International LOGISTICS and Trade INCO Terms. What are they?
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- Опубліковано 25 лип 2024
- Trent Morris explains what International Logistics and Trade are all about. Including INCO Terms.
And catches me out!
👇 TIMESTAMPS (in case you want to skip) 👇
0:00 Intro
0:44 International Trade
1:05 International Logistics
1:35 Incoterms
2:17 Fob & FiS
3:20 What are the other things people mistake about Incoterms?
5:16 Domestic transport and Insurance
7:57 Outro
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Very great video! I will definitely subscribe. I’ve just now started studying and this is all very new to me. I didn’t quite understand how the insure rules work between buyer, seller and how the incoterms relate, but maybe in the future when I’m better informed, I’ll understand! Thank you
Glad it helped!
A great video. Keep in mind that for Freight Collect shipments, the importer has cost and responsibility for insurance.
Great Insight!
I'm starting my degree in supply chain management next year and your videos are so informative, thank you.
My question is what opportunities are there for guys who have military experience especially in air supply?
Lots. Trent and I are both ex Military... Just make sure you back up your Military experience with good qualifications, like you are!
@@supplychainsecrets thank you for the motivation 😀
Hi. Thanks for your great video. Just have a quick question, If I use DDU incoterm for importing, how do I know when I need to pay tax etc? Does ACB contact to me when they finished inspection? I can see that my parcels are in Custom held for 2months, the seller says wait but I just can’t seat back and wait. Thanks.
I'm glad you enjoyed the video. Just to be clear you are using DDU for your imports? DDU hasn't been an incoterm since 2010. The International Chamber of Commerce replaced it with DAP (Delivered at Point).
That being said if you are still using DDU (or if you change to DAP), the buyer is responsible for transport, risk, and insurance to the agreed point of delivery, typically your DC. Often the shipper will also pay for the customs entry, but the buyer always pays for the duties and taxes as appropriate. Obviously this Incoterm is particularly beneficial when products are duty and/or tax free.
In your specific circumstance it can be annoying when there is a hold up, but there is no reason you can't reach out to your customs department (ABF in Australia) and ask for an update, as you are the legal owner of the goods in Australia. Be aware that becoming Trusted Trader can help speed up the process in future.
I hope that helps
Thanks Trent.
Very informative.
Glad it was helpful!
Hi, I just started a degree in logistics management and my question is. Do the incoterms get renewed every 10 years or do they always try to keep this up to date?
Hi Mathias, great question. Incoterms were first defined in 1936 and have been updated 9 times since then. I am not aware of any specific rule around when they are updated (although there may be), since 1980 however they have been updated every 10 years as you mentioned. However once again I believe it may be default rather than by rule.
What camera do you use
I'm not sure the Camera makes much difference! I'm really a novice at the technical stuff. But in the studio like this, I use a Canon XA20 and XA30. Both with Rode wireless mics. The B Camera just gives my editor a 'backup' if there are any problems with sound or vision. Outside I use an Olympus OMD5, or my phone sometimes when travelling. For interviews like this I've tried a 3 camera setup in the studio, but the space is really too tight. Need to move offices to get a bigger studio!
This video on another channel shows my setup: ua-cam.com/video/7VDxWHOZ_po/v-deo.html
Thanks mate, i love all of your videos.
Can we please have a full one of Inco Terms? Trent is great at this.
Can i get a job in logistics with accounting degree?!
You could, but some additional Supply Chain qualification or experience might help
My English not enough so I need to translate this video 😔
You can turn on translations.