This article highlights some of the most promising opportunities for 2026 focusing on places with strong demand, improving infrastructure, predictable regulation, and openness to international products. Let’s get started.  

What makes a market worth entering today

Before looking at specific markets, it helps to understand exactly what it is exporters are looking for in their portfolio in a period marked by increasing uncertainty in global markets: 

Ease of doing business: Efficient customs, digital documentation, predictable rules, and supportive logistics networks can significantly reduce market entry costs. 

Openness to trade and FTAs: Countries that are part of major trade agreements often provide tariff reductions and smoother administrative processes. 

Growing import demand: Strong demographics, industrial expansion, and rising levels of consumption throughout a nation all shape import patterns. 

Low or manageable political risk: Stability helps exporters plan with confidence. For most exporters, political risk is synonymous with economic risk.  

Untapped potential: Tools such as the ITC Export Potential Map offer insights into where meaningful opportunities still exist globally. Analyses such as these are crucial in mapping out new areas for your business. 

With these criteria in mind, let’s take a look in detail at some of the markets that stand out in 2026 

Top 7 export markets to consider in 2026

1. Vietnam: A fast-growing manufacturing and consumer hub

Vietnam is one of Asia’s most dynamic economies. It continues to expand rapidly in electronics, garments, furniture, and other manufacturing sectors, which also boosts demand for imported materials, components, and technologies. 

In fact, FTSE Russell recently upgraded this country to Secondary Emerging market status, which signals increasing maturity and openness.

The OECD argues that reducing FDI restrictions, improving infrastructure, and strengthening innovation capacity are key to making Vietnam more competitive and business‑friendly.

Exporters supplying machinery, industrial inputs, food products, and consumer goods often find Vietnam to be an approachable place to start or expand their market presence.  

2. India: A rising import destination with global reach

India continues to be one of the strongest performers in global trade growth. UNCTAD’s trade trends report points to India as a high-growth market with the country also steadily increasing its imports and playing a more prominent role on the import side.

Recent trade data from NITI Aayog shows India importing more from regions such as Latin America and East Africa. This reflects the country’s growing role in global supply chains and its importance under China +1 sourcing strategies.  

Exporters of machinery, chemicals, electronics, packaging materials, and renewable energy components often gain early traction in India. 

3. Indonesia: Strong commodity exports and expanding industrial needs

Indonesia remains a key growth engine in Southeast Asia. 

According to Cybex Exim’s regional data, Indonesian exports grew 12.7% year over year, driven by palm oil, minerals, rubber, and other commodities.

As these industries expand, so does the need for imported machinery, equipment, and supporting services. 

The ITC Export Potential Map also shows opportunities across a range of goods as Indonesia continues investing in infrastructure, digital systems, and industrial diversification. 

4. United Arab Emirates and the Gulf Region: A global re-export gateway

The UAE continues to stand out as an efficient global logistics hub. Visual Capitalist’s trade analysis identifies it as one of the fastest-growing trade partners between 2019 and 2024. The wider Gulf region also shows rising import demand across food, construction materials, industrial inputs, and green technologies. 

The network of free zones, predictable regulation, and strong connectivity make it a natural entry point for exporters looking to reach Africa, South Asia, and the Middle East. Moreover, its strategic location and robust logistics network have made the UAE a central hub for the import of minerals and fuels. 

In 2026, trade continues with the UAE, but with higher costs, delays, and volatility due to the US – Iran conflict.

5. Latin America: Brazil and Mexico as high-potential Buyers

Latin America remains a strong region for companies seeking to diversify beyond traditional partners. UNCTAD’s data on global trade growth shows Mexico and Brazil performing particularly well, surpassed only by India and China.  

Brazil continues to import high volumes of machinery, chemicals, renewable energy inputs, and consumer goods as large infrastructure and energy projects move forward. Mexico benefits from its integration through USMCA and is a major importer of electronics, automotive components, and industrial supplies. 

6. Sub-Saharan Africa with a focus on East Africa: Rapidly growing consumption and infrastructure Needs

East African markets such as Kenya, Tanzania, and Ethiopia are becoming important markets for exporters to consider. East Africa’s trade outlook for 2026–2027 is cautiously optimistic, supported by stronger regional growth, infrastructure investment, and ongoing economic reforms, but the region remains vulnerable to rising energy costs, global trade disruptions, and food insecurity.

The IMF notes that higher fuel, fertilizer, and shipping prices are increasing pressure on trade balances, particularly for oil-importing economies in East Africa.

The region’s main exports are largely agricultural and primary commodities including coffee, tea, horticultural products, minerals, and textiles, while its main imports are fuel, machinery, vehicles, pharmaceuticals, and industrial equipment needed for infrastructure and manufacturing growth. 

7. South Korea: A stable, high value import market 

South Korea is an advanced and predictable market with strong import needs across machinery, electronics, automotive parts, food products, and medical goods. Its close integration with both Western and Asian supply chains makes it a reliable destination for exporters who prefer stable, mature markets. 

 South Korea’s trade outlook for 2026–2027 is moderately positive, driven by strong semiconductor exports tied to global AI and technology demand, alongside a gradual recovery in domestic consumption. However, the country remains vulnerable to slowing global growth, rising trade protectionism, and geopolitical uncertainty.

Semiconductors are Korea’s leading export, while its main imports include crude oil, natural gas, and industrial inputs used in manufacturing and technology production. 

