Exporters need to protect themselves. Why? Because even when you have everything planned, you are never safe from the unexpected: environmental disaster, loss, accident, etc.
Every exporter should get themselves, and their goods insure if only to sleep better at night. Beginners can purchase insurance through their carrier or freight forwarder. More experienced exporters will more often buy their insurance policy, an option that is usually more expensive but also more complete and adapted.
Here are the types of insurances an exporter should purchase:
<ul>
<li>Workers&#8217; and Employees&#8217; Insurance: This policy covers the medical expenses of your team, as well as providing them with compensation for any missed wages incurred by an inability to work (caused by an accident, an illness, or an injury). Every state has laws governing workers&#8217; compensation insurance, and we suggest you check with an insurance agent to know that yours are.</li>
<li>Cargo Insurance: The only thing you need to remember here is « never let your merchandise leave without an insurance. » The insurance is used to protect your goods from damage, theft, or other loses than may occur during transit. The cost runs more or less about 1 percent of the insured value, but in case of misadventure, they cover not only the products themselves but also, in some case, the extra time, the troubles, and the lost profits. Your insurance should cover all risks (like wars, riots, and other civil disturbances), cargo vice (any attack by an unwanted organism, like salmonella on your chicken), and general average insurances (when someone using the same sea cargo than you is suffering lost, everyone has to pitch in).</li>
<li>Credit Risk Insurance: This policy protects you if your foreign buyer decides not to pay you for either commercial or political reasons. The EXIM Bank offers different credit risk insurances for small businesses or single-time buyers.</li>
<li>Commercial Property Insurance: This policy protects all properties that are used for business-related purposes against losses resulting from acts of nature, theft, or vandalism.</li>
<li>Commercial General Liability Insurance: This coverage protects you from the others. If one of your vendors trips while delivering goods to you in your warehouse, the insurance will cover medical care and other expenses that you may incur.</li>
</ul>

What insurances do exporters need?

The furious madness that has invaded online commerce is inevitably accompanied by its evil twin: fraud. It is estimated that online retailers currently deal with not less than 206,000 attacks on their stores each month, all carrying high risks of your data and your consumers&#8217; data falling into the wrong hands.
Every ecommerce store owner should protect themselves against fraud. And by fraud we mean criminal deception conducted during a commercial transaction over the Internet and intended to result in personal or financial gain.
There are six main types of fraud ecommerce merchants should be wary about.
1) Credit Card Fraud and Interception: When a criminal use a stolen credit card number to buy products or services online. The transaction defrauds the cardholder, and eventually the store owner. In the interception scenario, the criminal steals the credit card and ask the goods to be delivered to the customer&#8217;s address. They then intercept the package before it reaches the door.
2) Affiliate Fraud: Merchant can use affiliate commissions, a system that share the benefit of a sale between the merchant and a partner who shared a link. For example, Partner A is promoting shoes on his podcast. Viewers click on the link to purchase the shoes. Partner A will then receive a commission from the merchant. In affiliate fraud, criminals game the system. They defraud the online merchant using fake activity to either generate commissions or to increase their amount.
3) Chargeback Fraud: This one is both easy and it can be hard to detect. It happens when a customer waits after they have received a good or a service (sometimes months after) to make a claim to their credit card company, stating that the expense was a fraud. The credit card company then demands a chargeback, and the merchant must refund the purchase.
4) Account Takeover or Phishing: Criminal send different customers direct emails and messages to try to get their personal info. They then use the password and username to log into different customers&#8217; accounts to change the password and make different purchases.
5) Triangulation Fraud: A criminal creates a fake website to collect people&#8217;s information. He then uses this information to create a profile on different online stores and buy goods. They even go as far as to shipping the goods ordered by the customers on their fake website to maintain the fraud as long as possible.
Source: <a href="https://www.bigcommerce.com/blog/ecommerce-fraud/" target="_blank" rel="noopener noreferrer">BigCommerce</a>

What are the main types of fraud faced by ecommerce merchants?

CSA Research last stats are pretty clear: if you want to sell your products or services, you need to speak the language of your end users. And by &#8220;speak&#8221; we mean that your website, your helpdesk, and most of your communications must be in the mother tongue of the person you are trying to sell to.
You still think enough of your future clients speak English, and that should be enough?
Here (according to <a href="https://csa-research.com/Featured-Content/Global-Growth/CRWB-Series/CRWB-B2C" target="_blank" rel="noopener noreferrer">CSA stats</a>)
<ul>
<li>73% of respondents want reviews in their language (&#8220;if nothing else&#8221;)</li>
<li>40% will not buy from other languages (and yes, that includes English)</li>
<li>65% prefer content in their own language (&#8220;even if it&#8217;s poor quality&#8221;)</li>
</ul>
There is no avoiding it: if you want to extend to other markets, you will need to localize your website. Even if you are in the United States and trying to expand to Australia. Yes, it&#8217;s English, but no, it&#8217;s not the same culture, the same holidays, the same payment options, the same postal codes, the same&#8230; you get it.
But let&#8217;s define localization first. Localization is the creation of a new website, based on your main site, that offers a new experience entirely designed for users from another country. Yes, localization includes translation, but it&#8217;s also a lot broader in scope.
<ul>
<li>Translation: You need to make sure all relevant content (and if possible all content) is translated into the target language. That includes regionalisms. In short, everything needs to sound local, including copy, content, and brand voice.</li>
<li>Cultural elements: You think it&#8217;s great to have all your measures in miles and foot? Think again. Make sure you know what units of measure and date formats are the right ones and take into account differences in holidays and celebrations.</li>
<li>Transactions: Too many companies make the mistake of keeping the same payment terms from one country to another. Yet, it&#8217;s right when they take out their wallet that customers hesitate the most. Don&#8217;t give them the chance to lose confidence because of a localization error. Make sure that the currency is right, that payment options make sense, and that they can easily enter their address (do they put the door number or the street before? How long is the postal code?).</li>
<li>Customer service: You should offer some local support and think about adapting your legal notices. This will help you build trust, especially with new audiences.</li>
<li>UX and design: Chinese men don&#8217;t wear green hats. White is the color of mourning in some countries. Cows are sacred in others. Make sure your design and all the UX (user experience) are validated by experts who know your target market well. You&#8217;ll avoid uncomfortable mistakes.</li>
</ul>
Localizing a whole website is quite an adventure, and it can be costly. Some companies decide to penetrate new markets with a micro-site or a landing page that welcome new customers in their language before redirecting them to the main website (often in English, Spanish, or Mandarin). This should, however, only be considered as a short-term solution.
If you&#8217;re still unsure or if you have questions regarding the localization of your website, contact one of our experts on <a href="https://export-connect.org/en/category/localization" target="_blank" rel="noopener noreferrer">Export Connect</a>.
Source: <a href="https://www.motionpoint.com/translation/what-is-website-localization/" target="_blank" rel="noopener noreferrer">MotionPoint</a>

What does localization mean?

Businesses use ecommerce platforms to manage their website, sales, marketing, operations, and part of their communication. Most platforms can be divided between headless, open-source, and SaaS. Your choice will mostly rely on your technological cabilities, your budget, and your final needs.
<ul>
<li>Headless: Headless solutions allow the business to separate their shopping cart from their CMS. The platform used to interact with their client is either a content management system like WordPress or a design experience platform like Blooreach. Using a plugin, they add a shopping cart to this system to create an ecommerce shop. What you need to know: This solution leaves more room for personalization, but it can quickly become complicated. It also requires several integration operations and you need to confirm that all your systems are compatible (and that they stay compatible). This is a good option if you already have a working site in a recognized system and you have an in-house IT team to help you manage potential bugs.</li>
</ul>
&nbsp;
<ul>
<li>Open-Source: If you are looking for a fully customizable solution, open-source solutions are for you. This is a popular solution for very tech-savvy teams with budget. It allows you to control your environment from start to finish. What you need to know: You need to have the knowledge in-house if you don&#8217;t want to break the bank.</li>
</ul>
&nbsp;
<ul>
<li>SaaS: SaaS solutions are here to help you sell online, regardless of whether you have an in-house IT team or not. It is the simplest and cheapest solution. And for those who are still looking for a bit of customization, many SaaS platforms also have APIs that can help you counter the lack of flexibility. What you need to know: SaaS solutions still require a bit of know-how, but they are are the best options for beginners and SMBs.</li>
</ul>
&nbsp;
Once you have defined what type of platform best suits your needs, you can have a look at the options out there, keeping in mind your budget limitations and your technological capacities.
Here&#8217;s a list of the most popular platforms:
<ul>
<li><a href="https://www.shopify.com/" target="_blank" rel="noopener noreferrer">Shopify</a> (SaaS)</li>
<li><a href="https://www.bigcommerce.com/" target="_blank" rel="noopener noreferrer">BigCommerce</a> (SaaS and Headless)</li>
<li><a href="https://magento.com/" target="_blank" rel="noopener noreferrer">Magento</a> (open-source)</li>
<li><a href="https://www.salesforce.com/" target="_blank" rel="noopener noreferrer">SalesForce</a> (SaaS)</li>
<li><a href="https://www.dreamhost.com/wordpress/woocommerce-hosting/" target="_blank" rel="noopener noreferrer">WooCommerce</a> (open-source)</li>
<li><a href="https://www.shift4shop.com/" target="_blank" rel="noopener noreferrer">Shift4Shop</a> (SaaS)</li>
<li><a href="https://www.prestashop.com/" target="_blank" rel="noopener noreferrer">Prestashop</a> (open-source)</li>
<li><a href="https://www.squarespace.com/" target="_blank" rel="noopener noreferrer">Squarespace</a> (SaaS)</li>
<li><a href="https://www.wix.com/" target="_blank" rel="noopener noreferrer">Wix</a> (SaaS) Note: Wix is not the best platform if you want to start selling internationally.</li>
<li><a href="https://www.opencart.com/" target="_blank" rel="noopener noreferrer">OpenCart </a>(open-source)</li>
</ul>
You need help, or you&#8217;re still unsure about your needs? Contact one of our ecommerce experts on <a href="https://export-connect.org/en/category/ecommerce" target="_blank" rel="noopener noreferrer">Export Connect</a>.
Source: <a href="https://www.bigcommerce.com/articles/ecommerce/ecommerce-platforms/" target="_blank" rel="noopener noreferrer">BigCommerce</a>

What are the best ecommerce platforms?

