One of the most unlikely sources of acquiring business intelligence is analyzing the trade data of a country. The trade data provides valuable information about the quantity and price of products imported and exported by companies in India along with information on foreign counterparty. In India, it is possible to get comprehensive shipment-wise information of trades happening through various ports, airports, and ICDs.
Some important fields that India import data and India export data contains in the shipment wise data are:
- Product Information
- Importer Details
- Exporter Details
- HS Code / Chapter
- Price in Indian and foreign currency
- Applicable Duty
This valuable information in the India import data can help a business, analysts in the following manner:
- Identify potential customers – Getting the India import data can help companies understand which companies import which product. This helps manufacturers or traders of a product identify which companies in India import the same product and can then take steps to approach such companies. Thus, information about India import data can help increase the sales of a business. India export data can also help Indian manufacturers and traders identify foreign companies buying products and help them target these customers. Thus, the data helps both importers and exporters identify potential customers.
- Analyze product potential and come up with Business Plans – Suppose an Indian manufacturer has come up with technology to manufacture a product and wants to know the potential of the product. Analyzing the India import data and India export data concerning the product can help the company understand the volumes of the product traded along with pricing information. The information can thus help companies decide whether the product has a large potential to consider production. Thus, analyzing India import data and India export data play a major role in developing business plans for companies.
- Plan Business strategy – The India import data and India export data contains information related to not only product volumes but also pricing and applicable duty structures. This enables businesses to understand what kinds of profit potential exists in dealing with a particular product and come up with a business strategy.
- Track Competitors – One of the most widespread of India import and export data is to track what competitors are doing. The data provides information regarding the prevalent pricing of a product and allows manufacturers to price their products accordingly. Information on what competitors are doing can help marketers decide sales strategies for individual customers.
- Analysts – Increasingly, share market analysts and business analysts are using the India import data and India export data for understanding what individual companies are doing. The data can help analysts understand the sales volumes of individual companies in a particular quarter thereby helping them forecast quarterly revenues of companies. This information can thus help share market analysts estimate the earnings of companies and put trading bets on the performance of individual companies. In case a company declares that it plans to produce a particular product, using the data analysts can easily identify the product potential and extrapolate this information to determine the value of a company.
Analyzing the import and export trade data is one of the smartest ways of acquiring information regarding businesses. A rigorous analysis of India trade data gives a host of information right from knowing potential customers for your products, tracking competitors to understanding how companies are performing.
Author Signature – India import data and India export data is one of the smartest ways of gaining insights into particular businesses by knowing what competitors are doing, how a business is expected to perform, device business plans, plan new products, and so on. However, when getting the India trade data, you must get complete shipment-wise trade data, and information of all ports are covered.
Care should be taken that the information procured is comprehensive and no information is lost. Incomplete information analysis leads to suboptimal results. Also, while getting the India trade data, it should be ensured that you get timely data so that you remain ahead of the competition. Also, you should choose a vendor that not only provides timely data but also provides a wide range of data fields.
Also, you should choose a data provider that provides data in a fixed, easy to filter format in excel sheets or any other software that allows analysts to filter and extract data easily. Some companies provide software in which you can search using keywords and all information regarding keywords come up in an excel sheet. Hence, for growing companies that focus on international or domestic businesses, India’s trade data is a must-have.