overseas can create payment, transportation and exchange rate risks. There are a range of products and tools available to help protect your business, should problems arise, these include:
Next steps
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This page is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and should not be relied on. This information has been prepared without considering your objectives, financial situation or needs. We recommend you seek independent professional advice and contact Inland Revenue before acting on this information.