Importance of Trade Data For importers and Exporters from Siomex's blog

Trade is one of the fundamental processes that hold the international economy together. Business entails decision making, whether importing coffee beans from Colombia or exporting fabrics to Europe, you will succeed depending on the right decisions that you make.
 
But how do you make sure that those choices are right? That’s why trade data comes into the picture. It is not some random set of numbers or percentages; it is a treasure trove of information that can be tremendously useful to importers and exporters.
 
Just like Siomex offers you import export data which makes the work easier by providing you with all the information you need concerning international business. This is why trade data is so powerful and how on using it can beneficial your business.
 
Understand Market Demand
 
For instance, suppose you want to export mangoes to a new country and therefore beforehand, you need to identify the different factors. How else would you know that mangoes are required in that place if there are no trade data to make that statement? Information from trade can give the importer the amount of the product being imported and the countries from which the product is imported, the price at which this product is imported.
 
For instance, what it would show whether the country wants to enter is already importing large quantities of mangoes from other areas. In the same way, if the demand is high and supply is low it means there is room for you to take advantage of.
 
This kind of information helps you avoid focusing on markets with little potential for your product before they are ready. And instead, there are so many areas one can look at and not invest in areas one is bound to fail in.
 
Choose Right Consumers and Vendors
 
In terms of the use of trade data, it can be compared to shining a flashlight at least in some people’s perception of the use of Trade Data – you look around in the dark to find a certain buyer or supplier.
 
But if you’re an importer sourcing for Italian olive oil suppliers, trade data will inform you of companies that are already exporting that product, the volume of exports and even the trade lanes they are using.
 
For example  Siomex has information that may enable an exporter to know who in a specific country is patronizing similar goods. This information can be used to directly target these companies and make a presentation on your product. This does not leave room for guess work and that puts me in touch with the right individuals much faster.
 
Stay Ahead of the Competition

Competition on the international import and export market is great. If you know what your competitors are up to, you will be advantaged. For example trade data could show who your competitors are exporting to and how much they are selling it for.
 
For instance, you are exporting cotton fabric. When analyzing the data you will see if it means that you should lower your price like your competitor or if it’s better to focus on other advantages like quality of delivered products and their prompt delivery.
 
It also aids in giving you an insight into different markets you have not considered that your competitors are not targeting. It enables you to capture nice points on the chess board before the other players can get at them.
 
For instance, what it would show whether the country wants to enter is already importing large quantities of mangoes from other areas. In the same way, if the demand is high and supply is low it means there is room for you to take advantage of.
 
This kind of information helps you avoid focusing on markets with little potential for your product before they are ready. And instead, there are so many areas one can look at and not invest in areas one is bound to fail in.
 
Avoid Trade Risks
 
There is always uncertainty that accompanies entry into a new market. What if a country decides to put certain restrictions on imports at any one time? What if tariffs increase? Some of the trade data help you get a signal.
 
For instance, if you notice that the number of imports of a particular product has reduced in a country, it could be as a result of increased regulatory measures and higher tariffs that have been put in place. The good thing is that by getting informed you are able to avert any mishaps that may happen and therefore be in a position to minimize any losses.
 
Further, trade data give details about reliable suppliers and buyers with the help of which the chances of having wrong partners are minimized. For secure trade decisions, Siomex provides you with original information.
 
Negotiate Better Deals
 
That for me is the beauty of doing calculations, when you know the numbers you are in a better position than your counterpart. For example if you are an importer and you are buying electronics.
 
If from some data, you know that suppliers from another country offer similar products at a lower cost, it will be easier to convince your current supplier to reduce the rates.
 
Exporters can also benefit. This way if you manage to identify a buyer who has been a regular importer of your product from other suppliers, you can approach the buyer with the right product proposition and bargaining power with the greatest of ease.
 
I mean it’s always good to have access to trade data so that you are not negotiating with your eyes closed. But, you are knowledgeable with some facts which enable y ou to stand a better chance in the whole ordeal.
 
Plan Your Business Strategy
 
Trade data is like a roadmap. It enables you get closer to where your business is now and where it has the potential of getting to. No matter if you are going international, entering a new product line, or optimizing your supply chain, the trade data supply the right information you need to make the right choices.
 
For instance if you are an exporter in spices you can be able to establish which countries are importing spices and those that are importing them in increasing proportions. It helps you to know how you are going to arrange the process of production, advertising and sale of the product.
 
How Siomex Makes It Easy
 
You are probably asking yourself where to source some of this trade data at this point. That is where Siomex comes in, Siomex is an import export data support company that offers easy to follow and implement data to its customers.
 
They give information on trade volumes, price levels, details of buyers and so on.
 
It can be seen that importers and exporters find time and efforts by using Siomex instead of sifting through data sources for business growth. If you have the proper details, you can therefore make better actions, simpler, and more profitably.
 
