The most powerful instrument to reach the growth is to analyze the trade statistics. Companies stand to benefit from this because they will be able to buy smarter, predict trends, and therefore buy into opportunities in world trade.
So how do you properly harness free trade data for your trading business for starters, here is a step by step guide. But to make it even simpler, let me drive home my point behind these using examples.
What is Trade Data?
Trade data is in a way transactional evidence of the products traded and transported between the two countries.
Such things as service or product categories, volumes, prices, and counterparts as well as the geography of trading partner countries. For instance, if a country is exporting rice, it will show from trade data which country is the importer, the quantity imported as well as the price.
This kind of information is available through such platforms as Siomex and can provide business with information on trade flows around the world.
Step 1: Define Your Goal
In your analyses of trade data, first determine what you want to accomplish. Are you looking to:
Marketing research for a new product that can create new markets for the product?
Identify reliable suppliers?
Understand your competitors?
For example, you can be selling certified organic coffee beans. If for instance your business venture is seeking to export to a number of other countries, trade data will indicate which countries are the largest consumers of coffee and who the consumers are.
So how do you properly harness free trade data for your trading business for starters, here is a step by step guide. But to make it even simpler, let me drive home my point behind these using examples.
What is Trade Data?
Trade data is in a way transactional evidence of the products traded and transported between the two countries.
Such things as service or product categories, volumes, prices, and counterparts as well as the geography of trading partner countries. For instance, if a country is exporting rice, it will show from trade data which country is the importer, the quantity imported as well as the price.
This kind of information is available through such platforms as Siomex and can provide business with information on trade flows around the world.
Step 1: Define Your Goal
In your analyses of trade data, first determine what you want to accomplish. Are you looking to:
Marketing research for a new product that can create new markets for the product?
Identify reliable suppliers?
Understand your competitors?
For example, you can be selling certified organic coffee beans. If for instance your business venture is seeking to export to a number of other countries, trade data will indicate which countries are the largest consumers of coffee and who the consumers are.
