Exporters are encouraged to use no-cost online tools to access international trade data as well as market research reports as they create new and expand export markets.
Ma. Divine Grace Derez, senior trade-industry development specialist at the Department of Trade and Industry’s Export Marketing Bureau (DTI-EMB), discussed the benefits of accessing the International Trade Centre’s Trade Map (www.trademap.org) and the Market Access Map (https://www.macmap.org).
The Trade Map is an online database on international trade statistics, providing an array of useful indicators on export performance, international demand, alternative markets and the role of competitors from both the product and country perspectives.
Derez said exporters just need to login or create an account to access and download all the information they can find in these online tools.
“In the Trade Map, what information can you get from the tool? So basically what is the level of global demand for your product, who are the fastest growing markets in the world market, who are the main importing and exporting countries (and) also exporter, the importer of your specific product that you want to look into,” she said during the recent general membership meeting of the Philippine Exporters Confederation Inc. (PHILEXPORT).
“Also which companies import my product in a given market and what is the most interesting market for my product. When you have all of these questions answered, in the end, you have a selection of the most attractive market(s) for your product,” she added.
Aside from the trade data, Derez said Trade Map also provides graphs or information about the seasonality in the target markets and the specific products which are in demand in a specific season, country perspective, and prospects for market diversification for a specific product.
“What else can you do with (the) Trade Map? Use graphs and maps to visualize your analysis. Define your own product and country groups according to your needs,” she said.
On the other hand, Derez said the Market Access Map provides the specific market requirements that need to comply to penetrate the market.
“When you explore the tool, there are four different tabs in the macmap –access a market, compare access, analyze markets and then download data,” she said.
Derez added the Market Access Map provides customs tariffs and other market access conditions, including trade remedies and non-tariff measures.
Further, the exporters can access ITC’s Export Potential Map (https://exportpotential.intracen.org) which identifies products, markets, and suppliers with unrealized export potential, as well as opportunities for export diversification for 226 countries and territories and 4,658 products.
Based on the ITC export potential methodology, the Export Potential Map evaluates export performance, target market demand, market access conditions, and bilateral linkages between the exporting and importing countries to provide a ranking of unrealized opportunities.
Aside from these online tools, DTI-EMB director Bianca Sykimte said they can utilize some market intelligence subscriptions through the EMB which can provide insights on their target markets.
Sykimte said the EMB has been subscribing to the Euromonitor International and Mintel, noting it considers market intelligence information important for Philippine exporters to have access as stakeholders plan or execute export market strategies.
She said Euromonitor provides global and regional overview on industries; analytical dashboards to understand key markets – market data on sales, current and projected demand; socioeconomic data in key markets; and company level information.
“…It can provide in-depth local business information to better guide you in your market strategies,” she added.
Sykimte said Mintel, on the other hand, provides market trends and consumer preferences; data on product launches, claims, ingredients, and flavors, among others; and company level information.
