Opening Up New Markets Overseas

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1 Opening Up New Markets Overseas Simon Hayden, Interna>onal Trade Manager, Clydesdale and Yorkshire Bank Thought!! The UK represents less than 1% of your available market! When will the >me be right for you to grow interna>onally and how will you start?

2 What is an Exporter Concerned About GeMng Paid Cash Flow Trading Risk s True The world is a large place with many different markets and challenges but trading can be made profitably and risks minimised

3 Key Issues - Exporters Non Trade Specific Will I get paid? Who/where is the purchaser? What credit terms are they seeking? How can I get my goods back if payment is not received? Trade Specific Is there poli>cal risk in the country to whom I m selling? How will I be paid and on what basis? Foreign Exchange fluctua>ons. What bank finance op>ons are open to me, or what might be asked of me?

4 Interna>onal Considera>ons Credit terms Due to longer transport >mes it may be necessary to provide longer credit terms. (it takes about 45 days to transport goods to the Far East and only 2 hours to Leeds) Integrity and Credit standing of buyer What rela>onship do you have / Will they / can they pay? Country Risk How stable is the Countries economy? Are exchange controls in place? Is there a likelihood of sanc>ons? Are there any import restric>ons? Import duty / taxes / Licenses? Quan:ty Economically sales are made in full container loads. Is it viable to ship small orders. Funding The funding cycle for selling overseas can put strain on a companies banking facili>es. It can also increase costs. (suppliers paid before receipt of funds from the sale) Currency Movement in currency exchange rates can erode profit margins.

5 Interna>onal Risk Ladder Exporter Importer

6 Open Account Advantages Simplest way to trade. For low value transac>ons or Established / trusted trading rela>onships. Disadvantages No guarantee of payment. Buyer can withhold payment due to dispute in quality / quan>ty. Can prove difficult to sue for non- payment. May not be possible to recover goods if buyer refuses to take delivery. No transac>onal control

7 Documentary Collec>ons Advantages Documents only released against payment / acceptance. Ability to eliminate corporate risk through avalisa>on Possibility of funding through discoun>ng of avalised bills of exchange. Disadvantages No guarantee of payment. Overseas Corporate Risk if credit terms given. (unless bank availed) Buyer could refuse to take up goods. Transac>onal control but no payment control

8 Documentary Credits Advantages Guarantee of Payment (providing documents are in strict conformity to terms). Bank Risk. Ability to eliminate overseas Bank and Country Risk through Confirma>on. Possibility of funding through discount of acceptance Documentary and more payment control Disadvantages Cumbersome and >me consuming. Payment can be delayed if documents are discrepant. Cost.

9 Advance Payment Advantages Cash received before goods dispatched. Disadvantages May have to provide an advance payment guarantee. (Uses bank facili>es) Insis>ng on advance payment could make you uncompe>>ve.

10 Bonds and Guarantees Risks Easily called. Ties up bank facili>es. Difficult to cancel. May not be in control of all factors which could result in the bonds being called e.g. Third party suppliers may not deliver on >me or at all. Poor third party installers may leave you exposed.

11 Export Trade Cycle Order Received Goods shipped Goods delivered Payment due Await payment from debtor PRODUCTION AT SEA BUYER CREDIT Pre-Shipment Finance 1. Bank Debt (o/d etc) 2. Use Lc to raise finance Post Shipment Finance 1. Bank Debt (o/d etc) 2. L/C or Aval Bill Discount 3. Invoice Finance / Factoring Trade Cycle : Exporters

12 Trade Finance solu>ons Risk to eliminate buyer risk Credit Insurance Export LeDers of Credit - Sight & Term Cash Flow to eliminate bank/country risk Confirma:on offer credit/extended credit post shipment finance Export LC discoun:ng to assist cash flow and/or nego:a:ng credit from suppliers Transferable LC s & LeDers of Assignment Open a/c trade Invoice Finance

13 INCOterms

14 Incoterm, DDP over FOB - increased costs $ Invoice Value 50,000 (FOB value) Sea Freight 3,000 Marine Insurance 350 Inland Freight Import duty (5% general) (could be as high as 15% for protected items $7,500) Net Amount Received 900 2,500 $ 43,350 (13% less) (DDP value) Or worst case scenario you sell goods for 50,000 believing sale to be in GBP, however buyer pays AUD 50,000 and thus only pay 32,500.

