How to Choose Products for Import-Export Business?
21 August 2020
When it comes to start an import-export business,
selecting a product is one of the major factors, like finding genuine buyers or
suppliers for your product. In order to accomplish success in these tasks, a
good research and authentic market intelligence data from a reliable source
like Export Genius are required. In
this article, we will learn about some effective sources from where you can
collect useful information that will help you in finding the best product for
importing or exporting.
How do you go about finding goods for trading across
international borders? You have five options:
1.
Travel
Abroad on an Import/Export Search Mission
Travelling abroad is one of the most delightful
options. It is not always practical always in terms of money or time or other
commitments you may have, such as your day job or family, but it’s not a must,
either, so don’t fret if you can’t manage
it. The positive thing is that you can view foreign products which you can
import in your country. And in the case of export, you can check what kind of
products foreign people use and check whether you have such products.
2.
Get Import-Export Data with Shipment Details
The most convenient and accurate but payable way to
find a product for importing or exporting is to buy import-export data with
shipment details from a reliable market intelligence source, which provide global trade data of various countries.
This will help you to know and understand the demand-supply chain of a
particular commodity or industry. For example, if you are importing into India
and finding a product, you must first analyze which commodities are imported by
India and from which foreign countries.
3.
Attend Global Trade Shows
Trade shows are a terrific way to meet foreign
manufacturers, distributors, importers and business representatives. These
shows are organized by foreign governments to showcase their own manufacturers
and their products. This will help you to choose the best product to import.
And in the case of export your product, you can analyze market of commodities
in foreign countries.
4.
Contact Foreign Embassies’ Trade Development Offices
You can also contact trade development offices located
in embassies for understanding international market of various commodities and
industries. Many countries and geographic regions sponsor offices where you can
find specific information on manufacturers and importers of everything from
toothpicks to truck tires to fur coats.
5.
Track Down Leads on Internet and in Trade Publications
You can also access Internet and trade publications
from where you can collect information about market picture of traded products
and industries. Government websites, market search websites, online platforms
of trade publications and other valuable sources will help you in understanding
the product and making the right choice.
Like a good bounty hunter, you’ll want to explore
every avenue. Don’t leave any source behind and check & verify every
information which you collect from various online and offline sources.
Definitely, you will be able to find and choose the best product for importing
or exporting and maximize your business profits.
