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:
1.
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 (DGCI&S) that offer trade reports.
Other countries also have similar departments which release information of
imports and exports.
2.
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.
3.
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?
1.
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.
2.
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.
3.
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:
1.
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.
2.
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.
3.
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.
4.
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.