This document discusses the role of intermediaries in international trade. It notes that research has shown that only a fraction of firms directly export to foreign markets, while most use intermediary firms. Intermediaries act as a conduit between suppliers and consumers, taking on costs associated with relabeling, packaging, and distribution abroad. The share of exports handled by intermediaries is typically larger in countries that have smaller markets, higher trade costs, or higher costs of directly exporting. Intermediaries allow less productive firms to access export markets. They also tend to focus on individual countries rather than products.
Information technology in international businessDanish Shoukat
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5 Characteristics Of Successful Intermediary Organisationsikmediaries
Presentation by Catherine Fisher (IDS) on 5 characteristics of successful intermediary organsiations, given at the 3rd I-K-Mediary workshop in Brighton, November 2009.
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GBY EDITH OSTAPIK AND KEI-MU YIEdith Ostapik is a rese.docxbudbarber38650
G
BY EDITH OSTAPIK AND KEI-MU YI
Edith Ostapik
is a research
associate in the
Philadelphia
Fed’s Research
Department.
This article is
available free of
charge at www.
philadelphiafed.org/econ/br/index.
International Trade:
Why We Don’t Have More of It
Kei-Mu Yi is a
vice president
and economist
in the Research
Department of
the Philadelphia
Fed. He is also
head of the
department’s
Macroeconomics section.
1 Source: The World Bank’s World
Development Indicators (we use the world
export share of world GDP). Since world
exports = world imports, imports have risen by
the same amount.
2 Previous Business Review articles have
questioned the extent to which globalization
has taken place. The article by Janet Ceglowski
reviews research on barriers to international
trade. Examining another dimension of
globalization, Sylvain Leduc explores the lack
of international diversification of investment
portfolios.
3 They estimate an overall average increase
of 74 percent in the prices of goods in these
countries.
Globalization has many facets.
One of the most important is the enor-
mous increase in international trade.
Over the past 40 years, world exports
as a share of output have doubled to
almost 25 percent of world output.1
However, despite globalization and
the increasing share of output that is
exported and imported internationally,
economic evidence suggests that sig-
nificant barriers to international trade
still exist.2 We will summarize the lat-
est developments in the measurement
of international trade barriers, drawing
mainly from a recent comprehensive
survey on the subject by James Ander-
son and Eric van Wincoop. In their
lobalization has led to an enormous increase
in international trade. Over the past 40
years, world exports as a share of output have
doubled to almost 25 percent of world output.
However, despite this enormous increase, economic
evidence suggests that significant barriers to international
trade still exist. In this article, Edith Ostapik and Kei-Mu
Yi summarize the latest developments in the measurement
of international trade barriers.
survey, these authors report estimates
of the magnitudes of different catego-
ries of international trade costs. They
find that, on average, international
trade costs almost double the price of
goods in developed countries.3
The primary policy implication of
the existing research is that globaliza-
tion still has a long way to go, so that
there is still plenty of room for trade
to grow. Growth in trade will likely
occur primarily through technological
changes that reduce transportation or
communication costs or from long-
run policy choices, such as a national
currency or language. Reduction in
policy-related barriers, such as tariffs,
will also play a role.
WHY AND HOW TRADE COSTS
REDUCE TRADE
The core idea underlying the
benefits of international trade goes
back to Adam Smith and his famous
pin factory para.
Export Potential Map showcases results from the ITC export potential and diversification assessment methodology that spots:
1. Products, markets and suppliers with (untapped) export potential
2. Opportunities for export diversification.
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Chapter 8 & Chapter 9 of the TextbookSource Keegan, W. J., & GrJinElias52
Chapter 8 & Chapter 9 of the Textbook
Source: Keegan, W. J., & Green, M. C. (2020). Global marketing (10th ed.). Retrieved from https://www.vitalsource.com
8-1 Export Selling and Export Marketing: A Comparison
8-1 Compare and contrast export selling and export marketing.
To better understand importing and exporting, it is important to distinguish between export selling and export marketing. First, export selling does not involve tailoring the product, the price, or the promotional material to suit the requirements of global markets. Also, the only marketing mix element that differs is the “place”—that is, the country where the product is sold. The export selling approach may work for some products or services; for unique products with little or no international competition, such an approach is feasible. Similarly, companies new to exporting may initially experience success with selling. Even today, the managerial mind-set in many companies still favors export selling. However, as companies mature in the global marketplace or as new competitors enter the picture, export marketing becomes necessary.
Export marketing targets the customer in the context of the total market environment. The export marketer does not simply take the domestic product “as is” and sell it to international customers. Instead, to the export marketer, the product offered in the home market represents a starting point. This product is then modified as needed to meet the preferences of international target markets; for example, this is the approach the Chinese have adopted in the U.S. furniture market. Similarly, the export marketer sets prices to fit the marketing strategy and does not merely extend home-country pricing to the target market. Charges incurred in export preparation, transportation, and financing must be taken into account in determining prices. Finally, the export marketer adjusts strategies and plans for communication and distribution to fit the market. In other words, effective communication about product features or uses to buyers in different export markets may require creating brochures with different copy, photographs, or artwork. As the vice president of sales and marketing of one manufacturer noted, “We have to approach the international market with marketing literature as opposed to sales literature.”
