No matter how attractive and must have your product or service Pseems to be, a strictly limiting yourself
to your domestic market will have a finite capacity. And once you have reached saturation point, what then? P Because of these limitations wise business owners are looking to go global and exploit the manyP international trade Popportunities after all, in the global economy; practically every country is a potential customer. 1- Reduced dependence on your local market Your home market may be struggling due to economic pressures, but if you go global, you will have immediate access to a practically unlimited range of customers in areas where there is more money available to spend, and because different cultures have different wants and needs, you can diversify your product range to take advantage of these differences. 2- Increased chances of success Unless youve got your pricing wrong, the higher the volume of products you sell, the more profit you make, and overseas trade is an obvious way to increase sales.
PIn support of this, UK Trade and Investment (UKTI) claim that companies who go global are 12% more likely to survive and excel than those who choose not to export. 3- Increased efficiency Benefit from the economies of scale that the export of your goods can bring go global and profitably use up any excess capacity in your business, smoothing the load and avoiding the seasonal peaks and troughs that are the bane of the production managers life. 4- Increased productivity Statistics from UK Trade and Investment (UKTI) state that companies involved in overseas trade can improve their productivity by 34% imagine that, over a third more with no increase in plant. 5- Economic advantage Take advantage of currency fluctuations export when the value of the pound sterling is low against other currencies, and reap the very real benefits.
P Words of warning though; watch out for import tariffs in the country you are exporting to, and keep an eye on the value of sterling. P You dont want to be caught out by any sudden upsurge in the value of the pound, or you could lose all the profit you have worked so hard to gain. 6- Innovation Because you are exporting to a wider range of customers, you will also gain a wider range of feedback about your products, and this can lead to real benefits. P In fact, UKTI statistics show that businesses believe that exporting leads to innovation increases in break-through product development to solve problems and meet the needs of the wider customer base.
P53% of businesses they spoke to said that a new product or service has evolved because of their overseas trade. 7- Growth The holy grail for any business, and something that has been lacking for a long time in our manufacturing industries more overseas trade = increased growth opportunities, to benefit both your business and our economy as a whole Download free brochure:P If you are interested in finding out how to tailor your message forP international trade,P contact TTC wetranslate for free, no-obligation consultation by calling +44 (0)1245 216933 or email levent@ttcwetranslate. com. The major reason for countries to participate in international trade is to sell their surplus produce and to cover their deficits in production.
Basically, the products sold by a country to another are referred to as exports while products bought from another country are known as imports. For example, country A has a vegetable shortage and to cover this shortage they bring in the product from their neighbor country B. On the other hand, country A has surplus of sugar which they sell to country B which has a deficit of the same. In this instance, country A will be importing the vegetables from country B and at the same time country A will be exporting sugar to country B. The two countries A and B are thus participating in international trade. International trade facilitates access to new markets for the different countries in the world. These new markets form the basis for interactions and exchange towards the mutual benefit of countries participating in trade.