REASONS FOR MAINTAINING GLOBAL TRADE DATA – BENEFITS FOR SUPPLIERS AND BUYERS

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 REASONS FOR MAINTAINING GLOBAL TRADE DATA – BENEFITS FOR SUPPLIERS AND BUYERS

At present, all the countries are taking part actively in global trade to expand their markets and to increase their economy. Global trade, as the term suggests, is a process of exchanging goods and services across international borders. Various processes that are included in it are exports, FDI, Imports, setting MNCs, job outsourcing, etc.

Now the question arises that how to keep records of imports, exports, and entrepots of different countries on regular basis. For this, every country maintains its Global Trade Data which records all necessary information about the products, their prices, quantity, most imported and exported goods, etc. in one place so that it gets easy to understand the trader.

Global Trade Data is considered one of the 3Cs of foreign trade (compliance, content, and connectivity). Every detail about the product, source country, and destination country is mentioned in the data. Global Trade Data is collected from each country and consists of shipment data for the whole world. This data is very crucial for traders, bankers, and logistics service providers.

For exporters, the Global Trade Data is a necessary tool as they study this resource to figure out which country has the highest demand for their products and what is the growth potential of that country. This helps exporters to generate high profits. Also, exporters get exclusive access to keep a close watch over the present trends, based on which they design their strategies. This data also provides insights about different ports to exporters which helps them to stay ahead of their competitors, increase profit margins and keep market risks negligible.



On the other hand, for importers also Global Trade Data is very crucial as it helps them to study the products which may or may not have enough potential in the domestic markets of importers. Global Trade Data is an initial stage to fetch contact details of interested sellers and buys.

 

 

BENEFITS OF MAINTAINING FOREIGN TRADE DATA

In general, also there are numerous benefits of maintaining and studying foreign trade data. Some of the major benefits that are derived are:

·        Total exports and imports of a market at the global level can be estimated by studying global trade data.

·        Information on buyers and sellers can be found

·        Saves crucial time for traders by providing a well-framed report of the database.

·        Helps to provide the current status of business rivals and competitors.

BROADER SCENARIO OF GLOBAL TRADE DATA

Foreign Trade Data observed a positive graph till 2021. Unlike this year when foreign trend falls down. The main cause behind this fall is the ever-increasing inflation and the post-effects of the Covid-19 pandemic. In the year 2021, due to the reopening of markets, everyone filled their homes, businesses, and shops with all required commodities and Global Trade shot up. Till the advent of the year 2022, things got normal and hence Global Trade Data observed a decline.

Factors that directly or indirectly affected Import Export Data in the year 2022 were:

·        Slow Economic Growth

·        Global Supply Chains issues

·        Shift towards a green economy

CONCLUSION

Lastly, we would like to state that for the suppliers and buyers, two of the most important metrics through which the health of the economy can be known are Global Trade Data and Import-Export Data. Also, it is very much clear that during the situation of the pandemic, foreign trade went down due to various reasons such as lockdowns, trade restrictions, reduced supply, etc. As the restrictions got removed, global trade took a huge jump in the year 2021 and got normalized till the coming of 2022. It is expected that this scenario will further improve in the future as more restrictions related to the Covid-19 pandemic gets lifted.

 

FOR MORE INFORMATION FOLLOW US

If you want further analysis and the best advice about the Import Export Data or Global Trade Data of any country, then get in touch with TradeImeX® Info Solution Pvt Ltd. We are one of the best companies available online that provide 100% accurate and reliable trade data from more than 70 countries including Vietnam Export Data and Turkey Import Data at affordable prices. We also deliver customized data reports to our customers which are highly customized as per each customer’s needs and wants. Due to this reason, TradeImeX is considered the best Import Export Data Provider in the industry.

To stay updated and aware of the overseas market analysis and trends, subscribe to our newsletter and keep visiting our website: https://www.tradeimex.in/blogs.

For more information, connect with us over the mail at info@tradeimex.in or simply visit https://www.tradeimex.in/

For More Info:-

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