Global trade is defined as the flow of products from business to business through bilateral trade agreements and services across international boundaries. It is made successful through various trade finance mechanisms like trade credit insurance, supply chain finance, and other worldwide facilities. (Image Source: Pixabay)
International trading is a vast system and requires you to understand the global trade data on a macro level. This data has records of global import-export data, trade movement of firms, product specifications, and shipment data.
By adequately examining this data, you can make better business strategies to expand your business and generate massive revenues.
Importance Of Global Trade Data For A Business
The global import-export data provides valuable insights into potential buyers and suppliers. This information gained is used to make strategic business plans and guide you to predict future trends.
Image Source: pixabay.com
Import and export data can have several beneficial co-relations which can help you to track every global movement, as mentioned below:
1. Supply Chain
Making a product involves several stages, from refining to manufacturing, assembling, to final product testing. The raw materials are exported or imported depending on their domestic prices, taxes implied as per the laws, the demand of that product in the country, and many other factors.
There is a direct correlation between the availability of raw material and the additional import charges applied.
For example, manufacturing a car involves various intermediate steps like importing or exporting raw materials, shipping sub-parts, transportation of finalized products, and many others. According to the availability of machinery and advanced technologies, each step is carried out in different parts of the world.
Completing the manufacturing process involves various additional charges that the government or organizations apply for import and export services.
Therefore, analysis of import-export data helps you choose the right place to buy raw materials and the profitable market for selling your finalized product, thus, regulating the supply chain.
2. Shipment Data
Shipment data provides valuable insights into the products exported or imported by a company in a year or so. It is considered a crucial method for importers and exporters to grow their respective businesses, understand market competition and gain insights regarding their profit margins.
For example, if a company wants to find competitive buyers for its product. By looking at the import export data, they can analyze which country has imported their product the most and for what period.
This data can help you have an overview of the market trend of your product globally and know the full business potential of the country. Therefore, you need to have a detailed view of each shipment and have an exact idea of the documents required for export and other shipment records.
3. Product Value
After reaching the final state, the product still needs to go through specific analysis. It is necessary to find a viable market for your product for you to gain maximum profit. A price has to be decided and delivered to the areas with most customers available.
For example, if you want to find the right market for your product, say headphones. You need to analyse the target audience and see in what place the product is in high demand.
Leverage Import-Export Data To Expand Your Business
Businesses must understand the pure potential of analyzing import-export data and the wonders it can do to your trades. It depends on how you wish to reflect the beneficial impact of this analysis in your business plans.
Several professional platforms provide genuine import-export data, real-time shipment intel and make it easier to understand the global market. For collecting global trade data, you need to submit a copy of documents required for export and import for authentication purposes (of your business). Trademo Intel is one such tool that helps you gather all this data easily and quickly.