The Importance of Tracking Market Trends For Global Import Export Business

tendata blogTrade Data Provider

ten data blog21-06-2023

Tracking market trends means to understand and predict the changes and development direction of the market by collecting and analyzing market information and data related to global import and export business, such as market size, growth rate, consumption habits, preferred brands, price levels, quality standards, etc.


Tracking market trends is global important for global import and export business in the following ways:



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1. Grasp opportunities and risks.

Tracking market trends can help global import and export business grasp opportunities and risks, because market trends can reflect the existence or upcoming demand or supply gaps in the market, as well as policy or regulatory changes that may affect global import and export business, etc. By identifying and responding to these market trends in a timely manner, you can adjust and optimize your strategies and actions for your global import and export business in a timely manner.



2. Discover and develop new customers and markets. 

Tracking market trends can help the global import and export business discover and develop new customers and markets, because market trends can reflect new demand or supply that exists or will soon appear in the market, as well as new opportunities or challenges that may affect the global import and export business. By grasping and responding to these market trends in a timely manner, the global import and export business can expand its customer base and market share and increase its revenue and profits.


3. Adapt and meet customer and market changes. 

Tracking market trends can help global import export businesses adapt and meet changes in customers and markets because market trends can reflect the changing needs and expectations of customers and markets for products or services in terms of quality, price, functionality, design, etc. By understanding and meeting these needs and expectations in a timely manner, the global import and export business can improve its competitiveness and brand reputation, and increase customer satisfaction and loyalty.


4. Innovate and improve their products or services. 

Tracking market trends can help global import and export businesses innovate and improve their own products or services, because market trends can reflect the constant changes and developments in technology, materials, processes, standards, etc. involved in the products or services. By learning and applying these changes and developments in a timely manner, global import export businesses can improve the quality, performance, efficiency, safety, and other aspects of their products or services to meet or exceed the needs and expectations of customers and the market.


5. Conduct market analysis


What is global import and export market analysis?

Global import and export market analysis refers to the process of systematically collecting, organizing, evaluating and forecasting the market situation and trends of the countries or regions involved in global import and export trade, in order to provide valuable information and guidance for the decision making and execution of global import and export trade. The purpose of global import and export market analysis is to understand and meet the needs of the target market, discover and seize market opportunities, enhance and maintain competitive advantages, reduce and avoid market risks, and optimize and improve market strategies.


Global import and export market analysis usually includes the following parts:

  • Market overview. This part mainly introduces the basic situation of the target country or region, such as geographical location, population size, economic status, political system, cultural characteristics, legal system, etc., in order to have an overall understanding of the target market.

  • Market demand. This part mainly analyzes the demand, growth rate, consumption habits, preferred brands, price levels, quality standards, etc. of the products or services involved in the global import and export trade in the target country or region, in order to determine the potential and scale of the target market.

  • Market supply. This part mainly analyzes the supply quantity, growth rate, production capacity, technology level, cost structure, price strategy, etc. of the products or services involved in the global import and export trade in the target country or region, in order to understand the competitive situation and advantages of the target market.

  • Market environment. This part mainly analyzes the influencing factors of the target country or region on the products or services involved in global import and export trade, such as policies and regulations, trade agreements, tariff rates, exchange rate fluctuations, logistics barriers, cultural differences, etc., in order to assess the opportunities and risks of the target market.

  • Market Trends. This part mainly predicts the future changes and development direction of the target countries or regions for the products or services involved in global import and export trade, such as the changing trend of market demand and supply, the changing trend of market environment, the impact trend of emerging technologies and innovations, etc., in order to develop long-term market strategies.


How to use the global import export data platform for market analysis?

Using the market analysis function of the global import export data platform is a convenient and efficient way to help companies and individuals in the global import export trade to obtain and analyze market information and data relevant to them in order to track market trends.


The steps to track market trends using the market analysis function of the global import/export data platform are as follows:


1. Choose a suitable global import export data platform.

Based on the type, mode, scale, and scope of your global import export trade business, choose an global import/export data platform that provides market information and data relevant to you, as well as convenient and reliable market analysis functions. For example, Tendata is an global import and export data platform that specializes in providing the latest global import and export merchant insights and market trend analysis functions for global import and export trade business.


2. Set goals and targets. 

According to the products of your global import/export trade business, set targets for the market trends you want to track. For example, if you want to know the demand, growth rate, consumption habits, preferred brands, etc. of a certain country or region for a certain product or service, enter the product/region in the global import/export data platform and you will be able to see a clear market situation.


3. Conduct data collection and analysis. 

Use the data sources and tools provided by the global import/export data platform to conduct data collection and analysis. For example, use the target market analysis function provided by Tendata to view the global or target country's trade trends for a certain product in the past three years, the number of trade, the number of global importers and exporters, the rate of increase and decrease of global import and export, the global market share and other data.


4. Generate and view reports and charts. 

Using the reports and charts function provided by the global import export data platform, generate and view reports and charts related to the goals and targets you set, extract and apply insights and recommendations. Based on the results and conclusions of market analysis, apply them to your own global import export trade business, such as entering or exiting a certain market, adjusting or optimizing a certain product or service, adopting or changing a certain strategy or approach, etc., in order to improve and enhance the effectiveness and efficiency of your own global import export trade business.


In addition to market analysis, you can also use the global import and export data platform to conduct competitor analysis, trade data analysis, customs data analysis, etc.


Continue to check how to do competitor analysis: How to Conduct Competitor Analysis in Global Import Export?

Continue to check how to do trade data analysis: How to Use The Import and Export Trade Data

Continue to check how to do customs data analysis: How to Use The Trade Database For Customs Data Analysis


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