15 Funding Gap GBP/AUD 90 day funding period Jan May PRODUCTION AT SEA BUYER CREDIT

16 Exporter based on our previous trade cycle- Example of adverse exchange rate movement. ABC Ltd quotes to supply goods for export to purchaser with a trade cycle of circa 100+ days from BOL Payment of Goods to be in AUD$ Time from order to payment is150 days Price quoted AUD$50,000 Sterling equivalent at >me of order 34,246 Sterling equivalent at >me of payment (150 days later) 31,055 Circa 10% reduc:on in profit due to exchange rate movements. CONSIDER HEDGING THIS CURRENCY POSITION

17 Which Box is right for you? Solu>on A, B or neither. Box A Box B Each trade deal can be unique in its make up therefore be wary of anyone offering a solu>on unless they have fully analysed the deal with you from start to finish and constructed a trade offering that best suits your circumstance.

18 Have a PLAN Construct a strategy as quickly as possible, s>ck to it and exercise it. CURRENCY Which currency is best for both par>es? Ensure you are both talking about the same currency. Will quo>ng in the buyers currency make you more compe>>ve? Take advice on hedging currency exposures. SHIPPING RESPONBILITY Be clear on who is responsible for what part of the transac>on INCOterms IMPACT on CASHFLOW What will you need to complete the job How will the length of the contract affect you companies cash flow requirements. METHOD of PAYMENT Vs value of Transac:on Leners of Credit, collec>ons, open account, advance payment Can you afford not to be paid aoer expor>ng your product?

19 UK UK Exports UK export shares (2012) United States Canada Australasia South Africa Japan 'Greater China' East Asia OPEC The United States accounts for 13.5% of total goods exports the largest single country. The Eurozone is our largest economic area des>na>on at almost 44% Source: Office for National Statistics, National Australia Bank Research Eurozone Other -EU Remainder Most other countries account for between 0.2% and 2% of the total with only five countries in total US, Germany, Netherlands, France and Ireland taking more than 5% of UK exports. 19

20 UK UK s main export markets 2013 (GBP millions) 1 United States 40, % 11 Switzerland 5, % 2 Germany 29, % 12 Sweden 5, % 3 Netherlands 25, % 13 Hong Kong 5, % 4 France 21, % 14 India 5, % 5 Ireland 18, % 15 South Korea 5, % 6 Belgium/Lux 14, % 16 Russia 5, % 7 China 12, % 17 Japan 4, % 8 Spain 8, % 18 Singapore 4, % 9 Italy 8, % 19 Australia 4, % 10 UAE 6, % 20 Turkey 4, % Source: ONS, NAB 20 Almost a quarter of all UK exports go to the US and Germany. The UK exports more to Ireland than China, Brazil and India combined. Less than 6% of all UK exports go to China and India. Brazil is not even amongst UK s top 20 export partners That said, if a UK manufacturer sells components to Audi, this counts as an export to Germany, even if the car is sold to China. In 2013 UK goods and services exports totalled 501bn.

21 UK UK s main export growth markets The top chart shows the impact of domestic austerity in the peripheral European countries on UK export growth. The PIGS are all at the right hand side showing very low or negative export growth. Poland and Turkey have shown the fastest growth over the period. Economic recovery in the Eurozone will clearly be beneficial for UK exporters. Globally, exports have risen fastest to China, South Korea, Russia and India. UK firms are responding positively to growth opportunities around the world.

22 Ques>ons?

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