Foreign buyers can be described as any buyer that is organized under the laws of a jurisdiction other than the one in which seller is located.
It can also be define as any buyer that is not incorporated under the laws of the united states, any state thereof, or the district of columbia.
Non-residents foreigners accounted for 41 percent of foreign buyers while resident foreigners made up 59 percent.
There are three types of foreign trade namely;
The U.S Constitution through the commerce clause, gives congress exclusive power over trade activities between the states and with foreign trade within a state is regulated exclusively by the state themselves.
Foreign trade policies are government actions, especially tarrifs, import quotas, and export subsidues, designed to increase net exports by promoting exports or restricting imports.
Guides for exporting business in Nigeria
1.Do a research about the export businesses as well as the goods you plan to export.
2.Register your export business.
3.Search for foreign customers.
How to sell your products in USA
1.Register as a foreign for-profit corporation.
2.Register to collect and remit sales tax.
3.Set up your local fulfilment centre.
4.Send stock in bulk to the USA.
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Ways to find foreign buyers
1.Test the market with retailers such as Ebay, Amazon, and Etsy.
2.Google search for “Wholesalers of my product in Uk”.
3.Contact National Embassy.
4.Contact Chambers of commerce.
5.Find and Research facebook groups.
How to source for foreign buyers
1.Start with a good and in-depth online research.
2.Invest in your brand awareness.
3.Make the customers you have presently a number one priority.
4.Get familiar with the local market needs.
5.Start following embassies fairs and economic changes in the local market.
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6.Before you do anything, check import rejection laws and trade barriers.
7.Set up your own business
8.Build relationships and network on the ground in the export country.
9.Check whether you require a licence or permit to import certain goods.
10.Get familiar with demographics.
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11.Read industry blogs and forums.
When sourcing for foreign buyers, check your products, create your website, find partners to work with and establish a shipment method.
Have you had any encounter with foreign buyers?
Share your experiences in the comment box.
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