When entering international trading environment it is crucial to gather the import export data. Small business that wants to export their products to another country or a professional trader, it is very important to have accurate information which will determine the success of the business.
In order to know market direction, to decide on the choice of partners, and to avoid competitors, it is necessary to possess the necessary data. But where do you look for this information and most importantly, how can you be assured that it is credible? Now let’s see how you can cope with these questions.
That leads to the adjustment of the question: Why do you need reliable data
Let’s suppose that you have already decided to export handloom products from the export hub of India. You have learned that there are prosperous markets for sustainable textiles in Europe but how do you know it?
Imagining might end up in losing your goods en-route or shipping your products to the wrong destination or at the wrong time. This is where import and export data comes in Import and Export data play this role by defining the relation and linking the two portals.
The right data will provide you information about which countries are the main buyers of handloom textiles, the amount of imports and the price level for such imports. Such insight is beneficial in making better decisions as you run your business.
Global import export data is usually collected from the following;
As it was mentioned above, there are numerous sources where to obtain import and export data, but not all of them may be of high quality. Here are some common methods people use:Here are some common methods people use:
- Government Websites: Most of the countries in the world offer the trade data through governmental websites. India for instance has the Directorate General of Commercial Intelligence and Statistics (DGCIS) that offer trade reports. Other countries also have similar departments which release information of imports and exports.
- Trade Associations: They usually print documents such as reports on particular markets or on specific commodities. Some of the data which are collected through such organizations may not be easily accessed from other sources as they collect data from the members.
- Commercial Data Providers: It is where platforms such as Siomex assumes its role to play. Siomex is an importexport data provider company that gathers information from different sources and present in an easy way. As opposed to government reports which may sometimes be very complex and time consuming, Siomex eases the maneuver and presents to you what you need to know.
To that effect, the following are different ways of determining the reliability of data:
So if you have data at your disposal do not assume that it is credible. Well then, how do you make certain that the information that you are employing is reliable and updated?
- Check the Source: To this end, it is always important to learn where the data is originating from. Is this from a government agency for real, a reputable trade association or possibly from the real commercial provider of Siomex? This means that where the data is coming from an unverified source then it may not be good data.
- Look for Updates: It is significant to point out that the sphere of trades is in the state of constant dynamics. It goes without saying that the information obtained several years ago may be completely inadequate now. Another thing to consider is that the data being accessed should be updated. Using a good platform such as Siomex will ensure that the information is of realtime or updated regularly.
- CrossCheck Information: Do not use only one source as the basis of your work. Whenever you come across a piece of data, try and compare it with another from another source in order to check its credibility. For instance, if there is a growing concern in export of cotton yarn to Japan, one has to verify this by using both the government’s data and the business portals such as Siomex among others.
How to utilize Import Export data into any entrepreneurial operation
But that is not where the story ends, it’s where it just starts; the availability of accurate data. You have to effectively understand how to apply it, as well, to have an upper hand in a competition. Here are a few ways businesses leverage importexport data:Here are a few ways businesses leverage importexport data:
- Identify New Markets: Data can also help the business owner if they are planning on expanding and want to know where to look. For instance if your business has to do with exporting handloom and cotton yarns from India, accurate information will reveal which country has the highest market base for the products. This insight assists to market more effectively because it gives out the location to focus on.
- Understand Competition: This way, using importexport data, you will be able to have clearer vision of your competitor. This way, one can be in a better position to position oneself since you will know who is importing similar products. For instance, if you realize that another firm has been exporting a voluminous amount of cotton yarn to a certain country, then one can check out where they did well and where he or she can gain a competitive edge.
- Price Your Products Competitively: The most important strategy in the international business is price strategy. With good information one is able to know the amount of export prices for other exporter’s markets. This enables one to shift price structure in order to be on the right end given the need to be profitable.
- Forecast Market Trends: Vital information on imports and exports may assist the business to prepare for changes in the market. For instance, suppose you make a realization that one country has gradually been importing more handloom textiles; you can predict that this phenomenon is likely to persist and plan your business strategies basing on this realization.
A Look At How Siomex Contributes to Society
Siomex is an easy to understand import-export data when it is could at times turn out to be quite a maze. Rather than update through reading government reports, or carry out analysis utilizing half ingots of data, Siomex is a one-stop-shop for up-to-date information. Whether you’re a small business or a large corporation, Siomex offers tools that help you: Whether you’re a small business or a large corporation, Siomex offers tools that help you:
Identify new trade opportunities
Understand market demand
Track your competition
One action plan to ensure that any break down is rectified is to stay compliant with trade regulations.
Due to the simple easy to use interface and reliable data Siomex has establish itself as a reputable web page for those business organizations which aim for the international expansion.
A Simple Example
Supposing you are an exporter of cotton yarn in India and you wish to start marketing your product in the middle eastern region. You have been though informed that demand is rising in the UAE but that is not enough you need facts. You go to Siomex where one can search for import data regarding cotton yarn in UAE very easily. You realize that not only is demand rising but supply is scarce – meaning that there are few suppliers. With this information, you can go into the market full prepared knowing that your product will be one that will be sought after.
Conclusion
Import and export data do not have to be a problem Let us now take a look at how we can find the reliable data. In the process of compiling the information that may be obtained from government websites, industry reports or from commercial channels such as Siomex, it is very essential to authenticate the source of the information as well as corroboration of the information. As a result, by using the right information, you can be in a position to make right and strategic decisions hence expand on the international markets. Thus, there is no need to struggle and look for the information on your own – with the help of platforms like Siomex, it will be possible to make this work significantly easier. Today, good and services cross national borders within minutes, thus fast and accurate information is the only tool you have.
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