The well-known American statistician and engineer Dr. William Edwards Deming once said, “Without data, you’re just another person with an opinion.” Fortunately, there’s a lot of readily available market research data to help exporters make informed business decisions. Below is a list and description of several government resources that can provide valuable insights as you formulate your export strategy.
- The International Trade Administration, an agency of the U.S. Department of Commerce, features an International Market Research site with links to a number of qualitative and quantitative market research reports. Its Country Commercial Guides, previously outlined in another blog post, provide country-specific market data such as the leading sectors for U.S. exports by country, an overview of local customs and regulations, and guidance about selling U.S. products and services to in-country customers. Another ITA research offering is the Initial Market Check, a fee-based service that provides qualified exporters with a market potential assessment of their product or service in a specific foreign market. The ITA also offers Customized Market Research on a fee-based hourly rate for those seeking ad-hoc studies about market sizing and trends, key market players, and more.
- The U.S. Census Bureau also features many trade-related reports on its Foreign Trade Program site, such as the U.S. Trade in Goods by Country list. Among the questions this resource answers are “what’s the volume of U.S. exports to a particular country and what’s the yearly export trend?” Another resource to note is the State and Metropolitan Area Trade Data page which shows U.S. Trade in Goods by State, by NAICS-Based Product.
- The Central Intelligence Agency’s World Factbook has country profiles which cover topics ranging from geography to transportation. Each profiled country’s Economic section includes a high-level economic overview, exchange rates per U.S. dollar, real GDP growth rates, and other indicators and details.
There are many other government market research resources available beyond the ones listed here.
If you’ve already done some initial research and are ready to get started on your exporting journey, please click here to schedule a free consultation with an EXIM trade finance specialist.