EXCITING THINGS THAT MEDIA HASN’T TOLD YOU ABOUT GLOBAL TRADE DATA
LET’S SKIM UPON AND UNDERSTAND WHAT IS GLOBAL TRADE
Global trade, as the term suggests, is
a process of exchanging goods and services across international borders.
Various processes that are included in it are imports, exports, FDI, job
outsourcing, setting MNCs, etc.
Through global trade, there arises an
international economic interaction between sellers and buyers in different
countries. Since 1991, when globalization took over, global trade is expanded by several folds.
One of the main benefits of foreign
trade is that it increases the reach of local traders and vendors, and because
of this, they are motivated to do more experimentation with their products to meet
the global needs and demands. Other benefits may include Global economic
growth, Reduction in global poverty, competitive pricing, and wide variety of
products for customers.
3 ‘FACES’ OF INTERNATIONAL TRADE
International trade is primarily
classified into 3 faces which are based on inflow or outflow of goods and
services.
i)
IMPORT TRADE - It is a type of trade which is done when one country
purchases any commodity from other country in exchange for money. For instance,
India buying petroleum from Iraq.
ii)
EXPORT TRADE - It is a type of trade which is done when a country
sells its domestic product or service to other country in return of money. For
instance, India selling plastic products to the USA.
iii)
ENTREPOT TRADE - This type of trade involves both imports and exports.
For instance, company B imports some goods from country A, improvise the
products and exports the same to country C.
GLOBAL TRADE DATA- SAVIOR OF GLOBAL TRADE
In current scenario, all the
countries are taking part actively in global trade to expand their markets and
to increase their economy. Now the point is, how to keep records of imports,
exports and entrepots of different countries on regular basis. For this, every
country maintains its Global
trade data where it records all necessary information about the
products, their prices, quantity, most imported and exported goods, etc. at one
place so that it gets easy to understand for the trader.
Global trade data is
considered as one of 3Cs of foreign trade (compliance, content, and
connectivity). Every detail about the product, source country and destination
country is mentioned in the data. Global trade data is collected
from each country and consists of shipment data of whole world. This data is
very crucial for traders, bankers, and logistics service providers.
For exporters, Global trade data is a
necessity as they study this data to find out that which country has the most
demand of their products and what is the growth potential of that country. This
helps exporters to get high profits. Also, exporters must keep an eye over the
changing data and fluctuating values to get an idea about the idle time and
best country where they should export their products to. Global trade data
also provides data about different ports to exporters which help them to stay
ahead of their competitors, increase profit margins and keep market risks
negligible.
For importers, global trade data is
very crucial as it helps them to study about the products which may or may not
have enough potential in domestic markets of importers. Global trade data
is an initial stage to fetch contact details of interested sellers and buys.
INSIGHTS ABOUT USA TRADE DATA
USA trade data confirms that USA is the
world’s biggest economy and mega exporter and importer of goods and services. Trading
flows in veins of each citizen of the USA. Due to this discrete trait of the
citizens, USA’s economic growth has increased by several folds and USA trade data
keeps increasing year after year.
As per global trade data of
2017, US was world’s biggest trading nation. Its exports amounted to $2.35
trillion. USA’s total imports and exports amounted to $5.3 trillion in 2017 and
went up by 6.5% as compared from 2016 and further increased by 31% from 2007.
Agricultural goods amounted to $264 billion (imports
and exports) during 2017. If talking individually, exports accounted for $143
billion, and imports accounted for $121 billion. This led to a trade surplus of
$22 billion.
Manufacturing goods amounted to #3.3 trillion (imports
and exports) in 2017 which was up by 5.3% and 24% respectively as compared to
2016 and 2007.
INSIGHTS ABOUT CHINA TRADE DATA
As per China trade data, China
stood at number 2 in world’s top countries in terms of GDP; number 1 in exports
and 2nd in total imports in year 2020. As per Economic Complexity
Index, China was at 28th position.
If you have a look at global trade data,
you will get to know that China deals in major exports of Broadcasting
equipment ($223B), computer accessories ($156B), Office machine spare parts
($86.8B) to countries like the USA ($438B), Hong Kong ($262B) and Germany
($112B).
China trade data, 2020 says
that China became the largest exporter of computers, cloth articles and
telephones in that year. If we have a look at the import data received from global
trade data, we come to know that China imports majorly petroleum crude oil
($150B), iron ores ($99B) and copper ores ($33.9B).
Latest insights about China export-import data says that in July
2022, China exported goods worth $333B and imported worth $232B which in turn
resulted in giving positive trade balance of approximately $101B. As compared
to previous year July 2021, exports of China have increased by 17.8% while
imports jumped by 2.49%.
LAST WORDS OF SPEECH
Thanks for showing interest in our
article and reading it till here. At last, before giving rest to our words, we
conclude by saying that Global trade data is truly a savior of import-export data as global trade data
accumulates all the trades and mention them in a systematic order to give a
clear view to the researcher about the data of each country.
Importers, exporters, and marketers
who have keen interest in this area and are into trading regularly can refer to
this global trade data
and get all the insights that they want about any buyer or seller of any
country. To get the accurate database, one must always reach out to some
reliable global trade data providers.
BONUS POINT
If you are a type of person who is
into international trading and looking for any advice or consultancy or data of
any country, then feel free to contact TradeImeX® Info Solution
Private Limited. We, at TradeImeX®, strive hard to provide
100% accurate global trade data to our clients and are one the leading global trade data providers. We
provide quick and responsive customer support. Due to this USP or ours, we have
won hearts of more than 5000 clients till date. We deliver best and updated database
to our clients so that they can expand their profits and reduce market risk to
a very greater extent.
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