The <a href="https://www.census.gov/retail/mrts/www/data/pdf/ec_current.pdf">Census Bureau</a> estimates that around 14% of all sales are now delivered through ecommerce channels. That&#8217;s more than one on ten, and it represents an increase of 32% since the end of 2019 only.
Ecommerce comes with new sales and communication channels, new requirements, new challenges, and new skills require. That&#8217;s how e-commerce consultants and all their derivatives were born.
Like all consultants, ecommerce specialists will often have a specialty. They might be B2B expert, or B2C gurus, and maybe they specialized more on cross-border ecommerce, or online customer loyalty. So, before you start Googling &#8220;best ecommerce consultant,&#8221; you need to first identify your needs:
<ul>
<li>In what areas do you need help? Consultants can help you with your marketing, customer service, channel expansion, product selection, marketplaces, supply chain, and more. Try to make a list of what&#8217;s more urgent and look for someone who works on this specifically. A good consultant will help you refine your needs (don&#8217;t worry), but it&#8217;s always good to at least identify some key areas.</li>
<li>Are you trying to fix a specific problem or overcome a specific challenge? This will definitely help you define the kind of help you need. Consultants can help you find the root cause of your problems and how to fix them.</li>
<li>Are you just trying something new? You have been in operations for years and you think you should keep up to date with new trends like ecommerce, but have no idea where to start. You want a smooth transition for your clients&#8230; and for you.</li>
<li>Are you trying to grow? You&#8217;re looking for news ways to grow and access new markets, either nationally or internationally.</li>
</ul>
All of these reasons are great reasons to hire an ecommerce consultant. But by identifying exactly WHY you want advice on ecommerce will help you find the right consultant for your business. You are ready? Have a look at our list of experts on <a href="https://export-connect.org/en/category/ecommerce">Export Connect</a>!
Source: <a href="https://blog.acromedia.com/hiring-an-ecommerce-software-consultant#:~:text=Here's%20the%20catch%3A%20the%20term,a%20wide%20scope%20of%20insight.&amp;text=Ecommerce%20consultants%20can%20be%20found,or%20even%20supply%20chain%20negotiations.">Acro</a>

Why should I hire an ecommerce consultant?

International freight forwarders are one of your best friends when you export goods outside of the United States (or any other countries for that matter).
Concretely, freight forwarders are agents hired by the exporter to move their cargos from “dock to door.” They provide several significant services:
<ul>
<li>General advice on costs. Freight forwarders help exporters understand the costs of exporting. Like freight costs, port charges, consular fees, special documentation costs, insurance costs and freight handling fees.</li>
<li>Documentation. Freight forwarders help exporters prepare and fill all the required export documentation, including the bill of lading, and other routing documents to the seller, the buyer, or a paying bank.</li>
<li>General advice on cargo types. Freight forwarders tell exporters about the different modes of cargo transport. They also help them arrange packing and loading.</li>
<li>Reservation of cargo space. Freight forwarders will often book the required cargo space on a vessel, aircraft, train, or truck (depending on your needs).</li>
<li>Communication with overseas custom brokers. Freight forwarders help exporters confirm that all goods and documents comply with customs regulations.</li>
</ul>
Export freight forwarders are licensed by two organizations :
<ul>
<li><a href="https://www.iata.org/" target="_blank" rel="noopener noreferrer">International Air Transport Association</a> (IATA) to handle airfreight;</li>
<li><a href="https://www.fmc.gov/" target="_blank" rel="noopener noreferrer">Federal Maritime Commission</a> to handle ocean freight</li>
</ul>
Source : <a href="https://www.page-int.com/faqs/" target="_blank" rel="noopener noreferrer">Page International</a>

What is a freight forwarder?

First of, custom brokers can be either:
<ul>
<li>A private individual</li>
<li>A partnership</li>
<li>An association</li>
<li>A corporation</li>
</ul>
They all have in common that they are licensed, regulated, and empowered by U.S. Customs and Border Protection (CBP) to assist importers and exporters in meeting federal requirements governing imports and exports.
Exporters pay their brokers to submit the necessary information and appropriate payments to CBP on their behalf.
Brokers must show expertise in many fields, including:
<ul>
<li>Entry procedures</li>
<li>Admissibility requirements</li>
<li>Classification</li>
<li>Valuation</li>
<li>Rates of duty</li>
<li>Applicable taxes and fees for imported merchandise</li>
</ul>
And so on.
Brokers are extremely helpful if you want to make sure you submit the right paper and information. They will help you prevent any additional delay and are often extremely helpful also when regulations change.
Source: <a href="https://www.page-int.com/faqs/" target="_blank" rel="noopener noreferrer">Page International</a>

What is a customs broker?

The main factors that affect foreign direct investment are the following.
<ul>
<li>WAGE RATES: A major incentive for big companies to invest internationally is to outsource labour-intensive production to countries with lower wages. But wage is never the only factor. For example, countries with high wage rates can still attract higher tech investment, as is the case for Canada, Ireland, and France.</li>
<li>LABOUR SKILLS: Some industries like pharmaceuticals and electronics require higher skilled labour. Therefore, companies tend to invest in countries that offer a combination of low wages, but high labour productivity and skills.</li>
<li>TAX RATES: Larger companies tend to invest in countries with lower corporation tax rates. This is why, for example, Google and Microsoft have offices in Ireland.</li>
<li>TRANSPORT AND INFRASTRUCTURE: Transport costs and levels of infrastructure are key factors of a country&#8217;s attractiveness for foreign investment. A country may have low labour costs, but if the cost of transporting goods are too high, the final cost of doing business might not be worth it. This is why countries (and cities) with access to the sea are at an advantage.</li>
<li>SIZE OF THE ECONOMY AND POTENTIAL FOR GROWTH: The goal of investing in a country is often to sell goods directly in this new market. Therefore, the size of the population and the potential for growth are important. This is why small countries are often at disadvantage, since it&#8217;s often not worth investing for a small population.</li>
<li>POLITICAL STABILITY AND PROPERTY RIGHTS: Political stability is evaluated by the level of corruption and trust in institutions, especially the judiciary. Strong institutions help mitigate the inherent risks of foreign direct investment, while economic crisis can discourage investment.</li>
<li>COMMODITIES: Secure supplies of cost-effective commodities will help attract foreign investment. This is the case in Africa, where Chinese have been investing a lot if commodities.</li>
<li>EXCHANGE RATES: A weak exchange rate in the host country can attract more FDI. A volatile exchange rate, on the other hand, can quickly discourage investment.</li>
<li>CLUSTERING EFFECTS: Also called the &#8220;agglomeration effect.&#8221; Foreign businesses will usually be looking to invest in areas that are already the subject of investment. This way, they can benefit from external economies of scale and from greater confidence. This is how countries can help create a virtuous cycle of attracting more and more investment.</li>
<li>ACCESS TO FREE TRADE AREAS: A significant factor for firms investing in some regions is access to free trade areas. The best example is certainly the European Union and its single market, which allows for the free movement of people, lower barriers, etc.</li>
</ul>
None of these factors should be taken in isolation. Nor, of course, is it necessary to answer them all. The combination of these factors is always measured according to the market and the risk appetite of a company. But the more value a market offers, the more likely it is to become the preferred choice of investors.
Source: <a href="https://www.economicshelp.org/blog/15736/economics/factors-that-affect-foreign-direct-investment-fdi/" target="_blank" rel="noopener noreferrer">Economics Help</a>

What factors affect Foreign Direct Investment (FDI)?

Prudent exporters take out insurance. Why? Because it is impossible to predict everything. Especially in the export world. Export insurance will typically cover export shipments against les, damage, and delay in transit.
It is important to remember that international agreements tend to limit carrier liability. Different terms may be agreed upon by sellers and buyers, however, insurance coverage is usually calculated as:
<ul>
<li>110% of cost +insurance + freight (or &#8220;CFI&#8221;); or</li>
<li>110% of carriage+insurance paid to (or &#8220;CIP)</li>
</ul>
Exporters should always seek the help of an international insurance broker or freight forarder for more information. You can also check <a href="https://export-connect.org/en/category/financing-insurance" target="_blank" rel="noopener noreferrer">Export Connect</a> to find the perfect expert.
Source: <a href="https://www.page-int.com/faqs/" target="_blank" rel="noopener noreferrer">Page International</a>

What does export insurance typically cover?

