It is a very old saying that “knowledge is power”. A lot of us fail to understand the significance of this and how deep preaching it serves. In reality, this saying has a practical usage in our day to day lives. The members of the global shipping industry can also take lessons from this and can help themselves in making effective trade strategies. Having complete knowledge and updates of all the current happenings around the world related to international trade can help you as a trader to stay ahead of your competitors. The international trade market is full of uncertainties, fluctuations and new rules and regulations. If you have the latest import export news, it can be of great use in planning your future trade activities. The 4 major ways in which the latest import export news can help you devise your international trading strategies are mentioned below.
Plan according to the market demand
If you are updated about the current demands of the market of different countries you can plan your trade shipments accordingly. For instance, the ongoing COVID-19 pandemic had increased the demand for the hydroxychloroquine drug in other countries like the USA, Russia etc for quite a sometimes. India exported large amounts of this drug in those countries. Therefore, this kind of sudden demand can arise anytime and if you are aware of that, you can extend your services for the same.
Take precautions against prevailing casualties
Natural disasters can occur anytime in any country which directly affects the transportation of goods and services. Suppose you are unaware of any disaster that occurred in a country to which you are supposed to export a consignment. In that case, if you commence the shipment in such a situation, it would be put on hold at the receiving end and you can incur a loss in the deal. These kinds of misfortunes or rather say, tragedies owing to lack of knowledge, can occur anytime which can affect the business if the trade strategies are not planned accordingly.
Set your trade rates as per the latest market prices
The freight rates in the global shipping industries keep fluctuating and the governments of different countries keep making changes in the customs duties and tax rates. If you consider the example of a controversy that escalated once between India and China, you will get to know that there are many changes that have been made in context with trade between the two countries. The GOI (Government of India), owing to this, imposed anti-dumping duty on imports of Phenyl Methyl that are exported from China. Many such changes have been made which would affect the freight charges and if you are unaware of these changes, your profit margin can reduce drastically.
Evaluate the performances of other traders
If you keep a track of all the latest import export news, you will also be able to know about the performances of other traders, private port owners, shipping companies and all other parties that are involved in the trading business. This would allow you to offer services that are exclusive and rates that are uncommon from your competitors. In this way, you can expand your business successfully. After all, keeping details of your competitors is a very healthy business habit to get into.
Making effective and successful business strategies requires an active and well-informed brain that can plan the current actions and foresee its future consequences. Although you can read news articles for gathering information about the prevailing market conditions, there is a convenient way available to do so. Cogoport provides all the latest import export news on one dashboard. You can get notification updates of all the news by accessing the website of the company. Thus, it can be concluded that knowledge and information are the strongest factors that enable successful trading strategies.