Countries engage in international trade based on the logical saying that no man is an island. With the international exchange of goods and services, countries enjoy a wider variety of product options that may offer better quality.
Besides, the key reason for the trade is that those good countries can afford to specialise in producing only some relatively better items at manufacturing by trading.
The growing rate of international trade defines the need for world import-export data itself. The trade data is collected from countries’ customs and various ICDs seaports. It includes finding potential buyers and exporters for your product.
By analysing global and regional market trends, you can modify your business plans accordingly and significantly increase your turnover.
Procedure To Get International Import-Export Data
Foreign trade business has been incredibly boosting its strength worldwide; companies are looking for world import-export data for growing their business. If you are among them, look at these four simple ways to find international import-export data.
- Search By HS Code
The Harmonized Commodity Description and Coding System is an international standardised system consisting of names and numbers used to classify commodities. It is mandatory for all international shipments. The HS code is maintained by the World Customs Organisation, which is an independent intergovernmental organisation.
Suppose you want to know how much iron and steel India imported in 2015. Then all you need to do is enter the HS code of the product, which is already defined and with a click, you can access all the data online. You also need to fill in the shipment mode and describe your requirements.
The first six digits of the HS code are similar for all the countries. Each country can choose to modify the number by adding two or four digits per their preference without changing the first six digits.
- Search By Product Description
You can find the foreign business statistics by product description. It explains what a product is, and it informs customers with essential details about the product’s features. For example, if you want to see the export data of basmati rice in India in 2015, you can simply enter the product description, which is basmati rice.
Just remember this important tip for relatively popular items – you must know the correct product description for searching data on the right day. The trade data is converted to an import-export data intelligence report by professionals, making it easier for you to visualise the market trends and increase your business leads.
- Search By Port Name And Country Name
You can access the import-export data of a particular port of a particular country. Every port is assigned a port number which can be used as a reference to search the right port location. Let’s assume you want to find out how much goods were exported from India’s Agra location in 2015.
You can simply select Agra ICD and look for the export data. The list includes Colombia, Mexico, Argentina and other significant port lists. In addition, you can find import-export business data of a particular country. Suppose you want to get complete foreign trade statistics of Indonesia, simply enter the country’s name to access the data.
You can even get the export’s name and importer’s name. International platforms provide you with refined trade data and import-export data intelligence reports, that can be customised according to your requirements.
Is International Import-Export Trade Data Useful?
Data shows the economic health of a country. Detailed market intelligence information about trade movements can help you understand the global market trends and utilise the information for your companies benefit. By properly examining the data, you can devise advanced strategies to expand business worldwide.