Small and medium businesses often rely on loans to expand. Although the idea of being in debt can sometimes be frightening, a loan can also be necessary to initiate growth and allow the company to perform. However, several elements should be considered beforehand. Here are a few of them:
<ol>
<li>Loans are not free. Because you need to repay them, but also because they come with interests and additional administration fees. So, always make sure you know the real total costs of your loans.</li>
<li>Loans are not always paid in full upfront. For example, loans provided by the CARES Act are delivered in two parts. Businesses receive a cash advance of up to $10,000 before the remaining funds are given out.</li>
<li>Loans can take a toll on your finances. Always make sure you can repay the money you own. Make a note of all current expenses and determine how much you can allocate towards loan payment.</li>
<li>Loans must be repaid, even if the company does not make any sales. You need to have a backup plan specifying how you will pay back the loan and interest regardless of whether your business is running or not. This is especially important because the accumulation of late payments can greatly affect your ability to borrow in the future.</li>
</ol>
Source: <a href="https://blog.hubspot.com/marketing/small-business-funding-options" target="_blank" rel="noopener noreferrer">HubSpot</a>

What should I consider before getting a loan?

The U.S. Chamber of Commerce oversees the work of different chambers across the country. With their members, they act as organizations of businesses seeking to further their collective interests, while advancing their community, region, state or nation.
U.S. chambers of commerce are formed by voluntary business owners that want to advocate on behalf of the community, economic prosperity, and business interests.
Chambers of commerce have existed in the U.S. for more than two centuries. A business-led civic and economic advancement entity operating in a specific space may call itself any number of things – board of trade, business council, etc. – but for the purposes of this, they are all chambers of commerce.
Each Chamber of Commerce can have differing mission, however, they all tend to focus on the following five goals:
<ul>
<li>Building communities (regions, states, and nations) to which residents, visitors and investors are attracted.</li>
<li>Promoting those communities.</li>
<li>Striving to ensure future prosperity via a pro-business climate.</li>
<li>Representing the unified voice of the employer community.</li>
<li>Reducing transactional friction through well-functioning networks.</li>
</ul>
Most Chambers of Commerce are led by private-sector employers and are self-funded. They are usually organized around independent boards and committees who volunteer. All Chambers of Commerce want sustained prosperity for their community or region. Most are ardent proponents of the free market system, resisting attempts to overly burden private sector enterprise and investment.
Source: <a href="https://secure.acce.org/about/chambers-of-commerce/#:~:text=Currently%2C%20there%20are%20about%2013%2C000,established%20as%20strictly%20volunteer%20entities." target="_blank" rel="noopener noreferrer">Association of Chamber of Commerce Executives</a>

What do chambers of commerce in the U.S. do?

What are the factors that affect Foreign Direct Investment (FDI)

The World Trade Centers is an association that stimulates trade and investment opportunities for:
<ul>
<li>Commercial property developers</li>
<li>Economic development agencies, and</li>
<li>International businesses</li>
</ul>
Your World Trade Center can help you connect globally and prosper locally.
Their association serves as an &#8216;international ecosystem&#8217; of global connections, iconic properties, and integrated trade services under the umbrella of a prestigious brand.
The WTC has over 69 offices in all North America.
Source: <a href="http://the%20trade%20promotion%20coordinating%20committee%20%28tpcc%29%20is%20an%20interagency%20committee.%20it%20was%20established%20to%20provide%20a%20unifying%20framework%20to%20coordinate%20the%20export%20promotion.%20%20%20its%20interagency%20committee%20is%20chaired%20by%20the%20secretary%20of%20commerce%20and%20it%20was%20established%20under%20the%20export%20enhancement%20act%20of%201992.%20its%20goal%20is%20to:%20%20Provide%20a%20unifying%20framework%20to%20coordinate%20the%20export%20promotion%20and%20export%20financing%20activities%20of%20the%20U.S.%20government,%20and%20Develop%20a%20government-wide%20strategic%20plan%20for%20carrying%20out%20such%20programs./" target="_blank" rel="noopener noreferrer">World Trade Center</a>

What are the World Trade Centers?

The Trade Promotion Coordinating Committee (TPCC) is an interagency committee. It was established to provide a unifying framework to coordinate the export promotion.
Its interagency committee is chaired by the Secretary of Commerce and it was established under the Export Enhancement Act of 1992. Its goal is to:
<ul>
<li>Provide a unifying framework to coordinate the export promotion and export financing activities of the U.S. government, and</li>
<li>Develop a government-wide strategic plan for carrying out these programs.</li>
</ul>
Source: <a href="http://the%20trade%20promotion%20coordinating%20committee%20%28tpcc%29%20is%20an%20interagency%20committee.%20it%20was%20established%20to%20provide%20a%20unifying%20framework%20to%20coordinate%20the%20export%20promotion.%20%20%20its%20interagency%20committee%20is%20chaired%20by%20the%20secretary%20of%20commerce%20and%20it%20was%20established%20under%20the%20export%20enhancement%20act%20of%201992.%20its%20goal%20is%20to:%20%20Provide%20a%20unifying%20framework%20to%20coordinate%20the%20export%20promotion%20and%20export%20financing%20activities%20of%20the%20U.S.%20government,%20and%20Develop%20a%20government-wide%20strategic%20plan%20for%20carrying%20out%20such%20programs./" target="_blank" rel="noopener noreferrer">International Trade Administration</a>

What’s the role of the Trade Promotion Coordinating Committee (TPCC) in trade promotion?

The Treasury Department is the executive agency responsible for promoting economic prosperity and ensuring the financial security of the United States.
The Department is responsible for a wide range of activities such as:
<ul>
<li>Advising the President on economic and financial issues</li>
<li>Encouraging sustainable economic growth</li>
<li>Fostering improved governance in financial institutions</li>
</ul>
Source: <a href="https://home.treasury.gov/about/general-information/role-of-the-treasury" target="_blank" rel="noopener noreferrer">U.S. Department of the Treasury</a>

What’s the role of the U.S. Department of Treasury in trade promotion?

The Office of the U.S. Trade Representative (USTR) is part of the Executive Office of the President and is responsible for:
<ul>
<li>Developing and coordinating U.S. international trade, commodity, and direct investment policy, and</li>
<li>Overseeing negotiations with other countries.</li>
</ul>
Through an interagency structure, USTR:
<ul>
<li>Coordinates trade policy</li>
<li>Resolves disagreements</li>
<li>Frames issues for presidential decision</li>
<li>Serves as vice chairman of the Board of Directors of the <a href="https://www.dfc.gov/" target="_blank" rel="noopener noreferrer">U.S. International Development Finance Corporation</a> or DFC (previously OPIC)</li>
<li>Is on the Board of Directors of the <a href="https://www.mcc.gov/" target="_blank" rel="noopener noreferrer">Millennium Challenge Corporation</a></li>
<li>Is a non-voting member of the <a href="https://www.exim.gov/about/leadership/board-of-directors" target="_blank" rel="noopener noreferrer">Export-Import Bank Board of Directors</a></li>
<li>Is a member of the <a href="https://www.presidency.ucsb.edu/documents/executive-order-11269-national-advisory-council-international-monetary-and-financial" target="_blank" rel="noopener noreferrer">National Advisory Council on International Monetary and Financial Policies</a></li>
</ul>
Source: <a href="https://ustr.gov/about-us/about-ustr" target="_blank" rel="noopener noreferrer">USTR</a>

What’s the role of the Office of the U.S. Trade representative (USTR) in trade promotion?

The U.S. Trade and Development Agency links U.S. businesses to export opportunities by funding:
<ul>
<li>Project preparation and</li>
<li>Partnership building activities</li>
</ul>
They help businesses develop sustainable infrastructure and foster economic growth in partner countries.
The USTDA ultimately helps companies create U.S. jobs through the export of U.S. goods and services for priority development projects in emerging economies.
Source: <a href="https://ustda.gov/about/" target="_blank" rel="noopener noreferrer">USTDA</a>

What’s the role of the U.S. Trade and Development Agency (TDA) in trade promotion?

U.S. Department of State works to:
<ul>
<li>Create jobs at home</li>
<li>Boost economic opportunities overseas, and</li>
<li>Make America more secure.</li>
</ul>
To do so, they work through their Bureau of Economic and Business Affairs (EB) to promote a strong American economy. They ensure both:
<ul>
<li>A level-playing field for American companies doing business around the world</li>
<li>A environment that encourages foreign investors to create jobs in America.</li>
</ul>
Source: <a href="https://www.state.gov/policy-issues/economic-prosperity-and-trade-policy/" target="_blank" rel="noopener noreferrer">U.S. Department of State</a>

What’s the role of the U.S. Department of State in trade promotion?

SBAs all over the country work in cooperation with other federal agencies and public- and private-sector groups to:
<ul>
<li>Encourage small business exports</li>
<li>Assist small businesses seeking to export.</li>
</ul>
Through 21 U.S. Export Assistance Centers, SBA district offices and a variety of service-provider partners, SBA directs and coordinates SBA&#8217;s ongoing export initiatives in an effort to encourage small businesses going global.
Source: <a href="https://www.sba.gov/about-sba/sba-locations/headquarters-offices/office-international-trade" target="_blank" rel="noopener noreferrer">U.S. Small Business Administration</a>

What’s the role of the Small Business Administration (SBA) in trade promotion?

