Trade data is also very useful for discovering areas of new market development and business development potential. When it comes to imports and exports, you can look into what can be sold and bought in your particular industry to identify trends, shortages, and opportunities you may wish to target. Here is a step-by-step guide on how to use import and export data to uncover new market opportunities:Here is a step-by-step guide on how to use import and export data to uncover new market opportunities:

1. The first step involves identifying relevant import and export data sources.

The first element that is pertinent to this is the process of sourcing for reliable import and export data pertinent to your business domain. Some good places to start include:Some good places to start include:

• A few official trade databases include USA Trade Online that contains information of the imports and exports of the US. It is recorded that most countries have their respective government agencies that monitor such data.
• Market reports of global, regional and country specific industries from recognized market research publishers such as IBISWorld, Transparency Market Research, and Mordor Intelligence. Some offer detailed data concerning imports/exports by product type, while others offer the same concerning the region. 
• Data gathered from the International Trade Centre which is a trade map that provides import and export trade data for about 220 plus countries and 5300 products.
• Investment research tools such as ImportGenius and Panjiva that cover detailed manifests and bill of lading information of particular products or goods.

After you’ve found a few good sources, you can venture further down to the levels of figures typically scrutinizing import and export statistics in relation to your products and target markets. 

2. Export and Import of Product Specific Trade Data and trends  

Collect the data of products your country is exporting (products your country is selling to other countries) and import data (products that are imported to your country) and sort them by your industry. Look for interesting trends or patterns over 1-5 year periods including:Look for interesting trends or patterns over 1-5 year periods including:

• What particular product categories and segments appear to be on an upswing or a downtrend in exports and imports?
• They are the countries to which exports are made and the ones from which imports are received. 
• The port for your imported or exported products is busiest
• The high or low sales rates that may be observed in relation to individual products throughout particular seasons

Identifying these flows and trends at the level of products will help reveal such opportunities as the growth in the rate of the certain product categories or buyers that you may be interested in as you start looking abroad.

3. Identify Supply and Demand gaps

Finally, arrange both import and export data progressively to analyze the supply and demand or competitive differences in relation to different products or geographic regions. 

For instance, you will see your country consumes a lot of wood furniture more than what it produces showing a deficit. Or you may examine an increase of imported frozen fish from Norway and its effect on your home market – this is an example of a new competitor threat. 

These supply and demand gaps or import of new competitors or threats are highlighting an area of potential that you can aim.

4. Market conditions in the target country that are relevant to the research

In the case of the most promising opportunities identified through the trade analysis, perform more detailed analysis of target markets as to the specific country-level market factors such as competition, distribution systems, and product adaptation requirements, etc. 

It will allow to evaluate whether the opportunity is actually feasible and suitable for the business model in practice. Use data sources like:  

• These are general guides from country commercial offices and other government trade promotion entities.
• Market condition research reports of a number of firms such as Euromonitor  
• Direct camping to the export market and business talk with potential traders

Integrate the findings of the desktop data with the on the ground qualitative information that you may gather from potential trade partners in that export country.

5. Proposal of New Foreign Market Entry Plan  

Having established the relevant data and research for the new export market(s), it is to establish a comprehensive go-to-market plan for the new international market. Outline key elements like:

• The following are the two key strategies that can be viewed as the company’s product offering and business model:
• Pricing strategies 
• Supply chain and fulfillment are also closely related.  
• Marketing communication and selecting the appropriate channel.
• In this case, the main factors that may have a significant impact on the strategy formulation and implementation are the regulatory and legal aspects.
• Expected earnings and compound rates 

Establish common understanding among your leaders that a new market expansion plan is supported by data which decrease execution risk. 

6. Track Progress Over Time

When the new foreign market entry initiative is put into action, ensure that you are monitoring the results against what was forecasted, especially the new timing and any important figures associated with the import/export analysis. 

Make corrections as soon as possible if some aspects like product differentiation, distribution channel, or partnership and distribution agreements are not developing the way it predicts from the data.

Export sales will also begin to appear in the statistics of your own country’s exports – going full circle from analysis, through import/export, to new business!

If you follow this process it is possible to find some really rich international opportunities plus some very good opportunities in your home market. The data doesn’t lie. Enough with the theories, it is time to apply it in practice!