5 Emerging Export Markets: What are They?

by Simon Hopes Author

With globalization reaching new heights, international trade is growing more and more, day by day. Businesses, from large corporations to small businesses, are continuously increasing their reach by exporting to customers all over the world. As more businesses are going global, the race to find suitable export markets is on. Here are some of the most promising countries to export to, in no particular order.

India

With a youth-majority population, and currently the second most populous country in the world, India easily singles itself out as a promising export market, in terms of population size. Companies in the electronics and energy industries will be much welcomed in a population filled with tech-savvy millennials.

However, no country is perfect. While India is populous and clamoring for imported goods, exporters should also take note of high tariffs, linguistic barriers, cultural barriers, and transportation problems that could be potential setbacks. Businesses that want to appeal to an Indian customer base should choose export consultants that know how to get around the language and cultural barriers.

Brazil

Brazil is an agricultural powerhouse, as well as one of the most competitive IT markets in the world. Because of its constant involvement in World Cups and the Olympics, Brazil has also improved its infrastructure vastly. It is also home to the largest South American population. Exporters of agricultural processing equipment and computers will find Brazil the perfect populous target.

Business owners may still need to check with an export consultancy, however, since Brazil has various restrictions on certain product classifications.

Vietnam

While significantly larger countries constantly get praise for their economic growth, a smart business should also look at other places. Vietnam, while not always in the spotlight, has grown just as much as other nations have. Exporters of plastic processing equipment, IT hardware, and water treatment equipment will be glad to cater to Vietnam.

Nevertheless, businesses may have to be careful just as with any other country, especially since regulations in Vietnam are still under constant change. Intellectual property rights, especially for exporters of IT software, may not yet be sufficiently protected.

South Africa

Among the largest contributors of sub-Saharan Africa’s GDP, South Africa has the makings of an environment safe for international business dealings, with a stable banking system that many countries consider secure. IT equipment and various consultancy services are good fields to start sending to South Africa. Since most South Africans use smartphones and various related online technologies, exporters of IT and electronic services are especially welcome.

However, potential exporters will have to take note of South Africa’s ongoing need for transportation and water system improvements.

Germany

A formidable European power, Germany is among the biggest buyers for robotics equipment and manufactured products. In fact, the Hannover Messe (Hannover Fair) is considered the biggest industrial fair, making the country the top choice for many leading industrial sectors. New exporters of technological products will find Germany as a good place to start.

However, in recent years, Germany has exported more than it has imported, which may not be the best sign for someone who wants Germany to import their products.

While no country is the perfect export market, exporting businesses can still find these five emerging export markets as their best bets in starting their road to globalization.

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Created on Jul 3rd 2018 04:38. Viewed 252 times.

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