DFC invests across sectors such as:
<ul>
<li>Energy</li>
<li>Healthcare</li>
<li>Critical infrastructure</li>
<li>Technology</li>
</ul>
DFC also:
<ul>
<li>Provides financing for small businesses and women entrepreneurs in order to create jobs in emerging markets.</li>
<li>Make investments following high standards and with respect for the environment, human rights, and worker rights.</li>
</ul>
DFC makes America a stronger and more competitive leader on the global development stage with greater ability to partner with allies on transformative projects.
Source: <a href="https://www.exim.gov/what-we-do" target="_blank" rel="noopener noreferrer">DFC</a>

What’s the role of the U.S. International Development Finance Corporation (DFC, previsouly OPIC) in trade promotion?

The Export Import Bank (or EXIM Bank) is an independent federal agency.
<ul>
<li>It fills gaps in private export finance in order to bolster U.S. job growth at no cost to American taxpayers.</li>
<li>It provides trade financing solutions to empower exporters of U.S. goods and services.</li>
<li>It services include:</li>
<li class="ql-indent-1">export credit insurance</li>
<li class="ql-indent-1">working capital guarantees</li>
<li class="ql-indent-1">guarantees of commercial loans to foreign buyers</li>
</ul>
Source: <a href="https://www.exim.gov/what-we-do" target="_blank" rel="noopener noreferrer">EXIM</a>

What’s the role of EXIM in trade promotion?

American businesses thrive when they compete internationally on a level playing field. The U.S. Department of Commerce works to level the field:
<ul>
<li>By enforcing U.S. trade laws; and</li>
<li>Ensuring that foreign governments comply with international agreements.</li>
</ul>
Source: <a href="https://www.commerce.gov/issues/trade-enforcement" target="_blank" rel="noopener noreferrer">U.S. Department of Commerce</a>

What’s the role of the U.S. Department of Commerce in trade promotion?

USDA&#8217;s mission is to foster economic opportunity and innovation to help American agriculture grow and thrive in a global economy. The USDA works to expand and maintain both foreign and domestic markets for American farmers, ranchers, and agribusinesses through:
<ul>
<li>Research</li>
<li>Data and analysis</li>
<li>Trade agreements</li>
<li>Grants and programs</li>
</ul>
Source: <a href="https://www.usda.gov/topics/trade" target="_blank" rel="noopener noreferrer">USDA</a>

What’s the role of the Department of Agriculture in trade promotion?

Here’s a list of the main entities responsible for promoting trade in the United States:
<ul>
<li><a href="https://www.usda.gov/" target="_blank" rel="noopener noreferrer">U.S. Department of Agriculture</a> (USDA)</li>
<li><a href="https://www.fas.usda.gov/programs/foreign-market-development-program-fmd" target="_blank" rel="noopener noreferrer">Foreign Market Development Program</a> (FMDP)</li>
<li><a href="https://www.fas.usda.gov/programs/market-access-program-map" target="_blank" rel="noopener noreferrer">Market Access program</a> (MAP)</li>
<li><a href="https://www.fas.usda.gov/programs/emerging-markets-program-emp#:~:text=The%20Emerging%20Markets%20Program%20(EMP,to%20be%20viable%20commercial%20markets.&amp;text=U.S.%20non%2Dprofit%2C%20for%2D,are%20all%20eligible%20to%20apply." target="_blank" rel="noopener noreferrer">Emerging Markets Program</a> (EMP)</li>
<li><a href="https://www.fas.usda.gov/programs/quality-samples-program-qsp" target="_blank" rel="noopener noreferrer">Quality Samples Program</a> (QSP)</li>
<li><a href="https://www.fas.usda.gov/programs/technical-assistance-specialty-crops-tasc" target="_blank" rel="noopener noreferrer">Technical Assistance for Specialty Crops</a> (TASC) program</li>
<li><a href="https://www.commerce.gov/" target="_blank" rel="noopener noreferrer">U.S. Department of Commerce</a></li>
<li><a href="https://www.trade.gov/" target="_blank" rel="noopener noreferrer">International Trade Administration (ITA)</a></li>
<li><a href="https://ustr.gov/trade-topics/trade-promotion-authority" target="_blank" rel="noopener noreferrer">Trade Promotion U.S.</a> and <a href="https://www.trade.gov/let-our-experts-help-0" target="_blank" rel="noopener noreferrer">Foreign Commercial Service (Commercial Service)</a></li>
<li><a href="https://legacy.trade.gov/mas/about.asp" target="_blank" rel="noopener noreferrer">Manufacturing and Services</a> (MAS)</li>
<li><a href="https://legacy.trade.gov/mac/index.asp" target="_blank" rel="noopener noreferrer">Market Access and Compliance </a>(MAC)</li>
<li><a href="https://www.trade.gov/resolve-trade-problem" target="_blank" rel="noopener noreferrer">Import Administration (IA)</a></li>
<li><a href="https://www.exim.gov/" target="_blank" rel="noopener noreferrer">Export-Import Bank of the United States </a>(EXIM)</li>
<li><a href="https://www.dfc.gov/" target="_blank" rel="noopener noreferrer">U.S. International Development Finance Corporation</a> (DFC) – previously the Overseas Private Investment Corporation (OPIC)</li>
<li><a href="https://www.sba.gov/" target="_blank" rel="noopener noreferrer">Small Business Administration (SBA)</a></li>
<li><a href="https://www.state.gov/" target="_blank" rel="noopener noreferrer">U.S. Department of State</a></li>
<li><a href="https://www.state.gov/bureaus-offices/under-secretary-for-economic-growth-energy-and-the-environment/bureau-of-economic-and-business-affairs/" target="_blank" rel="noopener noreferrer">Bureau of Economic and Business Affairs (EB)</a></li>
<li><a href="https://2009-2017.state.gov/e/eb/tpp//index.htm" target="_blank" rel="noopener noreferrer">Trade and Policy Programs </a>(TPP)</li>
<li><a href="https://www.state.gov/bureaus-offices/under-secretary-for-economic-growth-energy-and-the-environment/bureau-of-economic-and-business-affairs/office-of-commercial-and-business-affairs/" target="_blank" rel="noopener noreferrer">Commercial and Business Affairs (CBA)</a></li>
<li><a href="https://www.usembassy.gov/" target="_blank" rel="noopener noreferrer">U.S. Embassies and Consulates</a></li>
<li><a href="https://ustda.gov/" target="_blank" rel="noopener noreferrer">U.S. Trade and Development Agency</a> (TDA)</li>
<li><a href="https://ustr.gov/" target="_blank" rel="noopener noreferrer">Office of the U.S. Trade Representative</a> (USTR)</li>
<li><a href="https://home.treasury.gov/" target="_blank" rel="noopener noreferrer">U.S. Department of the Treasury</a></li>
<li><a href="https://home.treasury.gov/policy-issues/office-of-foreign-assets-control-sanctions-programs-and-information" target="_blank" rel="noopener noreferrer">Office of Foreign Assets Control</a> (OFAC)</li>
<li><a href="https://www.trade.gov/tpcc" target="_blank" rel="noopener noreferrer">Trade Promotion Coordinating Committee</a> (TPCC)</li>
</ul>
Source: <a href="https://fas.org/sgp/crs/misc/R41495.pdf" target="_blank" rel="noopener noreferrer">Congressional Research Services</a>

What organizations or institutions support trade in the U.S.?

Businesses looking for help outside of the U.S. government can turn to a lot of potential private partners. Mostly:
<ul>
<li>Banks</li>
<li>Insurances and investment companies</li>
</ul>
More precisely, the following have programs specifically for small and medium businesses:
<ul>
<li><a href="https://www.jpmorganchase.com/impact/our-approach/small-business-expansion" target="_blank" rel="noopener noreferrer">JPMorgan Chase</a></li>
<li><a href="https://www.tdcommercialbanking.com/business-specialities/index.jsp" target="_blank" rel="noopener noreferrer">TD Bank Loans and Lines of Credit</a></li>
<li><a href="https://www.capitalone.ca/" target="_blank" rel="noopener noreferrer">Capital One</a></li>
<li><a href="https://www.wellsfargo.com/biz/help/open-for-business-grants/" target="_blank" rel="noopener noreferrer">Wells Fargo&#8217;s Small Business Initiative</a></li>
<li><a href="https://www.bluevine.com/" target="_blank" rel="noopener noreferrer">BlueVine</a></li>
<li><a href="https://www.fundingcircle.com/us/" target="_blank" rel="noopener noreferrer">Finding Circle</a></li>
<li><a href="https://www.paypal.com/us/webapps/mpp/paypal-business-loan" target="_blank" rel="noopener noreferrer">Paypal Business Loans</a></li>
<li><a href="https://www.citigroup.com/citi/about/consumer_businesses.html" target="_blank" rel="noopener noreferrer">Citi Fee Waivers</a></li>
</ul>
Or better! Go have a look at Export Connect&#8217;s <a href="https://export-connect.org/en/category/financing-insurance" target="_blank" rel="noopener noreferrer">list of experts on financing</a>.

Which private institutions can help small businesses?

