Significance of Foreign Trade Data in Business Trading: Expert Guide

Happily Trade October 4, 2021

Foreign trade data is the starting point to get details about the potential buyers and sellers before you start to indulge in international business trading. Importers can check the suitability of a prospective seller and sellers can check the portfolios of buyers. The data contains detailed information about international trade around the globe revealing the economic health of a country.

Foreign Trade Data by global market research companies provides detailed information about commodity names, importer and exporter names, addresses, the volume of shipment, origin country and timings. Everything you need to know and consider for your business trading.

Here are 5 Top Reasons You Must Access Foreign Trade Data:

1. Get Familiar With Customs Regulations

Every country has different regulations about imports and export. They vary for different commodities and it is not wise for any trader to jump before considering them. This also includes tariffs and taxes. Considering these regulations, you can decide for yourself if the particular product can compete with the local market. Plus, it’s always better to be prepared than to have your products canceled at customs.
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2. Get To Know The Market Opportunities Of a Commodity or Product

Foreign trade data gives detailed information about the imports and exports of a country. This data can then determine the consumption of that country. Some countries have more opportunities for clothes, some have more opportunities for grains and so on. Being an international trader means being aware of the global business environment. Up-to-date information on foreign trade gives a clear knowledge of what the countries are importing and exporting, what is the local consumption capacity, and which product has more demand and where.

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3. Analyze the Competition

The foreign trade data also reveals the biggest traders and the importers and exporters. The importers’ and exporters’ names give you prior opportunities to measure the field. You can then dig in more to know what prices they are offering, analyze their business strategies and plan your own actions accordingly.

4. Analysis of Trends Over Time

The demand for woolen clothes may not be the same over the year. Some countries will have more demand for cotton clothes around the year and some may demand different clothing items in different seasons. Understanding this trend is crucial to trade internationally. Foreign trade data gives you direct access to the exact information you need to analyze and understand the trends in different countries at different times.

5. Discover New Markets

Developing countries around the world become the new market opportunities for traders. But how to know which country has developed the demand for your products? Business trading is risky and marketers must keep searching for new markets. For example, Asia Pacific countries, Ethiopia, Switzerland, Denmark, Finland are some booming markets of 2021. This information can only be derived from a global import export trade database. Globalization has made the world more accessible and opens new doors for traders. However, based on just news you cant take a risk. Traders need solid data to act on and safeguard their businesses.

Take a look at the foreign trade data provided by the enriched global import trade database of Happily tradingexim to make your business trading a success. Our up-to-date data minimizes the risks and our expert consultants can guide you to analyze the data for better results. Contact now!

 

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