export and import Market Selection
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An overseas market should be selected after research covering market size, competition, quality requirements, payment terms etc. Exporters can also evaluate the markets based on the export benefits available for few countries under the FTP 2015-20. Export promotion agencies, Indian Missions abroad, colleagues, friends, and relatives might be helpful in gathering information.
There are numerous accesable markets worldwide that seem to offer a high potential for exports, however the real questions are; how to select your market and how to target it smartly. Credible information is what you need to select your appropriate export market. Using Ministry of Commerce website, a chamber of commerce, industry associations, relevant export authorities and business colleagues might be of assistance. However few will give you specific advice, but you can quite easily gain quality knowledge on which markets to aim at globally.
Statistical data analysis is essential when selecting the market. You can obtain useful information from the Ministry of Commerce (www.commerce.nic.in) and Director General of Commercial Intelligence and Statistics (www.dgciskol.nic.in) are some of the reliable sources which collects international trade data. Some companies are able to provide you with very specific export/import data about products similar to yours and about the most popular markets, at a price.
It’s important when selecting a market you should
Know the market’s requirements
Assess your target customers
Examine your competitors
Be prepared to compete against lower-cost, lower-priced local companies
5.1 Selection of potential country
Once the product is identified for expert, then next step is to focus on the market where it has the poten-tial. Everybody jump on website like www.alibaba.com, www.indiamart.com, www.tradeindia.com, and www.exportersindiacom etc. to know the potential for their products. In real sense, they do not give any such indication or direction as they are trade portals, where in buyer is posting their requirements and seller is posting their sell offers. Ministry of Commerce, Govt. of India has its own website www.commerce.nice.in is giving lot of information on India’s Trade and complete details of Export and Import Databank to know the potential any products are getting imported in that particular country. Screenshot of the website showing all the details are given below:
The above data of 2013-14 shows the top 5 countries which have imported Parboiled Rice are Iran, Saudi, Benin, UAE. That shows that we have wide acceptance of Indian rice in those markets and one can focus those markets for RICE. Similary one can identify the potential countries for the desired products from the relaiable sources of Government of India.
This shows the potential countries list and it is upto the exporter to choose the specific country or countries to target.
- Identification of Buyers
Then next step is identification of buyers in those countries. Every country’s cusoms maintain their importers database and some of the sites are selling the past shipment data for the benefit of exporters.
