By Chris Kahan, Business Development Manager, Descartes Datamyne
The recent ICPA Fall Conference in San Antonio, Texas, covered a range of important international trade compliance topics but it was the session on anti-dumping and countervailing duties that attracted some of the bigger crowds.
The session emphasized that companies need to undertake proper research into their suppliers to mitigate the risk of incurring additional levies that could disrupt their supply chain. Such due diligence would involve examining competitive import and export trade information. Read on for more details on how to do this research.
Key Takeaways
- The ICPA Fall Conference helps trade compliance professionals keep pace with regulatory requirements and trends.
- The 2023 event attracted more than 350 people from some 285 companies.
- Examining competitive import/export trade data mitigates the risk of incurring anti-dumping and countervailing duties.
- Leveraging competitive trade information consists of comparative analysis by country of origin, market analysis by product/HTS and supplier/buyer research.
- Uncovering cases of unfair trade practices can level the playing field.
About the ICPA Fall Conference
The annual event is popular among trade compliance professionals wanting to stay abreast of regulatory requirements, trends, and best practices. This year was no exception as the conference attracted more than 350 attendees from 285 companies, including Wayfair, UPS, Subaru, Honda, Olympus, 3M, KPMG, and PwC.
The conference has three session tracks – import, export, and general – running simultaneously and covering all aspects of international compliance.
Descartes Systems Group, an ICPA member, was present and taking part in the vendor exhibition.
Descartes’ Maxwell Elias, Chris Kahan, Ted Rowe, and Tim Dysarz at the ICPA Fall Conference.
Anti-dumping and countervailing duties
In today’s global economy, there are instances where some countries employ unfair trade practices. Organizations wanting to steer clear of trouble can utilize competitive import/export trade information to reduce the risk of engaging with countries and businesses that make use of questionable business tactics.
What are Anti-Dumping Measures?
Anti-dumping measures are imposed when foreign goods are sold in a country at lower prices compared to the market value or the price at which the goods are sold in the exporting country. Anti-dumping duties are meant to protect industries from unfair competition and maintain a level playing field in international trade. See also What are Anti-dumping and Countervailing Duties.
Importance of competitive import/export trade information
Competitive import/export trade information provides businesses with in-depth trade insight by analyzing players, pricing and key trends related to Products/ HTS. Companies can even identify potential cases of anti-dumping and excessive duties by accessing competitive import/export trade information data.
Businesses can quickly identify anomalies in pricing trends and volumes of specific goods and players involved. Any significant discrepancies found may indicate potential anti-dumping measures.
How organizations can leverage competitive trade information
Here are three ways in which organizations can use competitive trade information to spot suppliers that are undercutting the market by unfair means.
- Comparative Analysis by Country of Origin: Organizations can identify and compare import prices of specific goods from different countries along with the Supplier and Importer. If imports from one country consistently show lower prices compared to others, it could suggest possible dumping practices.
- Market Analysis by Product / HTS: Competitive trade data can be used to conduct a comprehensive analysis of an entire industry or a specific HTS code. By examining import and export volumes, prices, and market shares, businesses can ascertain if any unfair practices are affecting the entire industry or a specific sector.
- Supplier / Buyer Research: Utilize trade information to identify potential discrepancies between the export prices declared by exporters and the prices at which they sell those goods in their domestic market. Discrepancies may indicate attempts to circumvent anti-dumping measures.
In conclusion
By analyzing competitive trade data, companies can level the playing field to help identify potential cases of unfair trade practices. This, in turn, allows for the implementation of appropriate measures to protect domestic industries and foster fair competition in the global marketplace.
By actively monitoring international trade and utilizing available data, we can level the playing field to promote sustainable economic growth and stability for everyone.
How Descartes Datamyne can help
Descartes Datamyne delivers global trade data and intelligence with comprehensive, accurate, up to date import and export information, saving companies significant time in spotting supply and demand shifts, optimizing trade lanes, expanding into new markets, and identifying new buyers and suppliers. Datamyne provides competitive import/export information that enables organizations to reduce the risk of incurring anti-dumping and countervailing duties.
Datamyne features the world’s largest searchable trade database covering 230 markets across five continents. Gathered directly from official filings with customs agencies and trade ministries, including bills of lading, our data is detailed (down to company names and contact details), timely and authoritative.
Descartes software solutions include a landed cost tool to calculate the economic viability of importing from a range of markets. Our applications can also screen against multiple denied parties lists simultaneously to help ensure organizations are not doing business with entities named on official government watch lists.