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Overview of updates from December 7, 2022

Foreign economic activity: import and export

Evaluate the international markets of your counterparties. Find new import or export partners.

Information blog from December 7, 2022

Foreign economic activity: import and export

Evaluate the international markets of your counterparties. Find new import or export partners.

VED analytics in Basis

Sanctions, geopolitical instability and other global events have affected the activities of exporters and importers. Accustomed sales channels have been disrupted. Delays in deliveries have become more frequent. All this has forced some companies to look for ways out of this situation, and others to carefully check and evaluate the activities of their counterparties in the country and abroad.

Since March 30, 2022, the principle of parallel imports (similar to the United States, Canada, Great Britain, Brazil, and Turkey) has been in effect in Russia. It will be extended until the end of 2023. This means that it is allowed to import goods into the country without the consent of the manufacturer or rights holder. Previously, manufacturing companies sold goods to official distributors in Russia.

Now local organizations can purchase goods not in Russia, but from foreign companies that have purchased from manufacturers themselves. Imports can go both from the producing country and through third countries. Perhaps this will help stabilize the business and expand areas of activity for small businesses in Russia. To stabilize a company quickly, you need more data to analyze and select a reliable importer or exporter.

We have collected information on the foreign trade activities of domestic companies since 2006 in Seldon.Basis.

Analysis of the type of economic activity is necessary for companies in order to maximize the success of the purchase and sale of goods in the Russian Federation and assess the risks. The analysis allows to:

  • Determine the current financial and economic activity of the company as an importer to European countries and countries of parallel import
  • Identify the company's partner opportunities for parallel imports
  • Create a competitive image of the importer market
  • Save time and costs for building new logistics chains
  • Eliminate the risks of counterfeiting and fakes
  • Get rid of one-time deliveries and search for new counterparties

Data on type of economic activity in company profile

The data is located in the "Trade Activity" tab in the company page. Seldon.Basis collects data on exports according to the REC and PWI. So you can find out whether the company is in the Russian export catalog, whether there is information on the Portal of the foreign economic information, and also about export/import of the company based on research. More advanced data on economic activity type will allow you to form an image of the company's activity as an importer or exporter. Also, information on products is collected at once based on commodity list codes.

The TN VED classifier is a commodity nomenclature of foreign economic activity. It is designed to simplify the registration of declarations of conformity and certificates for goods that are imported or exported from countries. The commodity code indicated in the declaration and certificate must correspond exactly to the classifier.

Within each tab, the data is grouped by year. This information allows you to find companies that are in the foreign market permanently or occasionally. Analyze procurement history and identify companies that import goods only for the needs of their organization or have many years of experience in the foreign market. This is how you build a long-term supply chain.

VED data in filters

In the filters you can also choose the format of the activity and the countries with which the company interacts:

The TN VED classifier is also in the filters. By the code or name of the goods you can find potential partners and save on the customs brokers who help to fill in declarations and certificates for foreign economic activity.

About the "Certificates and Declarations" section

To make sure the quality and safety of the products are up to the standards, use the "Certificates and Declarations" section. Pay attention to the status of the document and the term of the contract. If the company has been in the market for many years and imports/exports are regular, then the company's documents will always be up-to-date. As a rule, it takes assets to keep the documents up to date. Such clients are always solvent.

Information is key!
Seldon.Basis Team