Renewable energy opportunity zones: Brazil and Chile

The renewable energy sector deserves its own mention. Countries such as Brazil and Chile are investing heavily in solar, wind, and battery storage capacity. This creates demand for turbines, panels, inverters, energy management systems, and engineering services. 

The International Energy Agency (IEA) mention continued growth in clean energy infrastructure across LatAm, which can be a strategic diversification route for exporters in green tech, metals, electronics, and industrial solutions. 

How exporters can move from insight to action

Use data tools to validate market fit: Resources like the ITC Export Potential Map, World Bank logistics indicators, and regional trade databases help exporters ground their decisions in evidence and statistics.  

Take advantage of FTAs and tariff benefits: Trade agreements can support pricing strategy and make market entry more competitive. 

Start with a phased entry strategy: Many exporters begin with a distributor, agent, or pilot shipment, then adapt based on feedback and local standards. 

Plan for compliance and risk management early: Preparing for certifications, currency considerations, and political risk improves the odds of a smooth entry. 

Leverage trade missions and government support: Trade missions, export advising programs, and local chambers of commerce can reduce costs and help companies identify partners more quickly. 

What this means for your diversification strategy

In 2026 diversifying your export markets is as much about protecting your business as it is about growth. Vietnam, India, and Indonesia are booming with rising demand; South Korea deliver predictability and logistical efficiency; and Latin America and East Africa are fast becoming regions to watch, with growing consumer markets and long-term potential.

For exporters looking to spread risk and seize global opportunities, these markets are where the next decade of trade is being written. 

The post Top export markets to strengthen your diversification strategy in 2026 appeared first on Trade Ready.

Today the news is all about NAFTA as developments come in on the progress of reaching a pivotal new deal between Canada, the U.S. and Mexico. Such swift changes in trade regulations are leaving many cross-border businesses scratching their heads navigating the complexity and determining the impacts on their products and services.

So, just how can you determine the impacts of changing tariffs on your products and services?

We put this question to the experts in this month’s live #TradeElite Twitter chat and got an outstanding response over the course of the hour – including: insights into the impacts of new tariffs, sources for staying up to date on the latest developments, and steps to take to ensure your contingency plan can protect your business.

Highlights of the chat are below, and you can scroll through the #TradeElite hashtag to follow the entire chat.

Moderator:

Igor Chigrin, CITP (@winglobal_igor) Export & Import Consultant, Win Global Partners – Helping Local Businesses Become #Global by providing them with information, tools, training and coaching they need to start or expand their export and import business – Richmond Hill, ON

Panelists:

Audrey Ross (@TresAudrey) Logistics & Customs Specialist at Orchard International Inc., based in Toronto, ON

Doug Bruhnke (@DougBruhnke) Founder & CEO of Global Chamber (@GlobalChamber), based in Phoenix, Arizona

Darryl Anderson (@DarrylWavepoint) Manager of Marine, Multimodal Transport & Logistics Real Estate at Wave Point Consulting, based in Victoria, BC

Cheryl Berklich (@cherylberklich) Purchasing, Materials Management, Logistis & Recovery at TAL Group, based in the Greater Detroit Area, Michigan

What are the real impacts of today’s rapidly changing trade regulations and customs environment on cross-border businesses?

A1. Not everyone agrees that will be impacts. #tariffs have been used in the past to affect the behavior, so it’s been more of a hammer – which right now it’s being perceived more like Mjolnir (Thor’s Hammer) big and bad. #tradeelite

— Seas On Fire (@cherylberklich) August 23, 2018

#TradeElite Q1 A1. There will be both short terms impacts and the possibility of longer term trade deterioration. For example, some shippers were accelerating deliveries to avoid tariffs and container lines are watching closing to realign service if demand drops.

— Darryl Anderson (@DarrylWavepoint) August 23, 2018

A1 #TradeElite Frustration, confusion and even embarrassment by US companies. Most agree changes need to be made. Putting exporters, importers and consumers in the crosshairs is disappointing.

— Doug Bruhnke (@DougBruhnke) August 23, 2018

A1. The biggest impact is the overall market uncertainty. Uncertainty causes people to make impulsive fear based decisions – OR – withhold investments / plans as they deem the risk to be too high in this climate. #TradeElite

— audrey ross (@tresAudrey) August 23, 2018

#TradeElite Q1 A1 Many of the US tariffs are entered upon goods that are relatively low values/ higher density in their nature. High value / low density goods may not be impacted as much.

— Darryl Anderson (@DarrylWavepoint) August 23, 2018

A1 #TradeElite Business planning for exporters and importers beyond a few months is a lot tougher. And everyone is ALREADY busy… this adds more to the plate.

— Doug Bruhnke (@DougBruhnke) August 23, 2018

How do you stay up to speed with customs regulations and tariff changes? Where can you find the up-to-date information other than Google?

A2. I set Google Alerts to monitor changes, follow @JOC_Updates aside from good tweet content they have super photos (imprvs) my Twitter stream! U could subscribe to their website also. Follow @CBP https://t.co/h2YkLZNjVr

— Seas On Fire (@cherylberklich) August 23, 2018

A2 #TradeElite Definitely use more than google Smart folks have outside support like Dan Ujczo @danujczo and Melissa Procor @MillerProctor . In addition… https://t.co/sFDyAZiE1E

— Doug Bruhnke (@DougBruhnke) August 23, 2018

A2. Honestly – Twitter. I have loads of connections on here that work in or around government in global trade & are sharing the press releases / links to gov’t websites as they come out. Look to the #TradeElite – they are up-to-date!

