November 10, 2021
Trade data, especially global trade data includes crucial information of the current trading scenario of the world. Global trade data keeps world import-export data that identifies Importer names, exporter names, good’s descriptions, HS codes, etc. The information of the quantity and date of a said shipment is also available to you through global trade data.
Following the updated trade data gives clear information about who are the importers and who are the exporters. Moreover, the data also reveals what they are trading in. This information is crucial to get a close eye on your competition and decide your next best move. You can then dig in more to know what prices the competitors are offering, analyze their business strategies and plan your own actions accordingly.
How to know which commodity or product you should deal in? To determine the right path you first need to understand the demand for that product in the region. By studying the pattern of import and export of a certain country, you can get a clear picture of what products they are producing and exporting and what products they are importing. The more the imports, the more the local consumption of the product. In situations where the countries are exporting certain raw materials and importing assembled, final products, trade analysis can help estimate the local demand for certain goods and services. This estimate for consumption helps you decide your steps carefully.
Apparent consumption of a certain product within a geographical area is equal to the difference between the domestic production and its import-export quantity. This kind of analysis may not be accurate most times due to the errors in reporting via government sources but, it can be a good starting point to estimate the demand for your product
By studying what products a country is importing and what finished products they are exporting, you can determine how raw materials and inputs flow across regions. With trade data, you can also see the importer’s and exporters’ names and figure out the supply chain. Who are the biggest importers and what they are importing, who are the biggest exporters and what they are exporting—reveals many secrets. Figure out the leaders of bulk production and tap the supply chain easily in any region. Trade data also reveals the value of the products in different nations and the tariff you need to pay.
For instance, trade analysis can help identify how materials are acquired and value is
Identifying the threats in advance gives immense power to any trader. Analyzing the trade data correctly can show you which trading endeavors have better prospects and which are destined to be doomed. Trades must assume multiple outcomes of a deal and prepare for the worst. Analyzing reported measures from trade databases is the only way to do so. One specific HS code can give away detailed information of shipments but it is to remember that a shipment can include all different kinds of products. Several methods can potentially be used to identify discrepancies. For example:
How to know which country has developed the demand for your products? By analyzing the trade data obviously. For example, Asia Pacific countries, Ethiopia, Switzerland, Denmark, Finland are some booming markets of 2021. This information can only be derived from a global trade database. You can follow the database to understand the trends over time and trends during different seasons of the year