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With the fast-paced technological advancements, almost every business stands an opportunity to make their business visible to international markets. It could be via social media posts, your website or advertising services.

The global data centre liquid cooling market is expected to hit USD 7.8 billion by 2028, from USD 6.8 billion in 2023. That’s a whopping 24.4% CAGR throughout the forecast period (2023-2028).

Emerging tech trends continue transforming and shaping the global economy and international trade. The transformation lies in the technology’s ability to foster security, transparency, and inclusivity while importing and exporting to various destinations.

An importer of record (IOR) is essential when importing goods to foreign destinations. The IOR is responsible for ensuring a successful importation of goods from source to destination. There are various reasons as to why you may need an IOR when importing. One of the critical reasons importers opt for an IOR is seeking help with customs compliance.

Venturing into international trade calls for an understanding of technical terms such as tariffs, duties, and importers of record. Imagine what importing would be like if goods moved unrestricted from country to country! Think about insecurity, illicit trade, and all possible risks the world would face. These risks lay the foundation of trade barriers, tariffs, and duties.

The exporter of record (EOR) and importer of record (IOR) are vital entities in cross-border trade and if you are new in the global market, the terms can seemingly translate to the same thing.