Do you want to start an import & export trading business? When you get involved in an import-export type of business, you will need to chase opportunities along the way. All over the globe, import and export is rampant. The market for import and export for many product lines are already saturated and there are information to back this up.
There are countries that just cannot do without import and export. This is because no nation can survive totally on its own without interaction with other countries. There is always a need to relate and engage in exchange of goods, it can either be in terms of raw materials, semi-finished or finished goods.
This important gap can be monetized through movement of goods from where they’re in abundance to a nation where there is a high demand for such products. International trade is one of the hot industries of the 21st century.
Right now, export is an important vehicle of growth for companies in the Philippines. This is because a lot of domestic products and the service market in the country are already saturated, with limited growth opportunities. Chances are if you own a small business, you will want to save your funds for serious investments.
Paying attention to the trading process is even more important for your export company if you want to break into new markets. Even with good guidance, it takes some time until you break into a new market with the right export goods. There are ways to develop your international trading that involve spending less funds and resources. Thus, if you are wondering what are the best ways to identify export opportunities, keep reading to find out.
- Online Import & Export Process
The internet has brought down the walls which used to restrict access to manufacturers located overseas. Ever heard of Alibaba.com, Aliexpress.com, DHgate.com, IPmart.com and several other online based marketplaces? All these websites deal with online trading as they ship to other parts of the world. Improvements in transportation and logistics now make it possible for small businesses with little capital to import smaller amounts of stock at low shipping costs. You make your order and payment online while they ship your product to your provided address. You are also to pay for the cost of shipping. The beauty of this business is that with little start-up capital and access to the internet you can start earning a good income.
- Checking the Export-Import Stats
Statistics are exposed each year to help people just like you. When it comes to export trade statistics, you will find valuable information such as the type of goods that are most exported and the amount that they sell for each year. You can find them online or at different governmental authorities and study them by yourself. Not only will this help you to identify trends but also allows your business to adapt to those trends. When you want to grow your business, statistics might be the key to certain opportunities found on the market. Be sure to check statistics of exports and even imports for at least the last five years to get the best results ripe with opportunities.
- Export Brokerage
An import-export agent or broker, also known as a trade agent or customs broker, is an individual or a company that sends and receives goods to and from different countries. Hence, they work on both ends of import-export deals that of the origin and that of the destination. They also help their clients establish connections in foreign companies. To become an import-export broker, one must understand the basic terms of import-export law, currency transactions, trade policies, and everything else that is pertinent in making profitable import-export deals. Through export brokerage, you may discover export opportunities you won’t find without expert help.
- Choosing the Destination Country Carefully
When you export goods to an Asian country, you will be pleased to realize that there are plenty of opportunities for you. Most exporters don't realize it. One of the main aspects to consider is the country you want to break into. If you have your heart set on a country or another, but you can’t meet the export requirements, you might want to reorient yourself and your business. You can also look at the type of industries that country has and where they could use some help. Breaking into a new market is a perfect way to start a foreign trade that will improve your business altogether. Beginners usually make a mistake of disregarding this altogether and miss out on a lot of export opportunities.
- Beauty and Used Electronics Products Exportation
Since beauty products are typically quite expensive to purchase in salons, they can be imported quite cheaply from overseas and resold for considerable markup and profit. Finally, while electronics are certainly hot sellers, it is actually the accessories that go along with the latest smart phones, laptops, and other gadgets that are highly profitable items. Many of these items can be purchased wholesale.
Learn more about the export business. Get your Certification in International Trade