— audrey ross (@tresAudrey) August 23, 2018

A2 #TradeElite Country-supported groups like @OfficialMIDA @JETROUSA @tradegovuk et al are good resources, along with @GlobalChamber , and in addition…

— Doug Bruhnke (@DougBruhnke) August 23, 2018

A2 #TradeElite strong freight forwarders can be extremely valuable, really leverage your contacts at @UPS , @EXPD_Official etc. #tariffs #TradeWar

— Doug Bruhnke (@DougBruhnke) August 23, 2018

#TradeElite Freight forwarders, especially those focusing on only one to two markets, May need to prepare themselves as they tend to be more vulnerable to political changes. Doug I agree that larger forwarders may be extremely valuable.

— Darryl Anderson (@DarrylWavepoint) August 23, 2018

In the EU at least they work based on volumes and relying on customs providers in itself can be a compliance risk #TradeElite

— Anna Jerzewska (@AnnaJerzewska) August 23, 2018

Any U.S. Government resources that keep track of tariffs and sanctions?

This guy: @tradelawyer . John provided the link to the additional $200 billion tariff proposal on China origin goods under – Docket USTR-2018-0026 the hour it was released. US Gov’t is doing press releases from USTR ( office of US Trade Representative) #TradeElite

— audrey ross (@tresAudrey) August 23, 2018

Absolutely… US Commercial service has a link for initial research.

— Doug Bruhnke (@DougBruhnke) August 23, 2018

Is today’s cross-border business environment too complex for small and micro-businesses to get involved? What resources are out there for these groups other than those we just discussed?

A3. In my POV / experience it’s not that complex; but lots of moving parts. Getting help from https://t.co/M80EAE1Swa if you’re not an expert is critical & if it’s in the budget getting outside support, like @DougBruhnke suggested. #TradeElite https://t.co/GPsglTuqci

— Seas On Fire (@cherylberklich) August 23, 2018

#TradeElite Q3 A1 @FITTNews , @ExportDevCanada and provincial ministries of small business. The @BoardofTrade Trade Accelerator and other similar programs are excellent.

— Darryl Anderson (@DarrylWavepoint) August 23, 2018

A3 #TradeElite This question makes me sad Despite best efforts by government to screw everything up, NO… SME’s can handle exporting and importing, with a few key resources and determination!! Over 85% of business opportunity is outside #Canada and the US… it’s worth it!!

— Doug Bruhnke (@DougBruhnke) August 23, 2018

We agree! Businesses of any size and shape CAN do it – you just need to invest in the right people and #training. Get the know how and you can #goglobal! #TradeElite

— FITT (@FITTNews) August 23, 2018

A3. No more complicated than b4. You always had to figure out H.S. Code / Customs Duties / Taxes / Import Regulations / Currency Fluctuations / INCOterms – now you just have to dbl check that H.S. Code doesn’t have added Tariffs. (Hire a @FITTNews CITP!) #TradeElite

— audrey ross (@tresAudrey) August 23, 2018

If your supply chain is impacted, what are your next steps? Find new suppliers? Adapt products/services? Strategy impacts?

#TradeElite Q4. A1 What shippers should not do:Don’t try and reclassify to a new harmonized tariff code that’s not on the list. Shipper should not break the law when attempting to avoid tariffs.

— Darryl Anderson (@DarrylWavepoint) August 23, 2018

A4. If supply chain is impacted, tap into your professional network to explore new suppliers. Industry associations can be great sources of info in these cases too. #TradeElite

— Jeffrey Shepherd (@JeffMShepherd) August 23, 2018

#TradeElite Q4 A4 What shippers can do (short term): Accelerating deliveries to avoid tariffs was a strategy worth pursuing. Some evidence that shippers have been using this tactic. There is a need to determine whether shippers have the necessary storage and logistics capacity

— Darryl Anderson (@DarrylWavepoint) August 23, 2018

A4. We are agile as we have built relationships with a variety of partners in diff markets & can adjust for new projects. That US Origin palette is now being made in Cda. Sponges in China, being moved to Taiwan. SME’s need to think ‘agility’ #TradeElite

— audrey ross (@tresAudrey) August 23, 2018

#TradeElite Q4 A4 What shippers can do (Longer-term): Supply chain contingency planning & sensitivity analysis. Identify inefficiencies & negotiate contracts
Shippers could look at sourcing product from alternative countries. Maybe you can switch the volume to that other country.

— Darryl Anderson (@DarrylWavepoint) August 23, 2018

A4.1 It’s not a necessity 2 resource, lack of human resources have hit my suppliers much harder v. #tariffs or #customs regs chgs.

In my POV it’s affected leadtime & some portion of the cost structure.

Companies always need 2 b managing risk no matter the reason. #TradeElite https://t.co/yFWNNqqKcm

— Seas On Fire (@cherylberklich) August 23, 2018

A3 A4 #TradeElite SMEs need to know that there’s a big, wide and deep world out here of really smart people. They may not be able to hire them, but tapping into them right now could make a whole lot of sense!! #tariffs #TradeWars #export

— Doug Bruhnke (@DougBruhnke) August 23, 2018

Inspired to learn more about #customs #compliance? We have a workshop for that! Keep your business running efficiently by recording, filing and storing everything you need to maintain efficient day-to-day operations. Start today! https://t.co/KkL5WK0MuY #TradeElite #training pic.twitter.com/B8ACy1iOt3

— FITT (@FITTNews) August 23, 2018

What do you need to think of in terms of communicating and preparing your customers for any impacts due to changing customs/tariffs?