This simple example will help to illustrate the impact of this Sullivan technique when used in an organisation.
 
Let’s say you are an exporter of Indian tea. So, from the information about Germany available in trade data through Siomex you learn that Germany has been gradually raising its tea consumption during the past year.

You also learn which German companies are importing tea and at what price. With this knowledge, you contact these consumers, explaining that your tea is of great quality and that there is affordable and cheap.
 
Just within few months, you have signed a buyer with a leading buyer from Germany all because you acted wisely from the trade data. This is the gains of having the right information.
 
Conclusion
 
When it comes to international trade it is not acceptable to guess. Regardless of whether you are a first time importer/exporter or a seasoned veteran, trade data remains a valuable commodity with which to advance.
 
With it, you can know your demand, identify potential partners, defeat rivals, and also, minimization of the risks.
 
Therefore, do not trade blindly with platforms like Siomex which offer import export data import export data to the business. Instead, you can tackle anything you are formally trained to do from the position of strength, armed with the knowledge that you need to do it.
 
Trade statistics is not just relevant but more of a crucial element in the contemporary world’s rapidly increasing flow of world trade.
 
FAQ
 
1. What is trade data?
 
Trade data refers to the information attained concerning the movement of goods across national boundaries.
 
They contain information such as product volumes, prices, trade routes, and or buyer-seller information. The information resulting from such analysis proves valuable for decision-making in the course of international commerce.
 
2. What can I benefit from trade data?
Trade data gives information regarding competitors, market requirements, and costs. It helps you know your customers or business partners, and suppliers, the risks you are bound to encounter and how to bargain for better deals. If you have the trade data, you will have a basis for planning.
 
3. What does trade data tell me?
Trade data typically includes:
Product descriptions which include type, volume and value.
The countries that engage in the trade
Information on the buyer and the supplier
Routes and ports that are employed
Market trends and prices of all products

4. That way, how do importers make utilize the trade data?
Trade databases help importers to identify suitable sources for products which they wish to import, share information on prices and analyze market needs for particular goods. This information enables them negotiate better for their product and avoid risks such as disruption of supply chain.
 
5. What are the advantages of exporters when using trade data?
Trade data is crucial for exporters in that they need to analyze market demand for their goods, look for customers, and evaluate industry competitors. The details derived from the trade databases assist them to set the price of their products most appropriately and even penetrate into other markets they have not existed before.
 
6. Is that possible to minimize risks using trade data?
Yes. Under this category, trade data can well show such features as declining imports, prohibitions or changes in tariffs in a particular country. It also helps businesses realise when they are making losses hence work on that. It also assists to determine the genuine buyers and suppliers and to avoid the pitfalls of partnering with fake personalities on the interne.
 
7. In what ways Trade data are aided by Siomex?
Siomex is a global import-export database which provides comprehensive and precise trading information. Its advantages include information about market trends, buyers and suppliers, prices, and other relevant information that will help organizations make sound decisions.
 
8. Trade data  is it helpful for small business owners?
Absolutely. The trade data is not a preserve of the large organization. SMEs can leverage it to locate segmented markets, customers, and suppliers as well as manage on the market and prices.
 
9. Is there a way that I can get trade data information for free?
It is however highly probable to obtain a least some basic trade data through the government or such international trade bodies for free . Nevertheless, comprehensive and specific information, and especially statistics as the Siomex example, is often combined with a subscription or a fee.
 
10. How does Trade data assistance enable me identify prospective buyers for my products?
It gives an indication of which countries seek your type of products and from where. It also offers aspects of the buyer details which will help you to go directly to those companies and introduce your products to them.
 
11. Is it possible to depict Competitor Activities by using Trade Data?
Indeed, in terms of trade data, you can discover a lot about the competitors what markets they are interested in, the total tonnage of goods they export, and more about the prices. This enables you to align your strategy with the right approach that will enable the organization remain relevant in the market.
 
12. Have the trade figures been regularised?
Dynamic providers such as Siomex provide up to date trade data to ensure you get the latest data. By doing this you are able to track the markets in terms of trends and shifts.
 
13. What steps must I follow in order to start using trade data?
You can begin with a search for a reliable trade data provider, such as, Siomex. Once you have this data, then depending on your business type you will be able to make a better decision through analyzing from the marketing opportunities to the demands of the market.
 
14. Which industries are most benefited with the trade data?
Trade statistics is useful to businesses in almost all sectors through the global system of trade such as Agriculture, manufacturing, fabrics, electronics products, and consumer products. If you trade in products, trade data is important for your business.
 
15. What uses can price makers make out of trade data?
In this way, using the data on trade, you can trace the prices for your products in different markets. This creates an ability to offer attractive price for your goods to consumers while still being able to secure reasonable profits.