Exporters, look here for leads
Exporters now have an online tool they can use to identify and target market opportunities.
The Export Potential Map “makes it easier for businesses and countries to identify what goods and services to export and to where,” according to the International Trade Center (ITC), which developed the tool.
“The Export Potential Map is an innovative tool that will enable developing countries and their companies to make better export decisions based on rigorous economic analysis. It will allow companies to target new markets and for policymakers to optimize their policies and support programs for their exporters,” said ITC executive director Arancha González.
This will help companies, institutions, and policymakers figure out a country’s export potential by translating complex economic analysis into practical information about new export markets and products.
It pulls in data from a range of sources including import and ex- port data, tariffs, gross domestic product, and geographic data to quickly evaluate a country’s potential to export in specific sectors and to what markets.
“This represents a unique opportunity for developing countries to ramp up their exports,” said ITC.
The Export Potential Map is available for 222 countries and territories and provides specific and practical information on 4,064 products. The web tool has visualizations that can be downloaded, shared on social media, and embedded into reports or websites, said ITC.
It can also suggest additional markets that offer good demand and tariff conditions for goods exported by a country. In addition, the tool helps identify options to diversify and expand the range of products a country exports.
Two indicators are available for viewing-existing products with export potential and new products for diversification.
The Export Potential Indicator identifies the potential export value for any exporter in a given product and target market by combining the exporter’s supply capacity with the target market’s demand and market access conditions.
For existing export products, supply capacities are measured through historical information on trade performances.
The Product Diversification Indicator estimates supply capacities by establishing links between products based on how frequently they are found together in the export baskets of countries. Supply capacity is combined with the target market’s demand and market access conditions to ensure that feasible products for the exporter also have good chances of success.
The Export Potential Map is free to use and can be accessed on http://exportpotential.intracen.org/. ITC is the joint agency of the World Trade Organization and the United Nations that assists small and medium-sized enterprises.