Foreign trade is the exchange of commodities, services, and capital across international borders. Foreign trade arises from the fact that no country is self-sufficient and needs to buy goods and services from other countries. Foreign trade is a stimulus to growth. It helps in the optimal utilization of a country’s resources. There are two types of foreign trade–bilateral trade or the trade between two countries and multilateral trade which is the trade between two or more countries.
Foreign Trade data contains information about international trade that takes place around the world. This data shows the economic health of a country. Ideally, a country's exports should always be greater than its imports. Foreign trade data contain data from shipping manifest it contains information such as importer and exporter names, HS Code, product specification, value, quantity, the port of origin and the destination. Shipping companies, government agencies, and customs departments of countries collect this information. Importers and Exporters use this data to make business plans, look for expanding markets and as a database for conducting market research. The historical data can form the basis of predicting future market trends.
Global Import Export Data help international trading partners evaluate potential suppliers or buyers based on their shipping histories. Global trade is an uncertain business this data helps importers and exporters mitigate some of their risks. Traders get an insight into potential markets and detailed information about their competitors. Global Import Export Data arms exports and importers with detailed information to plan their businesses better.
Firms around the world are looking for new markets to expand, looking for an opportunity to diversify and looking suppliers. International Export Import Data helps companies use their resources more effectively. This data also helps companies determine their competitor's export figures, knowledge of profitable products, international pricing of raw material that they procure from other countries and the inventory status of material. It helps companies analyze countries, imports, exports, tariffs, and non-tariff measures. Monthly or quarterly reports of international export import data is a valuable tool to help companies make accurate projections and detailed plans.
Major Global trading Countries are the major importing countries and exporting countries in the world. International trade is an important driver of a country’s economy. Exports are an important activity for any country because they have a direct impact on the economy, create employment and affect the standard of living of their citizens. Major global trading countries by export in the year 2018 are -
Major global trading countries by import in the year 2018 are -
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