Foreign Trade Inquiry Process and Precautions

foreign tradeInquiry in foreign trade is an important step. It refers to the act of an importer or exporter asking the other party about specific transaction conditions such as the price, quality, quantity, delivery time, and payment method of a certain commodity when considering importing or exporting it. The following are some main contents and precautions regarding inquiries in foreign trade:

Purpose of Inquiry:
— Determine the market price for cost and profit analysis.
— Evaluate the reputation and capabilities of suppliers or buyers.
— Understand the market supply - demand situation and competitive landscape.

Ways of Inquiry:
Written Inquiry:It includes traditional letters, telegrams, as well as modern emails, online platforms, etc.
Oral Inquiry:Conducted through phone calls or face - to - face conversations.
Participate in Exhibitions or Trade Fairs: At exhibitions or trade fairs, one can directly talk to suppliers or buyers to understand products and prices.

Contents of Inquiry Sheet:
The inquiry sheet is a written record of the inquiry and usually should include the following contents:
— Detailed description, specifications, and quantity of the commodity.
— Expected delivery date and place.
— Payment terms and methods.
— Requirements for transportation and packaging.
— Validity period of the inquiry.

Precautions:
Ensure Clarity and Definiteness:When making an inquiry, clear and specific commodity descriptions and requirements should be provided to avoid misunderstandings.
Inquire from Multiple Parties:To obtain the most competitive prices and terms, it is advisable to inquire from multiple suppliers or buyers.
Principle of Good Faith:Avoid improper inquiry behaviors such as false inquiries and malicious price - pressing.
Timeliness:Market prices change over time, so inquiries should be made as close as possible to the actual transaction time.
Confidentiality:Inquiry information may involve business secrets, and attention should be paid to confidentiality.