#TradeElite Q5 A5. It really depends on what line of business you are in. If you are in the B2B segment of the market early communications with clients is essential because they will ask. If B2C first determine how much of the cost you will absorb.

— Darryl Anderson (@DarrylWavepoint) August 23, 2018

A5 #tradeelite Transparency is important now. Let them know way ahead of time what could happen down the road with price. Don’t surprise them. #tariffs #tradewars

— Doug Bruhnke (@DougBruhnke) August 23, 2018

A5. From a B2B perspective, In terms of the effect of #tariffs, it’s one of the costs of doing business. The expectation is the supplier needs manage thru it like any other risk & no pass on the risk to the whole supply chain unless the effect is significant. #tradeElite https://t.co/L9k0aeDwBa

— Seas On Fire (@cherylberklich) August 23, 2018

The issue is that the world via WTO / FTA’s had been trending to lowered tariffs. High Tariffs discourage business (not eliminate the possibility, but is does discourage biz). Then new US admin comes in & now we are in a trade war… #TradeElite

— audrey ross (@tresAudrey) August 23, 2018

Should you have a contingency plan to address possible future tariffs/customs changes? What does that look like?

#TradeElite Q6. A6. Supply chain contingency planning should sensitivity analysis. Determine if price impacts of tariffs can be offset by decreases in logistics cost. Factor, in relationships with suppliers and service providers.

— Darryl Anderson (@DarrylWavepoint) August 23, 2018

#TradeElite Q6. A. 6 Consider the impact of possible longer lead times for new suppliers overseas, amount of impact on working capital and supply chain finance solutions and the need to secure new and different logistics arrangements.

— Darryl Anderson (@DarrylWavepoint) August 23, 2018

#TradeElite Shippers seeking to reduce exposure to the tariffs could look into compliant ways you may be able to reduce the customs value on which duties are paid.

— Darryl Anderson (@DarrylWavepoint) August 23, 2018

A6 #TradeElite This is tough stuff but necessary work. Get your team together and brainstorm options. You can’t be ready for every scenario, but the earlier you think about it, the more options you’ll have. #tariffs #TradeWar

— Doug Bruhnke (@DougBruhnke) August 23, 2018

A6. You def want to be aware of the global market, but it’s hard to plan for – surprise we’re putting 25% (TWENTY-FIVE) percent tariff on goods that were almost at 0% duties. Onshore your manufacturing in 4 months to avoid tariffs. Hard to prepare for this! #TradeElite

— audrey ross (@tresAudrey) August 23, 2018

A6.#TradeElite in my POV, this is part of any good risk mitigation strategy. Offsets are one strategy – but it really depends on the industry. In my world today (one of my friends said in the middle of crisis) “u have to be fluid because flexible is too rigid!”

— Seas On Fire (@cherylberklich) August 23, 2018

Are we witnessing a “new normal” in terms of trade policy, regulations changes or will things settle down in the not-so-distant future?

#TradeElite Q.7 A.7 Uncertainty is a fact of life for international business. Being educated on how to address a wide spectrum of problems & opportunities means that companies don’t have to rely on either the “old normal” or “new normal”.

— Darryl Anderson (@DarrylWavepoint) August 23, 2018

A7. I would like to see people return to courteous fair trade in the very near future. This is being driven by greed & by people who are insulated from uncertainty & who gain by stifling competition. We need leadership that thinks big picture. #TradeElite

— audrey ross (@tresAudrey) August 23, 2018

A7 #TradeElite YES this is a new normal at least for the next year. So buckle up ladies and gents, and be ahead of the curve and not a laggard. What doesn’t kill us makes us stronger? #tarrifs #tradewars

— Doug Bruhnke (@DougBruhnke) August 23, 2018

Read the rest of the chat and join future discussions by following the #TradeElite hashtag. And stay tuned for the next #TradeElite chat, coming up Thursday, September 20 at 2:30-3:30PM ET, and if you haven’t yet, join us on Twitter at @FITTNews.

The post How can you determine the impacts of changing tariffs on your products and services? appeared first on Trade Ready.

Canadian companies send 75% of their goods exports to the United States.

Newly appointed Small Business and Export Diversification Minister, Mary Ng says Canadian companies should look further afield for opportunities.

“Right now, Canada has preferential market access to 14 trade agreements and 51 countries. This is a real opportunity for us. The U.S. continues to be an important export market to us, but I also think there is a great opportunity to enable our small business to access these other markets as well,” Ng said.

If that inspires you to look to new global markets beyond North America, you’re in luck. There have never been more resources, tools, advisors, and funding available for companies of all sizes to expand their business into new export markets.

But before you get started, the first thing on the agenda has to be determining – Is it feasible for my company to diversify into new global markets?

We put this question to the experts in this month’s live #TradeElite Twitter chat and got so much great advice, insights and words of wisdom, we couldn’t fit it all in one article. Highlights of the chat are below, and you can scroll through the #TradeElite hashtag to follow the entire chat.