The organizations in the U.S. that help small businesses are the following:
<ul>
<li><a href="https://www.sba.gov/" target="_blank" rel="noopener noreferrer">Small Business Administration</a> (SBA):</li>
<li class="ql-indent-1">Offers free and low-costs counseling and training through district offices across the country.</li>
<li><a href="https://www.score.org/" target="_blank" rel="noopener noreferrer">Counselors to America’s small business</a> (SCORE):</li>
<li class="ql-indent-1">A nonprofit association of more than 13,000 volunteer business counselors throughout the United States and its territories.</li>
<li class="ql-indent-1">Services are delivered by SCORE members at no fee.</li>
<li><a href="https://www.sba.gov/about-sba/sba-locations/headquarters-offices/office-small-business-development-centers" target="_blank" rel="noopener noreferrer">Small Business Development Center</a> (SBDC)</li>
<li class="ql-indent-1">There are many SBDCs in the United States.</li>
<li class="ql-indent-1">Their goal is to help aspiring entrepreneurs realize their dreams and help existing businesses remain competitive in a complex, ever-changing global marketplace.</li>
<li class="ql-indent-1">SBDCs are hosted by leading universities and state economic development agencies.</li>
<li><a href="https://secure.acce.org/about/chambers-of-commerce/" target="_blank" rel="noopener noreferrer">Chamber of Commerce</a>:</li>
<li class="ql-indent-1">Like SBDC, there are many Chambers of commerce.</li>
<li class="ql-indent-1">Your local or regional chamber is a member community organization that actively facilitates, educates, and advocates on behalf of its members through various services and programs.</li>
<li class="ql-indent-1">Chamber members usually offer services such as networking opportunities and events, educational seminars, leadership development, and special offers to chamber members from other chamber members.</li>
<li><a href="https://awbc.org/" target="_blank" rel="noopener noreferrer">Women&#8217;s Business Center</a> (WBC):</li>
<li class="ql-indent-1">WBCs represent a national network of nearly 100 educational centers throughout the United States and its territories assisting women in starting and growing small businesses.</li>
<li class="ql-indent-1">WBC are shadowed by the SBA’s Office of Women’s Business Ownership (OWBO), which provides entrepreneurs (especially women who are economically or socially disadvantaged) comprehensive training and counseling on a variety of topics in several languages.</li>
<li><a href="https://www.sba.gov/page/veterans-business-outreach-center-vboc-program" target="_blank" rel="noopener noreferrer">Veteran Business Outreach Centers</a> (VBOC):</li>
<li class="ql-indent-1">The VBOP is designed to provide entrepreneurial development services such as business training, counseling, and mentoring, as well as referrals for eligible veterans owning or starting a small business.</li>
<li class="ql-indent-1">The SBA has 16 different organizations participating in this cooperative agreement and serving as VBOC.</li>
<li><a href="https://www.aptac-us.org/" target="_blank" rel="noopener noreferrer">Procurement and Technical Assistance Center</a> (PTAC):</li>
<li class="ql-indent-1">PTACs provide local, in-person counseling and training services designed to assist businesses that want to sell products and services to federal, state, and/or local governments.</li>
<li class="ql-indent-1">Their services are available either free of charge, or at a nominal cost.</li>
<li><a href="https://2016.export.gov/eac/" target="_blank" rel="noopener noreferrer">United State Export Assistant Center</a> (USEAC):</li>
<li class="ql-indent-1">Each USEAC is staffed by professionals from SBA, Department of Commerce, Export-Import Bank and other public and private organizations.</li>
<li class="ql-indent-1">Their mission is to help small and midsize businesses compete in today&#8217;s global marketplace by providing export assistance.</li>
<li><a href="https://www.sba.gov/funding-programs/loans/504-loans" target="_blank" rel="noopener noreferrer">Certified Development Companies</a> (CDC):</li>
<li class="ql-indent-1">CDCs are nonprofit corporations certified and regulated by the SBA.</li>
<li class="ql-indent-1">They work with participating lenders to provide financing to small businesses.</li>
<li class="ql-indent-1">The 270 CDCs across the U.S. each cover specific geographic areas.</li>
</ul>
Source: <a href="https://www.americanexpress.com/en-us/business/trends-and-insights/articles/9-organizations-that-can-help-your-business-right-now/#:~:text=for%20your%20company.-,Small%20Business%20Administration,district%20offices%20across%20the%20country." target="_blank" rel="noopener noreferrer">American Express</a>

What organizations in the U.S. can help small businesses?

The Small Business Council is the principal policy committee and action group representing the issues of concern to small businesses in the U.S. Chamber of Commerce. It also helps small business members create effective grass roots actions and strategies on legislative, regulatory and international initiatives.
The council brings forth to the attention of the U.S. Chambers Board the small business issues they believe are important. They also take into consideration the small business impact of policy being considered by other Chamber standing policy committees.
Source: <a href="https://www.uschamber.com/council-small-business" target="_blank" rel="noopener noreferrer">U.S. Chamber of Commerce</a>

What’s the Small Business Council?

The official Worldchambers Network registry notes approximately 13,000 registered Chambers, 4,000 of which have at least one full-time staff person and thousands more who assist on a volunteer basis.
Source: <a href="https://secure.acce.org/about/chambers-of-commerce/#:~:text=Currently%2C%20there%20are%20about%2013%2C000,established%20as%20strictly%20volunteer%20entities." target="_blank" rel="noopener noreferrer">Association of Chambers of Commerce Executive</a>

How many Chambers of commerce are there in the U.S. as of 2021?

Developing and implementing policies on major issues affecting businesses is one of the fundamental activities of the U.S. Chamber of Commerce. Much of this effort is delivered through the work of committees, subcommittees, task forces, and councils involving more than 2,000 representatives of member corporations, organizations, and the academic community who serve voluntarily.
The U.S. Chamber of Commerce wants to strengthen the competitiveness of the U.S. economy and as such they focus on the following 10 key challenges:
<ul>
<li>Tax and Entitlement Reform</li>
<li>Energy</li>
<li>Health Care</li>
<li>International Trade and Investment</li>
<li>A Competitive Workforce</li>
<li>Capital Markets</li>
<li>Reliable and Secure Infrastructure</li>
<li>Legal Reform</li>
<li>Innovation</li>
<li>Regulatory Reform</li>
</ul>
Source: <a href="https://www.uschamber.com/about-us/about-us-chamber/advocacy" target="_blank" rel="noopener noreferrer">U.S. Chamber of Commerce</a>

What’s the role of the U.S. Chamber of Commerce?

The U.S. Chamber of Commerce represents companies of all sizes across every sector of the economy, and they are the largest business organization to do so. Members of the U.S. Chamber of Commerce range from small businesses and local chambers to leading industry associations and large corporations. All members count on the U.S. Chamber of Commerce to be their voice in Washington, across the country, and around the world. The U.S. Chamber of Commerce has been advocating for pro-business policies that help businesses create jobs and grow the economy.
Source: <a href="https://www.uschamber.com/about/about-the-us-chamber-of-commerce#:~:text=The%20U.S.%20Chamber%20of%20Commerce%20is%20the%20world%27s%20largest%20business,industry%20associations%20and%20large%20corporations." target="_blank" rel="noopener noreferrer">U.S. Chamber of Commerce</a>

What’s the U.S. Chamber of Commerce?

For the same reason that looking at pictures of Paris will never be the same as spending two weeks with the French, doing all your research on a country online will get you&#8230; nowhere.
Ultimately, you will need the help of people who not only know the new market, but also your business. This will show especially useful for communications and marketing. Your marketing team needs a system to help ensure that the local views and insights generated are captured and disseminated frequently enough.
You shouldn&#8217;t bring your company into a country the hard way. Leverage all your existing relationships, and make sure to give their feedback extra weight. They are by far your most credible advisors. The worst mistake you can do is think that you know better because you&#8217;ve
read all the Wikipedia pages on the topic.
Gather feedback. Analyze the feedback. And turn that into useful insights to help you make sound business decisions.
&nbsp;
Source: <a href="https://hbr.org/2015/09/the-most-common-mistakes-companies-make-with-global-marketing" target="_blank" rel="noopener noreferrer">Harvard Business Review</a>

Why is it important to have local teams helping when doing business abroad?

When you conduct in-country research, you try to determine a whole array of best practices each market responds well to. And that includes the customers.
Many companies believe they can enter new markets by following the same playbook that brought them domestic success. While brand consistency is important, different markets favor different sales and marketing approaches.
Not everyone speaks, thinks, and reacts like Americans.
Conducting in-country research can help you identify some key points such as:
<ul>
<li>Langage: even if you are selling from an English country to another, some adjustments will need to be made. Canadians don&#8217;t speak like American, and they don&#8217;t speak like Australians. And in most cases, translation won&#8217;t be enough. You&#8217;ll need to localize your website as much as possible for a great customer experience.</li>
<li>Cultural specificities: do they trust strangers or locals more? Do they prefer online solutions? What kind of packaging to they prefer? Do they use credit cards a lot, or not at all?</li>
<li>Purchasing behaviors: do they have seasonal purchasing behaviors (don&#8217;t try to sell winter gear to folks in Canada during summer. They will hate you)? Do they prefer to have their items deliver home or would they rather pick it up somewhere safe?</li>
<li>And more.</li>
</ul>
You need to get to know your consumers to be able to speak the same language, but above all to establish a bond of trust.
Source: <a href="https://hbr.org/2015/09/the-most-common-mistakes-companies-make-with-global-marketing" target="_blank" rel="noopener noreferrer">Harvard Business Review</a>

How can my in-country research influence my offerings?