Export marketing is the integrated marketing of goods and services that are destined for customers in international markets. Export marketing requires:
An understanding of the target market environment
The use of marketing research and identification of market potential
Decisions concerning product design, pricing, distribution channels, advertising, and communications—the marketing mix
After the research effort has zeroed in on potential markets, there is no substitute for a personal visit to size up the market firsthand and begin the development of an actual export-marketing program. A market visit should accomplish several ...
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A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
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Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
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Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
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Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
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Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
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Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
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What might I learn?
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Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
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HR recruiter services offer top talents to companies according to their specific needs. They handle all recruitment tasks from job posting to onboarding and help companies concentrate on their business growth. With their expertise and years of experience, they streamline the hiring process and save time and resources for the company.
2.
An intermediary is a fourth party that offers
intermediation services between two trading parties.
The intermediary acts as a conduit for goods or services
offered by a supplier to a consumer.
3. Intermediaries in international trade
Research using firm-level data has uncovered that only a fraction of firm
directly export products to foreign markets.
Mostly, they use intermediary firms that have been especially pervasive in
developing economies, particularly in Asia.
The prominence of intermediaries appears in aggregate trade statistics;
For example, in the U.S., wholesale and retail firms account for approximately 11
and 24 percent of exports and imports.
4.
In the early 1980s, three hundred trading (non-manufacturing)
Japanese firms accounted for 80 percent of Japanese trade
(Rossman,1984).
Li and Fung, the 100-year-old trading company, is a
prominent example of an intermediary that connects clients
with thousands of apparel suppliers in low-wage countries.
In China today 22 percent of Chinese exports are handled by
Chinese intermediaries.
Why Forms export their products using
intermediaries?
5. Intermediation technology
Manufacturing Firm can choose between direct and indirect
export modes to each market. A Firm can directly reach
foreign customers by incurring a Fixed cost and variable trade
cost.
Firms that use the intermediary sector incur a one-time
global fixed cost that provides indirect access to all markets
which allows firms to save on market-specific bilateral fixed costs.
The disadvantage is that intermediation results in higher
marginal costs of foreign distribution which raises the price to
foreign consumers.
Analogically, this new entry margin creates a third type of Firms: an
indirect exporter.
6.
The intermediary sector as perfectly competitive
sector with (homogeneous)intermediary firms that
export on behalf of the manufacturers. Intermediaries
purchase varieties from manufacturers at the same
price as domestic consumers (there is no price
discrimination) and incur an additional marginal cost
of selling these varieties abroad.
Additional marginal cost captures re-labeling,
packaging and other per-unit costs associated with
taking the title of varieties from the manufacturers.
7. All
else equal, the share of exports
through intermediaries is larger in
countries with
(i) smaller market size,
(ii) higher variable trade costs, or
(iii) higher fixed costs of exporting.
8. Markets
with higher
bilateral variable trade
cost or smaller market
size have higher
indirect export shares
Figure 2 shows
how indirect exports vary with bilateral
variable trade cost or market size.
9. Alternatively, firms can choose to export their
varieties indirectly by relying the intermediary
sector.
1) Firms of intermediate levels of productivity use
intermediation while the most productive firms
directly reach foreign consumers
2) Exports by intermediaries will be more
expensive
3) Countries that are more difficult to access
because of higher trade costs or smaller market
sizes will have relatively more intermediated trade.
10. However,
the intermediation technology
benefits less productive firms.
The presence of intermediaries provides a
mechanism by which firms can access the
export market even if they are not quite
productive enough to establish their own
distribution network.
11.
This simple extension has important aggregate
implications.
The share of exports handled by intermediary firms
increases with variable and fixed costs of exporting
and decreases with market size.
The reason is that firms need to possess higher levels of
productivity to overcome smaller profits from direct
exports. When barriers to trade are large, a larger
fraction of less-productive (e.g., small) firms use
intermediaries to export.
The share of aggregate exports handled by
intermediaries therefore increases with the difficulty of
accessing destination markets.
12. Why Firms may need
intermediaries to reach
foreign markets.
Intermediary Firms have a relative "country" focus
while Firms that engage in direct exporting
appear to have a relative "product" focus.
That is, intermediary Firms send relatively more
products per country while direct exporters
behave in an opposite manner.
Indirect export shares correlate with market
characteristics. Countries that are more distant,
smaller in size, and require more documents for
importing (a measure of Fixed costs of trade)
receive a larger fraction of exports through
Chinese intermediaries.
13.
Intermediaries may help expand the
extensive margin of trade. It seems plausible
that once small Firms export indirectly by
using intermediary services, they could switch
to interacting directly with their foreign
clients.
Firms that use intermediaries could become
direct exporters more easily in subsequent
periods.
14. Why intermediaries arise in an
economy?
facilitating
matching of buyers and sellers
mitigating adverse selection by acting as
guarantees of quality