Facebook Twitter Instagram
    NTU
    • Home
    • Business
    • Technology
    • News
    • Contact Us
    Facebook Twitter Instagram
    NTU
    Business

    What Are The Most Preferred Trade Data Solutions By US Buyers?

    adminBy adminJuly 28, 2021Updated:July 28, 2021No Comments5 Mins Read
    US Trade Data

    Trade data refers to importing and exporting statistical data on global trade, sorted by time period, country and commodity using HS codes. Trade data solutions typically mean methods used to analyze and sort large databases. For example, the US government maintains large databases containing information on the trade flow of the United States.

    These databases include import and export details, shipments, and related metrics that are sorted both annually and monthly. They also process the information on duties and taxes, customs and import charges, value and volume of commodities, etc.

    Why Are Trade Data Solutions Important For US Buyers?

    Assume a person trades on the stock market. In order to maintain a healthy investment portfolio, they have to regularly keep checking the market value and track its ups and downs. They’ll even have to analyze the flow of the share market based on other external factors and news.

    The case is almost the same for US traders and buyers. In order to regulate the operations of their business and ensure its smooth functioning, they must regularly track the developments in trade flows and gain trade insights. According to that, they can even restructure their operations and form a potentially profitable import-export strategy.

    By studying trade intelligence and solutions, the buyers can gain a sound knowledge of the foreign markets. There’s even a chance to understand barriers that arise due to tariffs or other issues when it comes to imports and exports.

    On the other hand, exporters can earn a piece of significant knowledge about the increasing demand for their commodities in foreign markets. This applies to the markets where their competitors are active.

    Some of the most reliable and well-researched trade data solution providers that the US buyers can reach out to are listed below:

    • Trademo
    • Seair Exim Solutions
    • WITS (World Integrated Trade Solution)
    • Import Genius
    • Trade Data Monitor
    • Global Trade Tracker

    How To Leverage The US Trade Database?

    For a beginner, the most optimum place to start research on trade flows is on the Data web maintained by the US government for the public to have free access to US trade flows. You have to register an account to access it. Needless to say, there are certain limitations to it, and it contains only that information that is not too sensitive or detailed.

    In order to have a piece of more detailed information, you need to take another route. The product classification system used globally for international trade is called the Harmonized Tariff Schedule (HTS). To track your or your competitors’ product, you must first determine the HTS code.

    The better you are at following the exact HTS code, the greater are the chances of success. It is important to know that different countries have different methods of maintaining databases. As a result of this, the statistical and other details of global trade data may vary.

    For example, the total exports from the US to India on the US database may not be equal to the total imports from the US by India on the Indian database. All the countries report their trade data to a UN database known as ‘Comtrade.’ But even in Comtrade, the datasets received from different countries may vary.

    Other Trade Data Solutions To Consider For US Buyers

    1. Seasonal Impact

    Global trade flows may vary as a result of seasonal changes and rise and fall in demand accordingly. For example, trade-in toys may increase during the holiday season, and the sale of winter clothes like mufflers may increase during winter.

    So, the trade data for that month must be compared not with the previous month but with the same month during the last year. Similarly, the estimates must be made for the following year.

    2. Services

    Trade does not happen just in goods; it also occurs in services. But there is barely any trade data or trade data solutions for services. Even government data on trade in services is very limited.

    3. Importance Of Volume

    The statistical details will always highlight the numbers. However, if you want complete trade insights, you must also consider the volume of trade and just the value. The volume, in many cases, is vital in studying trade flows and analyzing trade data.

    4. Avoid Re-exports

    There are many intermediate goods that cross borders several times, and thus, the shipments are counted each time even when the data is completely redundant. Therefore, you can avoid this data, also known as re-exports.

    How Can You Grow Your Business As A US Trader?

    After carefully studying trade logistics on global trade data, you can always think of growing further by choosing the right mode of transportation and shipping methods. Also, file AES along with other necessary shipping documentation to avoid any roadblocks at the time of shipping.

    Remember to consider all tariff issues and use the tariff tool to find the exact rate of your product. Moreover, risk minimization is crucial for all kinds of traders, and knowledge of trade data can help in doing so. It also helps the traders profit maximization, cost reduction, and comparative analysis between nations to get the best competitive price possible.

    global trade data Trade data solutions trade insights
    admin
    • Website

    Related Posts

    How to Pick the Best Digital Marketing Company for Your Company

    January 13, 2023

    7 Ways Dance Classes Will Enhance Your Lifestyle

    October 5, 2022

    Open Upload South32 Suing Bhp.com 100 billion Dollars Class Action Lawsuit Flikr

    October 4, 2022

    Leave A Reply Cancel Reply

    You must be logged in to post a comment.

    Facebook like
    Twitter follow
    13.9k followers pin
    – Advertisement –
    CATEGORIES
    • Business
    • Casino
    • Entertainment
    • Finance
    • Game
    • How to
    • News
    • Sport
    • Tech
    • Technology
    • Travel
    • Uncategorized
    Archives
    • January 2023
    • December 2022
    • November 2022
    • October 2022
    • September 2022
    • August 2022
    • July 2022
    • June 2022
    • May 2022
    • April 2022
    • March 2022
    • February 2022
    • January 2022
    • December 2021
    • November 2021
    • October 2021
    • September 2021
    • August 2021
    • July 2021
    • June 2021
    • May 2021
    • April 2021
    • March 2021
    • February 2021
    • January 2021
    • December 2020
    • November 2020
    • October 2020
    Categories
    • Business
    • Casino
    • Entertainment
    • Finance
    • Game
    • How to
    • News
    • Sport
    • Tech
    • Technology
    • Travel
    • Uncategorized
    Meta
    • Log in
    • Entries feed
    • Comments feed
    • WordPress.org
    Subscribe to Our Newsletter
    Get the latest news, update and special offers delivered directly in your inbox.
    [mc4wp_form]
    Facebook Twitter Instagram Pinterest
    © 2023 ThemeSphere. Designed by ThemeSphere.

    Type above and press Enter to search. Press Esc to cancel.