Panelists:

Nicole Verkindt (@nicoleverkindt) Founder + CEO @Offsetmarket – A procurement platform, driving diversity in supply chains, measures and tracking economic impacts – Dragon, CBC’s NextGenDen – The Pitch – Toronto, ON

Elise Racicot (@elise_racicot) CanExport program manager, Canadian Trade Commissioner Service – Funding program of the Trade Commissioner Service that aims to assist Canadian SMEs looking to diversify their exports, enter in a new market or export for the first time – Ottawa, ON

Yvonne Gruenthaler (@TCS_YvonneG) Trade Commissioner, Clean technologies – Remediation lead, Global Affairs Canada, based in the Prairie North Region ( AB, SK, MB, and NWT) – Calgary, AB

Paul Walters (@LimeTreeEurope) Managing Director, LimeTree Europe Limited – Connecting people with product, sourcing, import, export, manufacturing and supply chain – Halifax, UK

Igor Chigrin, CITP (@winglobal_igor) Export & Import Consultant, Win Global Partners – Helping Local Businesses Become #Global by providing them with information, tools, training and coaching they need to start or expand their export and import business – Richmond Hill, ON

With so much trade uncertainty, we are hearing a lot about the need for businesses to “diversify” their markets. What does this mean exactly? What are the advantages?

A1 part 1
Who puts all their eggs in one basket? The US is one of the most difficult and competitive markets in the world. If Canadian companies can succeed in the US they can likely be successful in other global markets with the proper preparation.

— Yvonne Gruenthaler (@TCS_YvonneG) July 26, 2018

A1 continued Plus Canadian companies have great access into other markets, through Canada’s many trade agreements with other countries and regions around the world. Truly #TradeElite are accessing other markets beyond the US, and these companies are more resilient for it.

— Yvonne Gruenthaler (@TCS_YvonneG) July 26, 2018

we see with #canexport program that companies that are prepared and who make the move out of their comfort zone to tackle a new market tend to obtain strong #export results #TradeElite

— Elise Racicot (@elise_racicot) July 26, 2018

#TradeElite A1 Diversification means expansion to other markets, industries, and geographies – which means more sales and lower risk. Diversification shouldn’t just stop at selling or moving your product, however: having diverse supply chain options will also reduce risk.

— OMX (@offsetmarket) July 26, 2018

A1 In the UK we are all too familiar with trade uncertainty now, what is evident it is better to have a wide portfolio of client countries rather than having all your eggs in one basket, the main advantage being if one region is quiet the others pick up the slack #tradeelite

— Export Paul (@LimeTreeEurope) July 26, 2018

We’ve established that it makes sense to diversify. How can businesses begin to assess whether it’s feasible for them to reach into new international markets?

Identify markets in new locations that are similar to your existing niche market and get feedback on interest in your offerings @WTCWinnipeg @StrandridgeCan

— Siddha Param (@siddhaparam) July 28, 2018

A2: Small businesses, first and foremost, need to find a customer. We believe in working with big, global companies to work with them on all of their international requirements. Is a no-brainer way to enter a new international market.

— Nicole Verkindt (@nicoleverkindt) July 26, 2018

A2 Getting all the help available whether #FITT training, preparation with support support of @tcs_sdc & parthers such as @bdc_ca @ExportDevCanada and your chamber of commerce, research & do your homework… +always reach out to the @tcs_sdc in your target market. #TradeElite

— Elise Racicot (@elise_racicot) July 26, 2018

As a starting point, have a look at ITC’s https://t.co/c8Br0FjClG. It informs about the untapped export potential a country has for a given product in new or existing target markets. Based on an assessment of demand, revenue elasticity, relative market access,… #tradeelite

— Julia Spies (@Julia_Spies) July 27, 2018

A2. I always advise look what your competitors do, if you can compete with them and they are selling in different markets then so can you. #tradeelite

— Export Paul (@LimeTreeEurope) July 26, 2018

A2. There is a great deal of information out there, I often point people to the CIA website which has a fund of information on markets, here in the UK we have the DIT and of course Chambers and Banks #tradeelite

— Export Paul (@LimeTreeEurope) July 26, 2018

A2. First of all, determine their value proposition. To succeed in #export markets the product or service must have a clear competitive advantage. Answer a question: Why would foreign buyers buy from you versus your competition? #tradeelite

— Igor Chigrin (@winglobal_igor) July 26, 2018

We heard that diversifying all starts with research! Should businesses tackle their own market research or is it helpful to outsource this type of task – particularly for SMEs with limited capacity?

A3 Personally I believe in companies keeping this market research function inhouse, because the learning curve can be onerous the first time, and if this function is outsourced than the next time a company wants to enter a new market they will still lack the necessary skills.

— Yvonne Gruenthaler (@TCS_YvonneG) July 26, 2018

A3 one of my favourite tasks as a consultant is building clients’ in-house research capacity – even if then they outsource it, they’ll actually be better at briefing consultants and evaluating results!

— Gaby Castro-Fontoura (@uklatinamerica) July 26, 2018

#tradeelite A3 Why not both? There’s a wealth of information out there – but someone’s always going to have to do the legwork and see what’s most relevant to your organization.

— OMX (@offsetmarket) July 26, 2018

A3 When a SME has done its own preliminary research to define their strategy for a new market, #CanExport can support some costs to help refine it further, including consulting services for market analysis with local experts. #TradeElite

— Elise Racicot (@elise_racicot) July 26, 2018

A3. Also talk to companies that work in complimentary fields they will often help. Equally if you have a trade organisation talk to them. However the best market research is getting out there and visiting or attending an exhibition #tradeelite

— Export Paul (@LimeTreeEurope) July 26, 2018

#TradeElite A3 tons of free resources are there but with so much to look for investing some market research dollars makes sense. @bdc_ca offers this service as well as many other research firms. Resource for your toolkit ? https://t.co/cTbIrvnnp7 https://t.co/x2TWLjfcvp

— Emiliano Introcaso CITP PLog MBA (Cand.) (@introcaso) July 26, 2018

A3 cont’d Further #TradeElite companies will learn from every new market they enter and get better at introducing their products to new markets with every iteration. Why would you want another firm to have this expertise about how to sell your product in new markets?

