02 Jun Talking International Trade: INCOTERMS
McPherson’s business and industry stakeholders understand how important international exports are to our city, county, and region. The latest report from a Brooking’s analysis of data shows that McPherson County’s export growth is 9.8% from 2008-2014; 3.5% higher than the GDP for the same period. International exporting supports roughly 2,157 of the 4,300 manufacturing jobs that are in McPherson County. International exporting has been profitable; it creates jobs and contributes to our vibrant community. MIDC wants to do all that it can to help our employers grow; both inside and outside the US border.
On Wednesday, June 1st, MIDC and their partners, Kansas Global offered more in-depth training on Incoterms, the internationally recognized standard for trade terminology. Attendees left with a better understanding of what Incoterms are, practical applications of these terms and they also received suggestions/best practices for use. These terms are meant to provide clear and concise communications between buyers and sellers; knowing how to use them properly can provide a clear strategic advantage and significantly reduce the company’s risk. Presenting on the topic was Mike Mahoney, Territory Development Manager for Bestway International. Bestway International offers international freight forwarding and custom brokerage services to businesses; they are the exclusive agent for Hellmann Worldwide Logistics.
Cindy Gumm, Accounting/Export Manager with Plastics Extrusion Machinery in McPherson said that this program was valuable to her because it refreshed her knowledge of Incoterms. She says it also gave her effective steps to consider when negotiating terms in international markets and to better determine her company’s risk management. She believes these tools will help them to continue to compete effectively in today’s ever-changing Global markets.
Ray Garvey, Export Manager for Moridge Mfg, in Moundridge says he was able to gain new insight into the important use of correct Incoterms in their sales contracts and shipping documents. He feels the information was useful and critical to any company no matter their exporting experience, beginner to advanced. Attendees all expressed their appreciation to MIDC for making these programs available to local businesses at no cost to them. ” Typically we have to drive as far as Salina or Kansas City to obtain the same level of information that was provided over a lunch hour right here in our County. To make this information free and available to local businesses at a convenient location shows a strong commitment from local government to support business growth through exporting,” commented Garvey.
This session was the 2nd of 5 scheduled learning opportunities designed to increase the savviness of McPherson’s industrial employers in international exporting. Back in January, MIDC and Kansas Global offered a program designed to help McPherson businesses learn more about the resources available to help develop and execute a well-designed exporting plan. Attendees learned just how profitable a well designed, and a well-executed plan could be to businesses and, in turn, our local economy (read more).
The McPherson Industrial Development Company typically hosts a monthly “lunch & learn” on the first Wednesday of the month as a part of their industrial business retention program. The next program is scheduled to be July 6th, 2016 and will cover International Payments for Exports presenting at this meeting will be Sarah Braden, certified Global Business Professional. Braden is an International Trade Supervisor at INTRUST Bank, N.A. in Wichita, Kansas. She began her career in the International Department more than 10 years ago. While starting as the International Wire Clerk she presently focuses on international trade practice and policy. She serves on the Friends University – Master of Global Leadership and Management Program Advisory Board and is a member of the World Trade Council of Wichita. Sarah graduated in 2002 from Wichita State University with a BS in Business Administration, majoring in international business and economics.
The learning objectives of her presentation will be announced in our June newsletter.
More information on this program and the opportunity to RSVP will be sent out in June’s MIDC newsletter or you can RSVP here today.