Before you start selling in any new market, you will need to develop a market entry strategy (yes, you HAVE to). And to develop that strategy, you will need more complex and specialized market research than what you might have (if you have any).
That&#8217;s when in-country research becomes so important. You want to look at data that will help you determining which markets are best.
<ul>
<li>What are the real opportunities available in that market: look at the competitive landscape, the consumer&#8217;s needs and behaviors, etc.</li>
<li>How easy it will be for your company to do business in that market: regulations, competitions, langage (translation needed? Localization?), culture )are they open to foreigners?), etc.</li>
<li>How much success you’ve already had in that market (if any).</li>
</ul>
Source: <a href="https://hbr.org/2015/09/the-most-common-mistakes-companies-make-with-global-marketing" target="_blank" rel="noopener noreferrer">Harvard Business Review</a>

What data is important for in-country research?

It&#8217;s easy nowadays to consider the whole world as one big entity. Which it is! To a certain extent&#8230; When it comes to marketing and sales thought, everybody is different. Which makes our job both fascinating and so much more difficult&#8230;
You might excel at selling sandals to Australians, but have you tried doing the same with folks in Alaska? Not impossible (everyone takes a vacation once in a while), but you&#8217;ll never perform like the women next to you selling winter boots.
Why? Because a lot of our consumption patterns are rooted in our demographic reality (I&#8217;m a woman/man, I&#8217;m 16/81 years old, I&#8217;m Hispanic/Black, etc.), but also in our geographical location.
And yes, it is still relevant to conduct state-level analyses.
That&#8217;s why in-country research is vital.
It allows for local market research to be done by separating the broader geographic markets into individual countries, each with their own revenue and lead generation goals. Being more specific from the beginning helps tremendously with prioritization, creating a staffing plan, and budget allocation.
When you do in-country research, you want to know:
<ul>
<li>What is the market size</li>
<li>What are the challenges customers face</li>
<li>What solutions they currently have</li>
<li>Where your product or services can fit in</li>
</ul>
Many companies fail to think about these basics of product positioning at the country level and overlook things like strong local competitors. By doing so, they often end up with products and services that are not relevant to their target market, or with a failing marketing strategy.
In-country research helps remind us that not everyone thinks, speaks, and reacts as an American (or a Japanese, a Chinese, a Canadian, a French&#8230; you get it). And it helps us understand how we can still fit in.
Source: <a href="https://hbr.org/2015/09/the-most-common-mistakes-companies-make-with-global-marketing" target="_blank" rel="noopener noreferrer">Harvard Business Review</a>

Why is in-country research important?

Market intelligence is the process of creating a broad picture of the company&#8217;s existing market, customers, growth potential, competition, and problems using multiple sources of information.
Market intelligence focuses on:
<ul>
<li>Demographic information, such as the age, sex, and ethnicity of your audience.</li>
<li>Geographic information, such as the place where your audience is born, live, and work.</li>
<li>Buyer information, or what your customers are buying.</li>
<li>Competition, or what your competitors are successful at (or unsuccessful at), who their audiences are, etc.</li>
</ul>
There are many different sources of data that can be used to gather market intelligence:
<ul>
<li>Surveys</li>
<li>Sale logs</li>
<li>Social medias</li>
<li>Search engines</li>
<li>And more</li>
</ul>
Source: <a href="https://www.businessnewsdaily.com/4697-market-intelligence.html" target="_blank" rel="noopener noreferrer">Business News Daily</a>

What’s market intelligence?

Most businesses become really excited at the idea of having &#8220;market intelligence.&#8221; However, the very usefulness of market intelligence depends on how you use the data you collect.
<ul>
<li>Market intelligence is a great tool to help you improve your marketing strategies and develop better products. The data collected will be a good indicator of where the problems are for your customers, and the products and services that currently exist to address them (and whether they come to you to address them&#8230; or not).</li>
<li>You can also leverage market intelligence to determine the optimal price point for the products and services you offer. Additionally, the data can be used to analyze your average customer budgets and purchase sizes, as well as the price points of similar products from competing businesses.</li>
<li>Market intelligence, furthermore, helps you understand your competition and compare them between themselves and to you. You can then leverage their own successes and failures to gain a competitive advantage.</li>
<li>Lastly, market intelligence is especially useful when, as you grow, you need to make decisions about the best markets to enter.</li>
</ul>
Source: <a href="https://blog.zoominfo.com/market-intelligence/" target="_blank" rel="noopener noreferrer">Zoom Info</a>

How can you use market intelligence?

Market research, market intelligence, and now competitive intelligence&#8230; Easy to get lost isn&#8217;t it?
So, market reasearch is when you look for your customer&#8217;s preferences, basically when you&#8217;re trying to get to know them.
Market intelligence is when you&#8217;re gathering data to help you understand your business and its place. You want to klnow everything about your customers, but also about your own business and your competitors.
And this is where competitive intelligence takes all its meaning. competitive intelligence is only a specific kind of market research, one targeting&#8230; your competitors. The goal here is to better understand the competitive landscape in which your business exists.
The data you collect in competittive intelligence tells you how your competitors are performing, and what&#8217;s working for them (and what isn&#8217;t). It will also help you track your own customers and let you see if you&#8217;ve lured some of your competitor&#8217;s consumers.
In a nutshell, competitive intelligence helps companies situate themselves in the broader ecosystem of their market.
Source: <a href="https://www.demandjump.com/market-intelligence" target="_blank" rel="noopener noreferrer">Demand Jump</a>

What’s competitive intelligence?

Market intelligence and market research are often used interchangeably, probably because they share the common goal of providing you with essential data. However, their processes are quite different.
In market research, you gather information related to your customer&#8217;s preferences in a given market. This research can be done before you tart your business, before you launch a new product or services, or at any time when you feel you need to reconnect with your customer base. The data is collected over time using different market research methods like surveys, in-person demonstrations, and focus groups.
Market Intelligence, on the other hand, is the process of gathering real time and actionable data about your customers, business, and competition. While the goal of market research was to better understand your customer base, the goal of market intelligence is to make you more agile, ready to anticipate what&#8217;s ahead.
In both cases, businesses will need tools to help them gather and make sense of all this new data. Dealing with an expert can help you find the right tools for you and develop a process that really answers your needs.
Source: <a href="https://www.demandjump.com/market-intelligence" target="_blank" rel="noopener noreferrer">Demand Jump</a>

What’s the difference between market intelligence and market research?

There are many market intelligence techniques that can be utilized to gather data. Let&#8217;s say for example you have a competitor that is a major player in the market. You&#8217;ll want to gather some market intelligence on this competitor. So you deploy tools and techniques that help you learn about THEIR techniques:
<ul>
<li>Their hashtags on social media.</li>
<li>Their targeted keywords in AdWords.</li>
<li>The social media platforms they dominate and how.</li>
<li>The type of content they create.</li>
<li>Their visibility in search engines.</li>
<li>The kind of consumers they&#8217;re targeting.</li>
<li>Their email marketing techniques.</li>
<li>The way they speak about you (if they do!)</li>
<li>Their online reviews.</li>
<li>Their reputation (influencers, news sources, customers, regulators, etc.)</li>
</ul>
Once you know and understand what your competition is doing, you are better equipped to develop strategies to serve your company best.
Source: <a href="https://www.demandjump.com/market-intelligence" target="_blank" rel="noopener noreferrer">DemandJump</a>

What are market intelligence techniques?

Small companies often struggle to keep track of all the data generated by market intelligence. This is where online market intelligence tools become useful.
There are many of them out there that exist to help you gather, analyze, and store your market intelligence. Popular software options include:
<ul>
<li><a href="https://www.hitachivantara.com/en-us/products/data-management-analytics.html" target="_blank" rel="noopener noreferrer">Pentaho</a></li>
<li><a href="https://www.sisense.com/product/" target="_blank" rel="noopener noreferrer">Sisense</a></li>
<li><a href="https://looker.com/product/business-intelligence" target="_blank" rel="noopener noreferrer">Looker</a></li>
<li><a href="https://www.domo.com/platform" target="_blank" rel="noopener noreferrer">Domo</a></li>
<li><a href="https://www.microstrategy.com/en/business-intelligence" target="_blank" rel="noopener noreferrer">MicroStrategy</a></li>
<li><a href="https://www.gooddata.com/platform" target="_blank" rel="noopener noreferrer">GoodData</a></li>
<li><a href="https://www.zoho.com/analytics/" target="_blank" rel="noopener noreferrer">Zoho Analytics</a></li>
<li><a href="https://www.board.com/en/product" target="_blank" rel="noopener noreferrer">Board</a></li>
<li>And so much more!</li>
</ul>
Alternatively, cloud services such as <a href="https://www.oracle.com/index.html" target="_blank" rel="noopener noreferrer">Oracle</a> and <a href="https://www.infor.com/solutions/advanced-analytics/business-intelligence/birst" target="_blank" rel="noopener noreferrer">Birst </a>can help you share your business intelligence data among units. And as your company starts to grow, the data you need to analyze will potentially also grow. That&#8217;s when statistical tools become beneficial. If you are not prepared to learn a new software or hire an in-house analyst, don&#8217;t hesitate to hire a third-party specialist. They will help you make the most of your market intelligence.
Source: <a href="https://www.businessnewsdaily.com/4697-market-intelligence.html" target="_blank" rel="noopener noreferrer">Business News Daily</a>

What are market intelligence tools?