— Yvonne Gruenthaler (@TCS_YvonneG) July 26, 2018

If businesses should look beyond the U.S. for their import/export markets, where are some good opportunities for these companies?

A4: Depends on their offering, but we prefer (for SMEs) to go into markets with existing large partners and clients, so wherever they are!

— Nicole Verkindt (@nicoleverkindt) July 26, 2018

A4 Best markets/ opportunities usually depend on your own company’s value proposition… However, Canada recently negotiated new free‑trade
agreements such as #CETA and #CPTPP which open new markets and level the playing field for Canadian companies #TradeElite

— Elise Racicot (@elise_racicot) July 26, 2018

A4 LatAm not usually ideal as first export market but, depending on your sector, product, etc, look at countries like Chile, lots of Canadian companies here!

— Gaby Castro-Fontoura (@uklatinamerica) July 26, 2018

A4. That depends on your market sector, anyone in the infrastructure sector I would advise places like Vietnam, Indonesia and other markets in the region who are all spending on their infrastructure and have funding from the likes of the World Bank and ADB #tradeelite

— Export Paul (@LimeTreeEurope) July 26, 2018

A4. We recommend study the trade flows using databases like Comtrade – https://t.co/UND9KNMNek. You can look up where other Canadians already #export similar products and trust me, you will be surprized! even though #1 market will likely be the US #tradeelite

— Igor Chigrin (@winglobal_igor) July 26, 2018

#TradeElite A4 that will really depend on where their customers will be. This is why proper marker research is so important. Analyzing where some of the potential international enquires come from could be a “clue” although not always 100% accurate. Research Research and Research! https://t.co/dUWxssDXzK

— Emiliano Introcaso CITP PLog MBA (Cand.) (@introcaso) July 26, 2018

A4 And whilst your Southern neighbours may be falling out with China there is a massive demand for Western products from the Middle Classes which number around 450 million, you don’t need a big chunk of that market to have a decent business #tradeelite

— Export Paul (@LimeTreeEurope) July 26, 2018

What are some key considerations for companies expanding into new global markets? Product adaptation? Regulations? Marketing/Translation?

and by the way, did you know #canexport can offset some of your financial risk by sharing the costs associted with these kinds of expenses related to the development of a new market ? #TradeElite

— Elise Racicot (@elise_racicot) July 26, 2018

A5 All of those are very relevant but one area that is often forgotten is business culture and etiquette, it is very easy to make an unintentional faux pas, do your homework in advance. #tradeelite

— Export Paul (@LimeTreeEurope) July 26, 2018

A5: Initially, its all about introducing your company to potential foreign customers, so in other words: marketing, marketing, marketing. #TradeElite

— Nicole Verkindt (@nicoleverkindt) July 26, 2018

Q5. All of those + understand your foreign customers. Who are they? Why do they buy? What or who motivates purchasing decisions? Chances are those customers look for something beyond the price. Use #Canada brand to your advantage. #tradeelite

— Igor Chigrin (@winglobal_igor) July 26, 2018

#TradeElite A5 distribution networks, potentially working with agents, opening storefronts, considering multi languages profiles on their websites as well as proper language(s) in their labels. It is quite a complex task that is why it is recommended to tackle one market first https://t.co/e0RGg4eW0p

— Emiliano Introcaso CITP PLog MBA (Cand.) (@introcaso) July 26, 2018

All are very important, Ability to repatriate your profit, Translational risk, All Business environment risks https://t.co/wAg5ELHPXL

— petrolawyer (@oladapoyusuf) July 26, 2018

What are some pitfalls/redflags to avoid when taking your business beyond Canada/U.S.?

A6: How long it bloody takes!!! #TradeElite #SME

— Nicole Verkindt (@nicoleverkindt) July 26, 2018

A6. Absolutely right on the time issue. First thing I always say is don’t expect exporting to be an overnight success, you need to be patient and you have to spend money first, but patience pays off and international trade can be rewarding #tradeelite

— Export Paul (@LimeTreeEurope) July 26, 2018

A6 Believing doing business in a new market will be « just like in Canada”, underestimating the importance of personal relationships with local partners/clients and cultural subtleties… #TradeElite

— Elise Racicot (@elise_racicot) July 26, 2018

A6. Going for a deal without a contract in writing. Emails don’t have legal power in many export markets. Only written contracts duly signed and stamped are valide. Spend $2 to by international stamp @canadapostcorp and get a piece of mind #tradeelite

— Igor Chigrin (@winglobal_igor) July 26, 2018

A6. Failure to do due diligence on a new partner. Make sure you are going to get paid. Make sure you get your paperwork right, agreements, pricing and shipping #tradeelite

— Export Paul (@LimeTreeEurope) July 26, 2018

A6…Funding support? Check out programs like #canexport #CIIP, #GGI, #CTA, and special programs like our Business Women in International TRADE #BWIT. Not to mention @EDC @BDC & @CCC offerings. #TradeElite!

