Assignment on Export import Practices of Linmark

Introduction

Bangladesh has attained a level of macro economic stability with a GDP growth of 5.5%, a satisfactory export growth. In 1972-73 an amount of US $ 348.00 million was earned by exporting only 29 items in 67 countries. But now in 2004-2005, our export earning amounted to US $ 8.65 billion and numbers of exportable items are about 160, which were exported to 186 countries of the world. It is now increasingly recognized that our economic development mainly depends on the accelerated development of country’s export base and foreign investment.

Government initiatives on export development were focused on expansion of non-traditional export and policy support. As a measure of broaden the export base, the government has identified a number of non-traditional items having high export potentials for its further development. In the export policy 2003-2006, these are grouped under Highest Priority Sector consisting of software and ICT products, leather products, high priced ready made garments. In addition ten item such items such as pharmaceuticals products, cosmetics and toiletries, luggage and fashion goods, electronic products, C.R coil, cards and calendars, stationary products, silk cloths, handicrafts and herbal medicines identified ans potentials products have also been incorporated in the Special Development Sector in the present export policy. In order to develop the highest priority sector and special development sector.

To familiarize our products in different countries, export promotion Bureau (EPB) has organized single country exhibition/Trade shows in Moscow, Yangon, Paris, Toronto, Sydney, Milan, London, and Katmandu during 2003-2005.

EPB has maintaining close working relationship with different international agencies like world bank UNDP, European Union, Trade fair office of Canada (TFOC), SIPPO Switzerland, GTZ of Germany etc. for marketing and technical coloration. Recently EPB has jointly organized a seminar in collaboration with TFOC regarding marketing prospect in Canada.

Export import Practices of Linmark

Overview of the organization (Linmark)

Linmark is one of the pioneer buying houses. This company has established in 1940 in Hong Kong and in 1987 started their operation in Bangladesh. Their employee number is 67.Their corporate office address is Linmark International Bangladesh Ltd., Landmark (12th Floor) 12/14, Gulshan north C/A, Gulshan-2, Dhaka-1212, Bangladesh.

This Company is listed on the Stock Exchange of Hong Kong Limited in May 2002, is a one-stop global sourcing agent. With presence in 29 cities in 20 countries and territories, the Group offers comprehensive and efficient sourcing solutions to its customers, the majority of whom are leading retail chain operators, well-known brands, wholesalers, mail order houses and departments stores in North America, Europe, Asia and Africa.

Mr. Steven Feniger is the CEO of this vast organization.

The short answer is in lots of different ways depending on our customer who are located around the globe: Canada, the USA, UK, Europe, across Asia, in South Africa and down under in Australia. They all need help sourcing product and with the development of lines for their different markets. They also need on-time delivery.

Lots of product is sourced in China although not exclusively. We source in India, Pakistan, Bangladesh, Thailand, Vietnam and Indonesia to name a few, also.

Our current customers are department stores, retailers, mail order catalogue and brands. Like you they all want to increase market share and brand recognition, engage their customers and differentiate themselves from competitors to win incremental sales.

At the heart of Linmark’s success is its team of dedicated professionals. Strength lines in diversity, with our team having local and multi-cultural talent to provide specialists with exemplary customer service skills.

The international designers in our product development team (PD) are armed with the latest market intelligence, from accessories to hardware to high fashion. They combine youthful innovation with niche knowledge to create just the right attitude when working alongside clients to get exceptional results.

Linmark services are specially tailored to individual needs. Our objective is to provide customers with a seamless extension to their own business operation.

Linmark’s reach covers the globe. Fanning out from factory floors to distribution points and sales outlets, our dedicated staff in over 30+ cities, backed by the latest technology, provide the human links in the supply chain across more than 20 countries and territories.

Export country

Linmark exports in many countries like USA, Canada, UK, France, Belgium, Spain, Turkey, Holland etc.

Export Product

Garments sector like men’s wear, women’s wear and kids wear etc.

Export quantity

No particular quantity is mentioned it depends on the buyers order.

 

Export amount

In 2007-2008 the organization exported about (40 to 50 million US dollar per year)

Export procedure

Basically Linmark follow F.O.B for exporting our product.

 

Export limitations

Basically being Linmark is the buying house so the organization has to act as a broker firm. If the manufacturer defaults the shipment date then there is the chance to loose the certain percentage of commission but the manufacturer have to loose a huge amount of money. Sometimes due to political instability, strike their regular activities are hindered. Lengthy process of customs, container jam in the port and corruption of the administrative level the manufacturer’s cost has increased for that they have not ordered to buying house, as a result the buying house have also compensated.

Recommendation & Conclusion

  1. Skilled manpower should be involved as Linmark can negotiate with the government and legislation.
  2. Linmark should formulate such a time schedule as the manufacturer can not fail the shipment date due to the continuer jam.
  3. The buying house should build a good relationship with the clearing and forwarding agent, as they can give priority to the organization when continuer jam occurred.
  4.  The organization can insist the Government to take initiative as the exporting organization can not fall in the corruption activities.

Bangladesh is one of the least development countries in the world. To familiarize a product in different countries depends on the exporting of their home products. Government initiatives on export development were focused on expansion of non-traditional export and policy support. It is now increasingly recognized that our economic development mainly depends on the accelerated development of country’s export base and foreign investment.

References

 

 1. Ahammed, Faisal (2006), Lecture Module of MKT 457: Export Import Management, School of Business Studies Southeast University, pp: 26–27

 2. www.linmark.com (downloaded on 23rd July, 2007)

 

Appendix

1. Visiting card

2. Questionnaire

3. Attachment of photos

 

Questionnaire

 

1. In which countries your export product?

Ans: We export in many countries like USA, Canada, UK, France, Belgium, Spain, Turkey, Holland etc.

2. What types of product you export?

Ans. Garments sector like men’s wear, women’s wear and kids wear etc.

3. What is the amount of your exporting product in monetary value?

Ans. In 2007-2008 we exported about (40 to 50 million US dollar per year)

4. Which procedure you follow for your exporting product?

Ans. basically we follow F.O.B for exporting our product.

5. Which kinds of freight you use to export your product?

Ans. Generally we use ocean freight for exporting product.

 6. Which ocean freight you used to exporting product?

Ans. (Both FCL and LCL) for exporting product.