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.