— Yvonne Gruenthaler (@TCS_YvonneG) July 26, 2018

A6 Not ensuring your intellectual property is protected, overlooking the applicable regulations and underestimating the often complex and/or lenghty certification processese needed to be able to export your products or technologies #tradeelite

— Elise Racicot (@elise_racicot) July 26, 2018

#tradeelite A6 It’s all about hitting the sweet spot in terms of expansion – you don’t want to outpace your capabilities or have resources go to waste. You want stable, sustainable growth – which means stable, sustainable investments too.

— OMX (@offsetmarket) July 26, 2018

#TradeElite A6 not knowing regulations or calculating #tariffs. Using the wrong #Incoterms. Ignoring these important points can be the difference between profit and loss! https://t.co/bvwrE2lDXU

— Emiliano Introcaso CITP PLog MBA (Cand.) (@introcaso) July 26, 2018

Here’s a common concern – With the rapid trade policy changes and seemingly unstable trade environment – How can one assess country and political risk in a potential new market?

A7…Understand what the risks are &manage them accordingly – Again, @TCS-SDG can help you understand risks & take proper decisions on how to manage them- but we should not be your only source of information. Check out the local Canadian Chamber of commerce #CCOC in the market.

— Yvonne Gruenthaler (@TCS_YvonneG) July 26, 2018

#TradeElite companies do research before they enter a new market! The @BDC did a survey of Canadian exporters recently. Among their findings – Market preparation was the single largest factor contributing to whether a Canadian company was successful in international markets.

— Yvonne Gruenthaler (@TCS_YvonneG) July 26, 2018

A7: At the end of the day, stay close to the end user in the country and form long term partnerships with them. As the trade environment changes, hopefully they will work with you.

— Nicole Verkindt (@nicoleverkindt) July 26, 2018

A7. Very good question and it goes back to research, there will I am sure be government advice as well as from financial organisations. Mitigate the risk by, for example, taking out credit insurance. #tradeelite

— Export Paul (@LimeTreeEurope) July 26, 2018

Read the rest of the chat and join future discussions by following the #TradeElite hashtag. And stay tuned for the next #TradeElite chat, coming up Thursday, August 23 at 2:30-3:30PM ET, and if you haven’t yet, join us on Twitter at @FITTNews.

The post How to decide if it’s feasible for your company to diversify into new global markets appeared first on Trade Ready.

Before an organization embarks on a new initiative in international trade, it is important to assess the organization’s current conditions, attitudes and resources. The assessment needs to be made at all levels within the organization.

This first step is critical in the decision-making process and helps determine if the initiative is feasible, and if the potential gains and opportunities are worth the risk.

Part of assessing your organization’s readiness to expand into new markets is being proactive in identifying the downstream effects of launching a new initiative. Organizations need first to determine whether the initiative will affect the entire organization or only specific departments or groups.

Looking to determine if your new trade opportunities are viable? Check out the FITTskills Feasibility of International Trade online course!

If the change is small in scope and particular to a specific product line that is managed and operated as its own department in the current operation, the effect of the new initiative may be limited to that department and the senior management who will oversee the initiative.

However, if the initiative involves all of the products or services provided by the organization, it’s likely that every individual working for the organization will be impacted by the change in some way. Asking who in the organization will be impacted by the initiative should it move forward is crucial to adequately prepare and plan. For instance, if a department could be overwhelmed by the new customer demands, it may require additional human resources. This potential need must be accommodated in any planning the organization does before launching the initiative.

In addition to defining the impact internally, organizations should assess the impact the new initiative may have externally, such as on customers, clients, suppliers and partners.

Questions to ask include:

• Who are we currently doing business with that may be impacted by this initiative?
• Is it possible that resources will be shifted in such a way that existing customers/clients will be underserved?
• Will suppliers be able to keep up with the demand?
• Are business partners also willing and able to make the adaptations necessary to take on this change?

Addressing the gaps

If, after analyzing all of the factors above, an organization decides it needs to address some gaps before moving forward, it does not mean your plans for expansion can never move ahead.

Instead, a variety of avenues may fulfill the needs identified in the situational analysis. Depending on the particular gap, internal or external resources might be used to prepare the organization for the change it will undergo. If the gap identified is in the area of:

• Capacity of human resources: The organization may develop a plan to train existing employees and hire new staff.
• Cultural competency: The organization may develop and execute a training plan to improve its employees’ abilities to work with different cultures.
• Access to financial resources: The organization may approach governmental and non-governmental institutions and agencies to secure assistance, such as loans and insurance.
• Logistics resources: The organization may need to research and secure arrangements with third party suppliers such as freight forwarders or customs brokers.

Many organizations choose to access and/or hire third-party experts to help them prepare for new international ventures. Once an internal gap has been identified, experts in areas such as finance or cultural awareness can help ensure that the information organizations obtain is current and reflects good business practices.

A variety of programs and services address these needs. These include governmental agencies and their experts (such as export development agencies and trade commissioners), industry associations and their representatives, and third-party providers (such as training organizations, customs brokers and freight forwarders).

Many countries produce guides that list government programs and services available, such as the Exports Program Guide produced for American organizations by the U.S. Department of Commerce and International Trade Administration. Organizations looking to be proactive and adequately prepare for new international trade ventures should research and access the programs and services available in their region.

The post Quick Read: Unsure if you’re ready to go global? Start by identifying gaps appeared first on Trade Ready.

