US Export Market Research | Export.Gov Exporting Basics Video Episode 4

US Export Market Research | Export.Gov Exporting Basics Video Episode 4


[ Music ]>>Market research is
critical to business success, whether your customers are around the corner
or span the globe. But, how do you narrow 195
countries to the initial handful that represent promise as
export markets for your product? Start with researching
U.S. trade data. You’ll need the Schedule B
Export Classification Code for your product. The U.S. Census Bureau
has a search engine tool to help you determine this code. This number determines tariff
rates around the world, and parts of this number help
you search trade databases, and find basic information
about where products like yours are being exported. Free trade data can be found
online at Trade Stats Express, and at U.S.A Trade Online. Learn about these
resources on export.gov. There are also fee-based
trade databases. Your library may subscribe,
and offer you free access. Next, take a look at the
potential in countries where you’ve had inquiries. Examine the web analytics
on your website to see where hits are originating. If one buyer is interested,
there may be more. Also, take a look
at the 20 countries that have free-trade agreements
with the United States. Free-trade agreements can
make exporting less expensive, and ease market entry. There are other factors to think about in comparing
different markets. Is the market growing? Are there barriers to the
entry of foreign-made products? Geography may be a factor. If your product is used
in a certain climate, sales to the southern hemisphere
can even out your cash flow and inventory throughout
the year. Once you’ve narrowed your
focus to a few countries, check out the country
commercial guides published by our U.S. embassies. They cover over 140
foreign markets, and offer the latest
economic, political, and market intelligence. You can find them at export.gov. The next step is to
evaluate your research and select a market to enter. Then, develop an entry
strategy that takes into account specific
conditions and regulations of your selected markets. For more information
on the export process, you can watch another video in the exporting basics
video series, register online at export.gov to receive
valuable export information, and explore our export guides
and trade events calendar on the export.gov website. [ Music ]

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