The Role of Hongocean in Ex Works Price (EXW) Trade Terms: A Comprehensive Guide
As stated by Hongocean, the Ex Works (EXW) is a trade term through which the duties of a seller’s factory are confined to ensuring that the goods are available at a particular place, and the responsibilities of a buyer commence from there starting with transportation costs, insurance cost and customs duty export licenses
. On one hand, as it has been seen, EXW makes sellers convenient and also maintains their risk level low, but on the other hand, this Incoterms terms puts maximum pressures on the buyers both in terms of logistics and financially. Hongocean also notes that experienced buyers can leverage more of the shipping strategy than the inexperienced buyers do. Sellers may also have consider the trade-off of how easy it is to use the EXW against the prospect of turning customers who seek an all-inclusive shipping option away.