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Shipping product or payments abroad can be a daunting proposition for first time Oklahoma exporters. Even established business relationships can face challenges when doing business from a distance should an international partner file for bankruptcy, run low on cash or fail to pay an invoice. Concerns about resolving these issues keep many Oklahoma exporters from exploring options outside the U.S., but there are resources to ensure that risks businesses take are covered should the worst happen.

Below are three options for insurance that help protect the investment that Oklahoma exporters make when doing business abroad.*

 

meridian-logoMeridian Finance Group – Over the past 20 years Meridian Finance Group has helped hundreds of companies increase their sales using accounts receivable insurance. All policies brokered by Meridian are backed by top-rated credit insurance companies. We offer policies from every underwriter, enabling us to quote the most competitive terms and premium rates in the market. More significant than Meridian’s ability to place coverage is the comprehensive support we provide to our customers.

 

 

 

EHEuler Hermes – Boasting itself as the world’s leading provider of trade credit insurance, Euler Hermes provides the insight and resources you need to manage, maximize and protect your receivables. When you initiate a business credit insurance policy, their experts analyze your customers’ creditworthiness and financial stability. We then assign them specific credit limits; these are the amounts we will indemnify if those insured customers fail to pay. Our underwriters are industry specialists who will work closely with you to deliver in-depth credit analysis and ongoing account monitoring to provide early warning of potential credit risks before they become a loss.

 

 

EXIMThe Export-Import Bank of the United States – If you’re a tax payer, you’re already invested! The EXIM Bank’s Export Credit Insurance empowers American exporters to safely offer competitive open account terms to international customers, while protecting against nonpayment. They offer policies featuring free credit analysis of foreign buyers, streamlined processing and no up-front costs: no advance premium, no first-loss deductible—nothing owed pre-shipment. You pay only for what you ship, after you ship it.

 

 

 

* The Oklahoma Governor’s International Team does not endorse the services of the above organizations.
(Photo credit to  Stan Shebs.

While the campaign trail has been littered with debates about the efficacy of free trade agreements, including the proposed Trans-Pacific Partnership, the details of these agreements are difficult to decipher for the average Oklahoman. Thanks to our partners at the U.S. Department of Commerce’s Oklahoma City office, the numbers and details of Oklahoma’s connections to TPP countries is visible.

Download

Download the infographic.

Some of the more interesting figures include:

  • 52 percent of Oklahoma’s goods exports went to TPP countries in 2014
  • 1,780 companies from Oklahoma exported goods to TPP countries in 2013 – 83 percent were small and medium sized companies

To learn more about the potential impact that the TPP will have on Oklahoma, click on the image for the full infographic. To learn more about the Oklahoma’s U.S. Export Assistance Center, get in touch with OKGIT member Marcus Verner.

 

From our friends at the U.S. Department of Trade…” How well do you know the Foreign Trade Regulations (FTR) and the Automated Export System (AES)? Do you have a transition plan to the ACE platform? Do you understand how to classify your commodities? This export compliance seminar is a one-day program bringing together experts from the U.S. Department of Commerce to provide training on export filing requirements.”

When and where:

  • Thursday, July 21, 2016
  • 8:15 AM – 5:00 PM (Registration / Breakfast at 7:30 AM; Lunch included)
  • Cost: $225/person
  • University of Miami School of Business, Storer Auditorium, 5250 University Drive, Miami, FL 33146

Oklahoma firms interested in manufacturing, exports, customs and compliance software will learn:

  • Regulations/filing requirements of the FTR
  • How to avoid common penalties and seizure of cargo
  • AESDirect transition to Automated Commercial Environment (ACE)
  • How to classify your product by Schedule B number and Export Control Classification Number (ECCN)
  • BIS export control requirements
  • Export enforcement
  • Identifying red flags
  • Best practices for maintaining compliance

On site will also be speakers and professionals from the U.S. Census Bureau’s branches of Commodity Analysis, Automated Export System, and Regulations as well as the Bureau of Industry and Security,customs and border Protection and the Department of Homeland Security.

For More Information and to Register visit: www.export.gov/florida/aes

Looking for overseas investment and trade opportunities? Why cross the ocean when you can head south to huge potential markets in the Americans?

Registration is now open for the U.S. Commercial Service and the South Florida District Export Council’s international business conference that will show U.S. businesses how to take advantage of established and emerging export opportunities in the Americas.

This event will provide participants up-to-date market intelligence and help develop practical strategies for exporting your goods and services into new markets.

Discover Global Markets: The Americas will feature high‐ranking U.S. government officials, visiting U.S. commercial diplomats and specialists posted at U.S. embassies abroad and international business leaders.

Discover Global Markets: The Americas also will provide opportunities to network with U.S. trade officials and diplomats, industry experts and other U.S. exporters.

Register by April 15 to qualify for a reduced “Early Bird” rate of $349. Registrations received after April 15 are $395 per person.

Shared via our resident New Jersey connection, OKGIT member George Lee of Red Devil Inc., these trade events and opportunities will be  hosted via our partners at the U.S. Commercial Service’s Northern New Jersey office in the coming month. Many of these are webinars, so no need to fly out to the Garden State!

Shared from our friends over at GlobalTrade.net, Oklahoma businesses have a ready and willing partner in commerce with the U.S.’ sixth largest trading partner, the Republic of South Korea.

Operating under a free trade agreement since 2012, the U.S.-South Korea relationship looks to grow as 95 percent of tariffs on American imports are expected to be eliminated by March 2017.

According to the latest GlobalTrade report, opportunities to contribute to the $114 billion in U.S.-South Korean trade relationship for American firms can be found int he agricultural product, general machinery and energy production sectors.

To read the full report from GlobalTrade.net, please click here.

An important notice from our partners at the U.S. Department of Commerce’s U.S. Commercial Service about an opportunity to meet with American commercial diplomats operating in more than a dozen overseas markets taking place in Dallas. Sign up today, as space is limited.

E-Commerce Strategies for Exporters

Dallas/Ft. Worth, TX
October 8-9, 2015

Explore the e-commerce and digital strategies most important to American product and service exporters. Pre-schedule one-on-one meetings with U.S. Commercial Diplomats from The Baltics, Brazil, Canada, China, Chile, Eastern Europe, European Union, France, Germany, Italy, Nigeria, The Nordics, Portugal, Singapore, South Africa, Spain, UAE, The United Kingdom.  For more information, visit http://export.gov/discoverglobalmarkets/ecommercestrategies/index.asp.