An important tool in market intelligence are the market intelligence models. Market intelligence models are visual representations of a collection of marketing data. Models are important because they allow us to quickly understand what massive amounts of data are telling us. Hence, the more data that goes into that model, the more accurate it becomes.
The confidence offered by market intelligence allows you to efficiently use data to define a better marketing strategy and to make better business decisions.
You may already be familiar with some of the most common types of models:
<ul>
<li>Competitor intelligence</li>
<li>Product intelligence</li>
<li>Market understanding</li>
</ul>
Market intelligence will allow you to gather vast amount of data. But using this data wisely is the only way to properly implement market intelligence and stay agile. When the time comes to choose your market intelligence platform, remember that the best way to quickly assess all the collected data is by having it properly modelled and visualized.
Source: <a href="https://www.demandjump.com/market-intelligence" target="_blank" rel="noopener noreferrer">Demand Jump</a>

What are market intelligence models?

The research methods you use depend on your goals. Let&#8217;s have a look:
<ul>
<li>Desk research (with the internet) and field research: these can also include customer research, with focus groups, street interviews and &#8220;hall tests&#8221; of your products.</li>
<li>Product research.</li>
<li>Pricing studies.</li>
</ul>
To choose the right method, you need to define a few parameters:
<ul>
<li>Identify what information will help you move forward.</li>
<li>Then weigh up the priorities (Speed or detail? Scientific accuracy or emotional feedback? Etc.)</li>
</ul>
If your organization feels that it needs to conduct a primary research, then your respondents will be asked a series of questions. You can gather your data using:
<ul>
<li>Face-to-face interviews: really useful to get a real-time consumer opinion on samples, photographs, a prototype, or packaging designs. Also the best options if you want to reach people who are not customers (yet).</li>
<li>Telephone contact: great for established customers and B2B surveys.</li>
<li>Email and mail questionnaires (yes, the mail isn&#8217;t dead, and can be really useful for certain audiences!): the problem with email and mail is that you will almost certainly get few replies, keeping your sample very small. They are great if you have a great incentive to offer as a reward, or if you don&#8217;t have other alternatives.</li>
</ul>
You shouldn&#8217;t try to use all available methods. Start by defining your goals and means, and then look for the process that best answer them. Don&#8217;t hesitate to change your tools if you don&#8217;t see enough results, but keeping the same methods can also help you create a baseline for comparison.
Source: <a href="https://www.marketingdonut.co.uk/market-research/market-research-faqs" target="_blank" rel="noopener noreferrer">Marketing Donut</a>

What research methods can I use to conduct market research?

There are many different ways to do market research. They all revolve around data:
<ul>
<li>Collecting data,</li>
<li>Analyzing the data collected,</li>
<li>Applying the data.</li>
</ul>
You can conduct market research using for:
<ul>
<li>Focus groups</li>
<li>Surveys</li>
<li>Measuring existing market metrics</li>
<li>Product tests.</li>
</ul>
These tools all collect different kinds of data, but put together, they all contribute to creating a cohesive picture of:
<ul>
<li>Where you’re getting it right,</li>
<li>Where you’re getting it wrong,</li>
<li>What you could do better,</li>
<li>Where to go next.</li>
</ul>
Market research consists of primary and secondary information, or information that is gathered by the business and information that is already available.
Market research can be broken down into quantitative or qualitative information.
<ul>
<li>Quantitative information: the numbers</li>
<li>Qualitative information: feelings and emotions.</li>
</ul>
For example, if 350 people came to the opening of your shop, that’s a quantitative finding. If most customers praised the products, but said they would have preferred more colors, that’s a qualitative finding.
Qualitative findings are in essence less objective. That doesn&#8217;t mean they are less important. Once analyzed and combined with quantitative data, they become a useful tool to help you better understand your customers and their relationship with your products or services.
Source: <a href="https://marketresearch-pros.com/faq/" target="_blank" rel="noopener noreferrer">Market Research Pros</a>

How does market research work?

Market research is for everyone! Well, everyone doing business that is&#8230; But you don&#8217;t need to be a big organization or to have a large team to conduct market research.
Yes, some household names have used market research to become multi-million-dollar operations. But mid-size companies also use market research to increase their client base and get a leg up on the competition.
And small companies? Well, they use market research for quality SEO in their areas and to investigate growth opportunities.
It&#8217;s thanks to market research that LEGO discovered they needed to appeal to girls, which represented less than 10% of their sales at the time. And it&#8217;s thanks to market research that Instagram discovered that, if it wanted to survives, it needed to concentrate on photo-based interactions to attract influencers.
Small- and medium-size businesses can conduct market research too! Just make sure you define goals that fit your needs and capacities and don&#8217;t hesitate to ask the help of an expert! It&#8217;ll be worth your time and effort.
Source: <a href="https://marketresearch-pros.com/faq/" target="_blank" rel="noopener noreferrer">Market Research Pros</a>

Who uses market research?

Yes. You do need to do market research. Ultimately, market research will help you :
<ul>
<li>Understand your consumers&#8217; needs.</li>
<li>Learn how to serve your market more effectively</li>
<li>Increase your sales and improve your brand.</li>
</ul>
How?
<ul>
<li>Make your product and your message more relevant to consumers using real data and feedbacks.</li>
<li>Learn things your competition may not know.</li>
<li>Discover other markets you could get into.</li>
<li>Find product flaws you might not have seen.</li>
<li>Learn how to fit your product or service seamlessly into the lives of your consumers.</li>
</ul>
Market research gives you a deep understanding of your client base, with data and real feedback to guide your choices.
Without market research, you’re throwing your product or service out there without knowing how it will be received.
Market research helps you jump from &#8220;I have a pretty good idea&#8221; to &#8220;I know.&#8221;
<ul>
<li>I have chosen the right/wrong market.</li>
<li>I stand out/disappear among the competitors.</li>
</ul>
Quality market research protects you against bad ideas and misguided efforts. It will help you target your efforts on projects that really improve your brand.
Source: <a href="https://marketresearch-pros.com/faq/" target="_blank" rel="noopener noreferrer">Market Research Pros</a>

Do I really need to do a market research?

If you feel like you might need a market research, then you probably do.
More specifically, the main factors that determine when a company decides to conduct market research are:
<ul>
<li>When starting a business. By evaluating the market in your area, you can better choose a location, what goods to stock, and what channels to advertise on.</li>
<li>When launching new products or services.</li>
<li>When the market experiences big changes or challenges.</li>
<li>If you experienced huge variations in your sales.</li>
<li>Or if you feel disconnected from your customers and wish to learn more about them!</li>
</ul>
However, the best way to deal with all of these challenges is to partake in continuous market research instead of conducting it only when a problem arises. It can sound a bit overwhelming, but you could set a system up to help you monitor your customers, your competitors, and the market trends regularly (if not every day, then at least once a week for example).
This way, you can have continuous insights on the market and your consumers and hopefully keep ahead of trends. And you don’t need a budget in the millions to get quality market research. It&#8217;s more a mindset that your organization must adopt to help you identify changes and optimize them.
Source: <a href="https://marketresearch-pros.com/faq/" target="_blank" rel="noopener noreferrer">Market Research Pros</a>

When should I conduct market research?

You could do research for years and still find interesting data. But at some point, you need to be able to move forward and start making decisions based on the data you have.
Ask yourself:
<ul>
<li>Was your sample size adequate? The smaller the sample, the less reliable the conclusions. Make sure you reached at least 10% of one year&#8217;s customers.</li>
<li>Are you sure your questions allow the respondents to answer truthfully? We tend to create questions based on what we want to hear, which can lead the respondents in a certain direction and skew the results. To avoid this, change the wording and test whether the revised questionnaire appears to produce different results. If it does, you must redo your research, with different respondents.</li>
<li>Are you sure nothing has happened since the survey to alter the situation? If in doubt, test the survey questionnaire or run the whole survey again (we told you, it can be time consuming).</li>
<li>And finally: do you feel reasonably certain that you know what customers think and how they are likely to react?</li>
</ul>
If you answer yes to these questions, then you can probably stop researching and go ahead with making your important business decisions.
Source: <a href="https://www.marketingdonut.co.uk/market-research/market-research-faqs" target="_blank" rel="noopener noreferrer">Marketing Donut</a>

How do I know when to stop researching on a market and go for it?

There are both pros and cons to doing your own market research or hiring an agency.
I THINK I SHOULD CONDUCT MY OWN MARKET RESEARCH
Pros:
<ul>
<li>Doing your own research will give you a feel for what people think.</li>
<li>You could save money (if you&#8217;re doing it right).</li>
</ul>
Cons:
<ul>
<li>Doing your own research is time-consuming and could be a distraction from your regular tasks.</li>
<li>You will be inexperienced. Even the design of a simple questionnaire can be more complex than it looks. It can be hard to obtain unbiased responses, and you should try to avoid revealing your true connection with the business.</li>
</ul>
NO WAY, I&#8217;M HIRING AN EXPERT IN MARKET RESEARCH
Pros:
<ul>
<li>You can rely on professional and reliable data.</li>
<li>The project can be completed quickly and thoroughly.</li>
<li>The task will not eat into your own time.</li>
</ul>
Cons:
<ul>
<li>You will need to pay more, as experts can be expensive.</li>
<li>You might find it difficult to vet and appoint the right support.</li>
</ul>
Source: <a href="https://www.marketingdonut.co.uk/market-research/market-research-faqs" target="_blank" rel="noopener noreferrer">Marketing Donut</a>

Should I do my own market research or hire someone?

