Know The Importance Of Trade Data

Know The Importance of Trade Data

Trade data is more commonly known as statistical data consisting of a country’s
import and export activities. It can be organised over an extended period, commodity
or country, depending on what factor you want to analyse.
Trade data is used extensively by various people, be it businessmen like you or
governments trying to understand their role in international trade. US trade data is
one of the world’s most coveted data analyses. This is because they are one of the
biggest players in world trade and are the third-largest importer and are the second-
largest exporter in the world.
It stands to reason that any trade decisions they may make will have intended and
unintended repercussions throughout international trade. This is why US export-
import data is so important to businesses around the world.

What Does Trade Data Consist Of?

You may have heard the term mentioned many times but might not know what it
actually includes. Don’t worry, for this article will leave you all knowledgeable at the
end.
The trade data is designed in such a way to give you the specifics of the import and
exports of every country. It tells you exactly which country is importing what
commodity and where they are importing from.
It includes information like HS codes, exporter names, importer names, the volume,
the port of departure, the port of arrival, the date the shipment departed, etc. So not

only does trade data help you understand how goods get from one place to another
and what your role in the process can be, but it also enables you to track shipments.
Using trade data, the right way creates a space for your company to operate at a
profit. If you correctly identify the product or service that is missing from the
international market and provide it, your company could grow exponentially. But it’s
not always about new services and products; finding the right buyer and sellers will
also help your business scale up.

How Would You Get Access to Trade Data?

If you are wondering if getting access to trade data is difficult, don’t worry because it
isn’t in this digital age. There are many online portals and websites where you can get
access to trade data that has already been analysed by experts in their fields. Here
are a few of them.

Trademo

Trademo is an online trade data provider that provides merchandise and tariff data.
They offer it in an easily understandable and user-friendly manner. This is the best
way for you to understand the trading habits of US trade data by country or by-
product.
They not only help connect with a buyer or seller, but they also aid in simplifying the
complexities of trade with a foreign nation and help you navigate through them
through their digestible information and analyses.

2. USITC Database

The United States International Trade Commission is an online trade data provider
that only provides US trade data. However, there is trade data available from 1989

only for your perusal. They also segregate their data based on monthly, annual,
quarterly statistics or even more. Their online Data Web tool is extremely intuitive
and hassle-free to use.

These are just two of the online companies that provide data statistics, but they are
the most popular and accurate for getting your hands on the US import-export data
and of other countries.

Ways Trade Data Can Re-Shape Your Business

Increases Revenues

Expanding your company on an international scale will open your market up; this, in
turn, will lead to profits. It also opens up many more possibilities for you, whether it
be exploring international manufacturing units or international suppliers willing to
supply for cheaper.

Or even an international buyer who is willing to pay an above-market price for a
premium product. Trade data is just the tool you need to put you in contact with the
right person to help make this happen.

2. Fresh Markets

Moving to an international market when the demand for your product domestically
has started to dry up can be a good move for your company. A consultation with a
trade data company can help you decide if this is the move for you. Again, this is a
tool for those industries that have fixed capital intensive setups.

3. Better Cash Flow Management

With international trade, there is a huge level of trust involve which also comes with
a lot of advantages. If you are a global exporter, chances are you will be paid upfront;
this will help you with your turnover. A trade data company can help you find
trustworthy exporters and importers.

4. Currency Exchange

The best part about international trade that is often overlooked is the currency
exchange. If your country’s currency is weaker than the dollar, which it most probably
is, you will make an extra profit in the conversion.

This is why many people look for US trade data by country to trade with US-based
firms and even avail trade consultancy services from these trade intel providers.

Get Started Today With Trademo!

When using US trade data the right way, you can achieve exponential possibilities for
your company. Not only do you get the advantages mentioned in the article, but you
also get the added benefit of having connections, which is very basic yet crucial.

With a global trade data company like Trademo, you can direct your business in the
right direction, i.e., towards success and growth.

Source: https://newstechpost.com/know-the-importance-of-trade-data/