Exports are movable goods produced by one country, which are traded with another nation. Export of good generates foreign currency earnings, which in turn boosts the economy. Export rates refer to the amount by which the value of an economy’s exports grows (or declines) over a period of time. There are many interactive tools, which compare foreign trade (exports and imports) to help businesses or multinational organizations identify new customers as well as grow their export sales. These tools help companies find the best markets as it suggests which export markets are the best for the company’s product or service. To add to this, these tools set up a business for international success. This is because the tool provides extensive localization tools and guides on how to communicate effectively in the global market or new market.
An example of such an interactive tool is the Global Market Finder. According to Net Imperative Digital Intelligence (2017), “the tool was developed by Google in response to a 2017 consumer survey which shows the UK SMEs cite international marketing and operational barriers as the biggest to success abroad.” As stated earlier, this tool can be used to help companies grow their exports sales. The table below shows the export rates of all countries in the world. From the table, a business can determine the best market to export its products or services. The table shows top countries that imports goods from other countries. From the table, we can see that China tops the table in terms of imports from other nations followed by Mexico and Canada (Santader Trade Portal, 2019). With this information, a business can decide where to export its product in order to grow their sales. For instance, if the U.S. wants to export its products or service, then China is the best market. This is because imports a lot of good compared to other countries.
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References
Net Imperative Digital Intelligence. (2017). Google ‘Market Finder’ matches small businesses to global markets. [Online]. Retrieved from: http://www.netimperative.com/2017/11/google-market-finder-matches-small-businesses-global-markets/ . Accessed 7 th August 2019.
Santander Trade Portal. (2019). Analyze market trends. [Online]. Retrieved from: https://en.portal.santandertrade.com/analyse-markets/best-trading-countries?&actualiser_id_banque=oui&id_banque=18&memoriser_choix=memoriser#resultats . Accessed 7 th August 2019.
