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International market research is a key piece of successful export planning. It is important to critically review and assess if the potential export destination is suitable for your product or service. You need to determine if there is a market, if your product is competitive after determining the landed cost, and then the most cost-effective and time-efficient export strategy. Show
There are many resources available to help U.S. exporters. [12MB] Research ProcessStart by collecting trade data to gauge market size. Look for where opportunities may exist, whether demand is increasing or decreasing, and if there is competition. For smaller companies, identifying 3 to 5 potential markets might be a good number to explore. You may also group potential countries by largest markets, fastest growing markets, and smaller markets with high growth. Then review country and industry reports to assess market conditions, opportunities and challenges. This will help you decide which markets represent the best opportunities and are worth the investment of additional resources. Step 1: Develop Your Research QuestionsIf you are a new exporter, consider:
If you are an active exporter considering a new export market, or re-assessing a current market, it is equally important to conduct this market research as conditions frequently change. For example, there could be different shipping costs, tariffs, and regulations affecting your business. The goal of market research is to learn about:
Step 2: Conduct ResearchPrimary market research is information collected directly from the foreign marketplace through interviews, surveys, and other direct contact with representatives and potential buyers. Attending trade shows (in the U.S. or in international locations), conferences, or other industry venues can be useful places for many primary market research conversations. The advantage of primary market research is that you tailor it to your company’s needs and specific questions. However, it can be time-consuming and expensive — and may not be comprehensive. Secondary market research is information obtained from other sources, such as trade statistics or reports for a country or a product. This information tends to be less expensive, and in some cases, free. SourcesTrade Data To get a complete picture, look at both U.S. export statistics and a foreign country’s import statistics for the past few years. There are a number of resources online to help exporters find and use export and import data. These resources range from U.S. government sites to multinational organizations such as the United Nations, to foreign government sites. Additionally, industry associations may collect and compile trade data and make it available to members. Many trade data resources use the Harmonized System (HS) Code to provide details on growth or decline of exports in general, as well as data related to specific products. Foreign Import Statistics Find and analyze foreign import statistics by country to see which countries are importing your type(s) of products. Also consider complementary products, especially if your HS code is very general. Foreign import statistics will help you get a better sense of the broad demand for your product(s) than U.S. export statistics typically will.
U.S. Export Statistics Find and analyze U.S. export statistics by country to see which countries are importing your type of product(s) from the U.S. Again, use complementary products if your HS code is very general. U.S. export statistics can help you to identify markets that are more favorable markets for U.S. companies.
Country-Specific Research For countries, look up data on population size and makeup, per capita income, and production levels by industry. These are important indicators of market potential for your company’s products. Resources for this type of information include, among others:
Industry-Specific Research For specific industries, find market information at:
Step 3: Review Potential MarketsFor most small businesses, 3-5 foreign markets are enough - initially. You may want to test one market and then move on to secondary markets as your experience level develops. Additionally, it can be more cost-effective to focus on geographic regions rather than markets scattered around the globe. Using the resources from your primary and secondary market research, evaluate the potential based on your research questions (above) and these additional factors:
Step 4: Develop an Export PlanOnce you have decided that your company is able to export and committed to it, develop your export plan with the data and insights you found. A customized export plan is a valuable strategic and operational tool for growing your export business. You may conclude that your marketing resources would be applied more effectively to a few select countries. Exporting to a manageable number of countries allows you to focus your resources without jeopardizing your existing U.S. sales efforts. Also, there are other items you should consider when Selecting Your Initial Markets. It takes time to build an international business - often months, and sometimes years, to see a return on investment. By committing to the written plan, you can help ensure that your company continues to work towards long-term goals. What are the top 10 export countries of Australia?Australia's top ten trading partners in 2018-19 in order were China, Japan, the United States, the Republic of Korea, Singapore, New Zealand, the United Kingdom, India, Malaysia and Thailand. China remained Australia's largest two-way trading partner in 2018-19 and was our largest export market and import source. What country has the highest export rate?CHINA. With the second-largest economy in the World, China is the leader in exports. China exported nearly $3.59 trillion worth of goods in 2022. China's major exported goods are electronics and other machinery, and major imported goods are electronics, including integrated circuits and other computer components. What does China give Australia?About. China-Australia In 2022, China exported $81.2B to Australia. The main products that China exported to Australia are Computers ($5.14B), Broadcasting Equipment ($4.42B), and Cars ($2.61B). What is the main export of Australia?Primary products still represent the majority of Australia's top exports, with beef and wheat the largest agricultural sources of export earnings, and oil and gas, gold and other metals representing the other top goods exports. |