How To Use Global Trade Data To Expand Your Business Horizons?
Global trade data is a great stimulus for commuting international trade. As evident from the name itself, foreign trading deals with the worldwide exchange of services, commodities, capitals, and revenues irrespective of the international borders. But, this leaves us with the question, how does trade data fit into this picture?
Understanding Global Trade Data
World trade data is a curated quantitative detail-oriented statistics of economic relations between different countries. These trade data solutions specifically include trade policies, provides access to stats involving trade flows, tariff measures, non-tariff measures, value-added trade insights, etc.
This is further extended to include:
- Bound rates and applied rates statistics that WTO members fix.
- Global value chains (VGC) database
- Trade policies insights and related economic treaties
- Merchandise trade and customs duties levied
- I-TIP goods information
- Import and export service sector insights
- Goods descriptions
- Importer and exporters’ list
- HS codes
- Shipments and trade routes of origin and destination
- Infirmaries and warehousing of the imported-exported goods
Why Do Companies Need This Data?
Foreign trades are needed because domestic sales alone aren’t efficient to boost your business. You need extra support from foreign economies to sell your goods. Import-export trade data is the optimum utilization of the resources (trade details) available for scaled-up business.
Let’s try to understand it using a very basic instance. As we know, indigenous ethnic products have found a great market in cross-country trade. But did you know that the same item has minimal demand in their domestic economies? Yes, this is what importing and exporting do to your businesses.
They provide you with the potential markets, but the data further broadens your products’ reach all over. For example, simple goods or services can be transported across the globe and re-branded as custom goods, thus gaining a reputed name.
How Does Data Help In Expanding Trading Business?
After having a general idea about how global trade data functions, it’s time to understand how a booming business or even a new venture could benefit from the provided database. So without further ado, let’s delve in deep and discuss all the major ways trade insights help us in generating business opportunities:
Trade Data Can Be The Building Block Of Your Business Plan
A business plan to further expand your brand to domestic, state, or cross country boundaries is a gamble. This is because many factors like demography, demand, supply chain, storage, manufacturing, etc., are involved. Now, a company whose sole task is to produce and import-export goods won’t have the time to fetch data for all of these.
However, the trade data solutions providing companies could help a great deal in this area. Their database has all the statistics, graphics, and analytic percentages of risks and success rates. This verified data comes from a trusted source and is procured keeping the worldwide data chunks in mind. So, before moving ahead with your plan, make sure you have the correct data by your side.
Trade Data Can Help Fetch Potential Partnerships
The world may have shrunk metaphorically due to trade data availability and other info on the internet. However, it still is a wide and flaky place to find potential partners and invest in.
Mergers and acquisitions are not new in the import-export area, but with the help of correct data, you can find the right fit for your company. In addition, the databases offer an insight into the potential partner’s record, their global standing, and the type of business they deal with.
If all goes right as per the data, a legit proof of the companies’ name, you can move forward with a path-breaking partnership.
Trade Data Can Land You In Fresh Markets
Sometimes imported or exported goods need a new economy to widen their brand name. But without prior insights about the market or the ins and outs of their business, MO, you can’t move ahead. Data here again saves the day by giving you the much-needed info regarding everything you need.
You can get the overall cost of manufacturing, shipping, customs duties levied in that particular market, along with a full analysis of how to proceed forward with your product. You may not have had the right idea before, but trading in a foreign market becomes easier than expected after having this data.
Trade Data Powers Up Your Economy
Importing and exporting is a type of stimulus that boosts any national economy. With different companies making bilateral or multilateral trade agreements with your economy, the currency becomes stronger and stronger globally. The richer your economy, the better it is for you to find a better yielding market for your trade business as per the global trade data solutions.
Trade Data Can Help You Keep Up With The Competition
Lastly, the biggest advantage of employing trade data is that you get to keep your competition closer. Data provides analytic reports of what your competitors have been doing that favored them or cost a lot. Then, based on their research, you can move further with your five years business plan and improve your position in the global market.
You Too Can Utilize Global Trade Data
Every day zillions of trade data chunks are gathered all over the world. Foreign trades and marketplaces are working day and night to keep their economic health in the right state. Trade data surely has a huge say in determining the smooth flow of stats worldwide, thus keeping it all balanced.