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To begin, there are several basic actions and rules that must be followed before engaging in international trade.
Proper international market research offers an indication of how to get started and target the proper market for your product.
Visualize the supply chain, understand the product market, determine company market share, and forecast future industry trends with reliable global trade data and helpful insights.
Access extensive customs data of exporters and discover new opportunities by filtering firms by seaport, airport, land port, origin nation, and more, as well as business size.
Identify new worldwide exporters and compare commodity prices that vary by country.
Find untapped trade locations and new market to help your company grow.
By accessing export data online, you may find relevant and alternative suppliers of your commodities as well as proactively monitor the shipping details of your rivals and existing partners.
How to choose the right market?
Collect data regarding the following factors:
- Total population and growth, How is the population distributed into targeted age groups?
- Climate and weather variations and their effects on the product or service offered.
- Shipping distances from the point of export, adequacy of shipping, packaging, unloading, and other local distribution networks.
- Government’s attitude towards export and the dismantling of quotas, tariffs, and other trade barriers
- Involvement of the government in private business transactions.
- Demographic Factors-
A. What is the age and gender of consumers?
B. Are cultural beliefs similar to those of the target countries?
C. Major local competitors.
D. Availability of similar products in the market