Canadian companies will often time venture out to the United States when they are first interested in exporting. This is due to the fact that it is so close, and it is similar in culture. The truth is that there are many more exporting opportunities out there, and some Canadian businesses are looking into their opportunities. The U.S. has definitely had a slow down over the past few years, so this prompts many businesses to look elsewhere.
If you want to export into different markets, you will want to use trade data to help you find the information that you need in order to choose markets successfully. Industry Canada offers Trade Data online that is easy to use, and by using their “Search by Product” tool you are able to narrow down your results to be industry specific.
First, you will want to start by looking at the number of exports of your particular product to all of the different countries. This will let you know the countries that are looking for the products that you have to offer. You will be able to see detailed information so that you are aware of the countries that are growing, and the ones that are on the decline.
You should also be aware of the fact that the companies in the U.S. are also trying to compete for international business. Using this data online you are able to see what the U.S. is doing in terms of export as well. You can even look at these reports more detailed to determine which states are doing business with which countries. This can help you narrow down your target export countries.
By looking at this information, you may find it to be a real eye opener. This will help you get started when it comes to revamping your export plan. Once you know the areas that you would like to target, you will want to maximize your potential.