International trade facilitates the relation between countries in the world levelling up the businesses to a whole new level of market. Consumption is quite simply the import and export of different types of merchandise.
To be clear about what is in the process of including international trade in your business strategy, it’s valuable to know its various categories. Here in this blog post, we will help you understand the four major categories, with a simple explanation of how they work with examples.
Also, we’ll describe how Siomex, the import-export data provider, can make it easier for you to operate in this world of trade.
1. Export Trade: Selling Goods Abroad
Exports are most likely the most typical approach used for business across national borders. It refers to a situation that a country exports goods or services to another country. For example,
it would appear that you have an Indian firm that produces organic honey. Every time you take that honey and sell it to a client from the United States, you are involved in the exports business.
Such a trade enables firms to expand its customer base, extend its brand and thus increase its profitability.
But there is one important issue that need be pointed that exporting is not without its fair share of problems. Customers demand for the products and services is another essential factor businesses want to decipher, the legal requirements that are utmost important in International markets, transportation of the products and other logistical issues such as customs,. And this is where Siomex can be an asset.
Holding vast import-export data, with the help of Siomex, businesses find out into which countries their products are in high demand, consequently exporting into these countries.
2. Import Trade: Buying Goods from Abroad
The two are simply opposite in meaning; importing is the act of selling your goods in another country, similar to exporting. It means the purchase of products or services in other countries. Let’s assume, you are a retailer from UK selling clothing items, and now you want to import silk scarves from China.
So, if you buy those scarves that have been produced by a Chinese supplier, then you are participating in import trade.
Importing allow companies to provide customers with products that they may not be able to access locally making the company have an upper hand over others. For instance, technology, food and raw materials are imported products in many countries.
But still, importing is also not an easy task and strategic planning is ad must for it. This means you have to look at the availability of locations that can supply your goods, quality and import costs of products into your country.
Siomex can assist in such a case by providing a list of suppliers in various countries with the best record of supplying quality products. In this way business people do not have to face any risk in their businesses and are also able to get the best prices.
3. Re-Export Trade:
But before We step into the Exploration of re-exporting, let me explain to you the easier form of such terminology, We refer to the trade as Re-exporting, simply as a type of trade that may sound quite ambiguous in description when contemplated from the conventional viewpoint.
Re-export trade refers to a business where a country acquires products, and then sells them to another territory without altering them.
For instance, when a company in Singapore buys electronics, it resells them to buyers in Australia, through export. Singapore doesn’t produce the electronics but it benefits from the transaction because it becomes the middleman.
Cross border trade is common among countries since re-export trade is among the most effective ways through which a country’s economy can be improved without necessarily having to manufacture goods themselves.
As any firm interested in re-exporting will attest, the ability to secure the right markets is very important. This is where Siomex comes as a solution once again. Siomex can offer that information to identify which countries are paying for some certain goods and where the most value of the re-exporting is likely to happen.
4. Entrepot Trade:\
Entrepot trade may be defined as a cross between re-export trade but with certain degrees of complexity. They include trade where goods are imported into a country and are held in a warehouse for sometime before they are exported to another country.
The main difference is that these products undergo certain degree of processing before being exported again.
Let’s consider an example: You operate a business in a port city of Dubai. Vessels come from several nations to deliver roasted coffee seeds. You keep the beans and after roasting them you take the roasted coffee product and sell it in Europe. This increases the value of the product and makes more business to be done to improve the situation.
Traditionally ancora trade can be used to describe countries with proper ports and adequate means of transportation. Establishments can realize additional revenues by adding services to products before delivering them to the end users. Siomex can help, as it can give guidance into the flow of international trade and the ideal centres for entrepot business.
How Siomex Makes Trade Easier
Knowing all these types of international trade is good and sufficient to have victory on the international market. With its huge data on import-export, the use of Siomex makes difficult challenges of trade much easier.
With Siomex, you have the ability to get real time information on buyers, suppliers and markets for your products. Getting this information makes you avoid time-consuming, takes_ risks and makes your business more profitable.
Whether one is exporting, importing, re-exporting, or indulging in entrepot trade, it pays to have the right information. Thus, Siomex helps you and your business to remain competitive and to expand in the world’s markets.
Conclusion
Foreign trade begins and comes in many forms with the added advantage and consequences that go with it. For anyone involved in export trade, where you sell locally produced goods to international markets,
import trade which you source products from exporting countries or the re-export trade where you move goods from one foreign country to another, or importation trade where you buy locally produced goods then exporting them with added value, recognizing these kinds of trade will assist you make sound business choices. That is why, with friendly support of Siomex, you will be aware of the details of the international trade.
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