After the recent announcement of CETA’s ratification, the Canadian federal and provincial governments are now heavily focusing on its implementation. Getting to this point with CETA took nearly 10 years and now suddenly Canada will enjoy free trade with Europe (a huge market of more than 500 million people in 28 countries).

Many Canadian companies are already there, as import duties in Europe have been more accessible than those in Asia, the Middle East or Latin America. Now, with a drop to 0% import duties for 98% of products and services, there is more incentive than ever to further invest.

It sounds great! So, let’s start selling.

Canadian exporters enjoy higher revenues, faster growth, pay higher wages and salaries, and achieve a greater return on investment. In addition, export insurance provides peace of mind and export financing with advantageous terms help with cash flow management.

Diversification has long been the popular advice to Canadian businesses: ‘Expand your market into the U.S. and invest in overseas market development to be less dependent on the Canadian market!’

You finally made the decision to move further ahead – either as a new exporter, or as an established export professional. What’s next? Where do you start and how do you continue?

While the development of new export markets is quite costly and very time consuming, and there is no guarantee of success, smaller firms from Europe are already selling to Canada, and many Canadian companies thrive in overseas markets. Check out the various industries already very successful in export markets.

To get started, this is a great opportunity to review and update your SWOT Analysis to ensure your company and key decision-makers have a solid understanding where your business currently stands, and what needs to be done to prepare for expansion.

This sounds like a pretty basic approach; every company knows where it stands, so why do it again? Here is a good reason:

Nobody is waiting for you – and the rules are not the same as in your home market.

You must create a different SWOT analysis for your export markets. It is very important to undertake a very thorough and detailed approach, including a comprehensive competition review!

You need to understand your key differentiators in detail, and the reasons why someone should buy from you. What’s in it for your customers? And can you make money after paying for all the extra costs of exporting? Is your local partner competitive over the next two to five years within your pricing structure?

Diversification also means expanding beyond U.S. markets

Yes, the U.S. is very close, and many companies already sell to that market, however, by limiting your international sales to that one region are you realizing your full export potential? Many smaller and medium-sized companies do not have a solid plan, and often sell to the U.S. to take advantage of a lower Canadian dollar. However, as soon as the exchange rate moves towards par, sales and profitability decline, and you can’t pivot easily to overseas markets because you need to make more sales today.

On top of that there are obvious political changes to consider, not least of which are growing protectionism and the renegotiation of NAFTA.

If one thing is certain it’s that here is no longer any guaranty that the status quo will remain.

Keep in mind that most exports of manufactured goods into the U.S. can be replaced by local production “Made in USA” products as soon if tariffs come into play and the currency fluctuates again.

Despite these uncertainties, there is no call to abandon U.S. markets as export destinations. Analyze your successes and come up with a strategic marketing plan to sell even more successfully in the U.S. market. In most cases, your ROI in America will be higher than in Canada and overseas (very strong US $, less cost for transport and sales channel).

Work with established regional distributors and/or agents to open more doors at Original Equipment Manufacturers (OEMs). You’ll need a competent U.S. sales manager and, ideally, some local boots on the ground. Often, your continued success in the U.S. will come down to pure determination and maintaining a competitive edge. In theory, we all know that the U.S. market is about tenfold the size of the Canadian market, so even if you enjoy the same sales in the U.S. as in Canada, you are way ahead of the game, and there is potential for so much more.

However, a considerable amount of profits generated in USA should be invested into developing European and other overseas markets. Wise exporters continuously work on new markets when times are good and do not wait until it is too late.

How do I find all the information I need?

Internet research, directories, and members of associations are all helpful. Ideally you will work with a local expert to ensure you have covered it all! Walk the industry leading trade shows, and/or participate with our own booth. There is excellent government funding available, and you can count on your local trade commissioner.

In most cases, niche products or niche solutions are easier to sell but it all depends on your product and how many competitors are already established in your target market.

Decide on two to four markets that have established free trade agreements with Canada (such as Europe, Columbia, Chile, Peru, South Korea, Australia), and some countries in the Middle East and Asia that offer low market entry barriers. Excessive import duties often do not leave you and your partners with any reasonable margin to do business. Many companies put a lot of effort into promising markets without doing their detailed homework about duties, local taxes and ROI.

Other regions with potential include Brazil, China, India, Indonesia, the Philippines and Russia. These countries have a high population and a growing middle class, however they can be extremely resource intensive to develop. You must work with a highly competent, financially strong and well-connected partner. Unless you have a product or technology that has incredibly high demand, business in these markets will be to continue to be challenging. In most cases, joint ventures and local production are key to success for manufactured goods and government business.

Another crucial factor: you must meet local approvals and regulations!

Ensuring you have a full understanding of all standards and certifications required to do business in a foreign market is crucial. You will need to do thorough research before assessing if trading in one of these regions is feasible. Fortunately, there is government funding available (up to 50% of research costs), if your business qualifies. Here are two funding opportunities: Export Market Access in Ontario, as well as CanExport on a federal level offer up to $ 5,000 each for international market research. After the initial research, the best approach is to work with a local expert who is interested in buying and distributing your products.

What does this mean for Canadian companies?

Come up with a comprehensive export plan, work with government experts, apply for funding, work the plan and do not give up. Successful international market entry takes time. However, if you do not become serious about exporting now, you risk missing out on opportunities that may not be there tomorrow.

The post Why exporters should diversify beyond U.S. markets – and how to do it right appeared first on Trade Ready.