The international market gives a lot of opportunities for your import and export business. Several countries contribute to the global trade market and import export data bank products from and to foreign countries together fuel up the world economy.
Undoubtedly, the credit goes to the business strategies and the brains behind them, but Import Export Data Bank also play a vital role in the same. So let’s see how they drive this industry and how you can leverage this data to your profit.
What Is Trade Data And Trade Data Bank?
Trade data comprises data related to the shipments of a product or a service across national borders. This data consists of the bill of lading, shipper name, buyer’s name, destination country, origin country, supplier’s name, manufacturer’s name, amount of product, etc.
Every year millions of products are imported and exported across the national borders of a country. And all these shipments are recorded and tracked with the help of a source called the import export data bank.
With all the records related to any imported or exported shipments from a country noted in the import-export data bank, you can track and analyze them for your benefit. Often it also comprises confidential data associated with the movement of the goods.
Nevertheless, this data can be used as a great market analysis tool that gives trading solutions to the traders because such details are very useful for businesses trying to expand their reach.
Information That You Can Gather From An Import Export Data Bank
Having an in-depth analysis will benefit you a lot in several ways. Trade data provides you with the information that you can use to create a well-planned map for the road between your business and success.
1. Better Understanding Of Market
You can use the current trade patterns to understand the potential of the new export markets. In addition, you can learn about the expected future insights of the market where you either sell or are thinking of selling your product.
Import-export data by country will allow you to understand the supply chains of products and the demand of certain products and services in certain markets, along with the recent shifts in the movement of raw materials across the national borders.
2. Requirement Of Products In The Market
Import-export data by country also helps you know about the demand for products in a certain domestic market. With the help of this information, you can target your product into the market where it can meet the requirements of the people.
You can compare the exports to a certain country to understand the flow of goods. You can target these countries where products are similar to your trend in the market.
Conducting thorough research about the market and the products in the market that are similar to yours will help you to understand whether your product will be able to meet your expectations and whether it will survive in the market or not.
Again, a thorough analysis decreases your chances of facing risks involved in exporting and, therefore, will increase your profit margin.
3. Find Suppliers And Buyers
You can search for trade data related to products similar to yours with the help of an import-export data provider. Then, look for the suppliers or buyers of those products. After finding the client or supplier, you can reach out to them to introduce your product. This method helps you a lot in expanding your business.
If you are looking for manufacturers, then you can look for similar products in the market. After this, you can follow up on these products and find their point of origin and manufacturers. Finally, you can contact all such producers and understand who will be the best supplier for your business.
4. Learn About The Market Trends
The market trends keep on escalating with time. However, the information given by an import-export data provider will help you analyze the ongoing trends of the market. You can understand who the new or altered trade barriers of your country can affect your business. When you examine the trade data, you will be able to understand the changes in the market.
5. Analyze The Price Of Your Product
You can research similar products in the market and compare their prices. Doing thorough research will help you to know about what fee you should charge in such a way that it covers all the cost that has been involved in manufacturing and shipping your products along with a good percent of profit.
You can also look for the costs involved in introducing a product into the global market. This analysis will help you understand your budget and analyze the amount you should invest in your product. Therefore, setting up a price for your final product will also become a lot easier.
You can use the value and volume of products in an estimated number to roughly analyze the price of the exports and then compare them with your decided cost for the goods.
Where To Get Authentic And Real-Time Import Export Data Bank?
There are several trade data providers out there which help you in finding authentic and real-time updates on trade data. Trade data brings a lot of benefits to your business. Therefore, taking help from these B2B websites like Trademo will be highly beneficial.
These websites comprise a huge directory of trade data that you can use to analyze the market and trading environment of the business. Having a lot of authentic information has been observed to be highly useful during decision-making.