Most companies will carry out several market research as they grow, expand, face difficulties, etc. However, bad research can lead to false results. And with bad results usually come bad-decision making.
Market research can never entirely take the risk out of business decision-making. However, the more specific and up-to-date information you gather, the more reliable that information is likely to be. The challenge is in how you interpret the results, or in your willingness to accept the findings.
Many small businesses fall into this trap and end up skewing the interpretation of the results to suit their own views and opinions. If you really feel like something is wrong with your results, then the best option is not to falsify them. Just run another survey with a modified questionnaire.
Using updated and reliable data will never guarantee that your decision will work all the time. Sometimes you will need to make a tough decision. However, it&#8217;s always easier to base your decision-making process on qualitative or quantitative research.
Source: <a href="https://www.marketingdonut.co.uk/market-research/market-research-faqs" target="_blank" rel="noopener noreferrer">Marketing Donut</a>

How much can I trust market research results as a basis for business decisions?

The amount of time you should dedicate to a market research depends on the methods used. If you are asking respondents a series of questions (primary research), the time required can depend on the scale of the project and whether you decided to do it yourself or go with an agency.
As a reference, your minimum sample size should be at least 10% of your customer base. So if your customer base is not too extensive, like most small businesses, you can probably get useful results in a week or two. If you decide to use a market research company, you must allow more time.
But don&#8217;t forget that gathering statistics via quantitative research can take time. While this type of research is useful if a large investment decision is at stake, there is often a place for research which provides more emotional (qualitative) clues about the next action you should take. These researches can for example help you improve your sale, marketing, and communication strategies.
Source: <a href="https://www.marketingdonut.co.uk/market-research/market-research-faqs" target="_blank" rel="noopener noreferrer">Marketing Donut</a>

How long should a market research take?

Market research is an essential, but often overlooked, step in a company&#8217;s decision-making process.
Essentially, market research is the activity of gathering information about consumers’ needs and preferences in a given market. The information found is then used by organisations to shape their strategies, and their products and services. Market research should be carried out when you start your business, before launching a new product or service and whenever an unforeseen threat or opportunity arises.
What do you need to conduct market research?
<ul>
<li>One tool that may prove useful is called the SWOT analysis (strengths, weaknesses, opportunities, threats). There are many ways to conduct a SWOT analysis, but the main goal is to put on paper everything that might boost your company or slow it down. It will help you plan your growth based on your strengths, but also on your weaknesses.</li>
<li>You will also need data. Either be primary information or secondary information. If a company completes the research themselves, this is called primary information. Conversely, when research is found by someone else, such as a scientific study, this is called secondary information.</li>
</ul>
What question does a market research help answer?
Ask yourself:
<ul>
<li>Where are the market opportunities not filled by competitors?</li>
<li>What might the demand be for this product or service? At what price? Is it subject to seasonal or cyclical variations?</li>
<li>What benefits of your product or service need to be highlighted (compared to your competitors, for example)?</li>
<li>Who is your target audience (in the given market)?</li>
<li>How can you reach and sell to these people or businesses most cost effectively?</li>
<li>What are the problems in delivering your product (sourcing components, design, legislation)?</li>
<li>Can you make a profit? What are the implications for your business plan?</li>
</ul>
The goal of your market research is to gather information about the marketplace you wish to sell into, and then use this information in your decision-making process. Market research is a big part of how companies decide:
<ul>
<li>What to sell</li>
<li>Whom to sell it to</li>
<li>How to sell it</li>
<li>When to sell it</li>
<li>How to price it</li>
</ul>
Be careful to keep your results as close as possible to reality and don&#8217;t let your interests and beliefs take over. Not skewing results may lead to a higher success rate.
Market research will help you connect to consumers in a way that resonates with them.
Sources: <a href="https://www.marketingdonut.co.uk/market-research/market-research-faqs" target="_blank" rel="noopener noreferrer">Marketing Donut</a>, <a href="http://listenerinsights.com/marketresearch/" target="_blank" rel="noopener noreferrer">Listener Insights</a>, and <a href="https://marketresearch-pros.com/faq/" target="_blank" rel="noopener noreferrer">Market Research</a>

What’s market research?

The Automated Export System, often referred to as the AES, is the system used to transmit information about any commodities being exported out of the United States. Once an exporter decides to export its merchandise, arrangements are made with a carrier. That’s when the AES is used.
Once the information is provided using the AES, the system automatically validates the data against editing tables and U.S. Government agency requirement files. It then generates a confirmation OR error message.
Once the good is shipped, the carrier will use AES to transmit their entire report and the system will validate all the transportation data. Once again, a confirmation or error message is then being generated.
Before AES, the export system was paperbound; expensive, labor intensive, error-prone. AES offers great advantages for the exporters, but also for the carriers, freight forwarders, port authorities, service centers, consolidators, and more.
AES advantages:
&#8211; Ensure your export compliance.
&#8211; Correct errors as they occur.
&#8211; Decrease your costs.
&#8211; Eliminate paper review of licenses against shipments.
&#8211; Keep in step with the global shift to EDI (AES is in line with the NAFTA and GATT agreements)
&#8211; Provide a tool for evaluating and measuring potential markets.
&#8211; AES is a conduit through which required export shipment information reaches the appropriate agency
Source: <a href="https://www.cbp.gov/trade/aes/introduction" target="_blank" rel="noopener noreferrer">U.S. Costoms and Border Protection</a>

What is the Automated Export System, or AES?

The United States Principal Party of Interest or USPPI is the legal entity (or individual) who receives the primary benefit from a given export transaction. This transaction can be monetary or otherwise.
Generally speaking, the USPPI is the U.S. seller, manufacturer, or order party. It can also be the foreign entity itself if they are in the United States to purchase or obtain the goods for export.
Source: <a href="https://www.page-int.com/faqs/" target="_blank" rel="noopener noreferrer">Page International</a>

How do you define a United States Principal Party of Interest (USPPI)?

A letter of credit is a payment mechanism used in international trade to help guarantee a payment from a creditworthy bank to an exporter. In order word, the letter of credits give the seller the authorization to draw a specific sum of money under specific terms. In this transaction, the beneficiary is the exporter selling goods, and the applicant is the foreign buyer.
The letter of credit is also known as documentary credit, bankers commercial credit or letter of undertaking.
It is important to note that any payment made under a letter of credit is based on documents, not on the terms of the sale or the physical condition of the goods. The documents required are indicated on the letter itself and the bank only approves the payment after a thorough review of all the paperwork sent.
That&#8217;s why U.S. exporters should confirm a letter of credit issued by a foreign bank if they are unfamiliar with the bank or are concerned about the political and economic risk associated with that country.
A letter of credit can only be changed (&#8220;amended&#8221;) if both parties agree to the changes (irrevocable) or by either party (unilaterally). Since a unilateral letter of credit may pose risks for the exporter, it is often not advised.
Source: <a href="https://www.page-int.com/faqs/" target="_blank" rel="noopener noreferrer">Page International</a>

What is a letter of credit?

HS CLASSIFICATION
The <a href="https://unstats.un.org/unsd/tradekb/Knowledgebase/50018/Harmonized-Commodity-Description-and-Coding-Systems-HS" target="_blank" rel="noopener noreferrer">Harmonized System (HS) Classification </a>is a 6-digit standardized numerical method of classifying traded products. HS numbers are used by customs authorities throughout the world so they apply the proper duties and taxes to their respective products.
Some countries have more digits. These were added by the state itself to further distinguish products.
SCHEDULE B NUMBERS
The United States uses its own system to classified exported products according to numbers: the schedule B numbers. They are administered by the U.S. Census Bureau and they shouldn&#8217;t be confused with the HS classification.
Schedule B numbers must be provided on the <a href="https://2016.export.gov/wisconsin/exportbasics/eg_us_wi_021114.asp" target="_blank" rel="noopener noreferrer">Shippers’ Export Declaration</a> (SED). The Census Bureau uses SEDs and Schedule B numbers to calculate U.S. export statistics.
HS vs SCHEDULE B
The HS numbers are internationally accepted codes whereas schedule B numbers are specific to the U.S. A basic HS code contains 6-digits (the &#8220;subheading&#8221;). The Schedule B number is a 10-digit code built upon the first 6 digits of the HS code.
They also do not have the same objectives. Schedule B numbers are used by the U.S. government to monitor U.S. exports.
HOW TO FIND MY HS / SCHEDULE B NUMBER?
You can find them both using the <a href="https://uscensus.prod.3ceonline.com/" target="_blank" rel="noopener noreferrer">Schedule B Search Engine</a>. If you require assistance in classifying your product, call the Census Bureau’s Foreign Trade Division at 1-800-549-0595.
Source: <a href="https://www.page-int.com/faqs/" target="_blank" rel="noopener noreferrer">Page International</a>

What’s the difference between a Harmonized System (HS) classification number and a schedule B number?

The ultimate consignee is the entity receiving the merchandise. Information such as the city and country of origin are only needed for the address. If a <a href="https://www.trade.gov/us-export-licenses-navigating-issues-and-resources" target="_blank" rel="noopener noreferrer">validated export license</a> is required, the ultimate consignee must be the same as designated on the license.
Source: <a href="https://www.page-int.com/faqs/" target="_blank" rel="noopener noreferrer">Page International</a>

In an international transaction, who is the ultimate consignee?

General trade consultants help exporters in many ways. They will generally help with export-like efforts such as:
<ul>
<li>Freight forwarding</li>
<li>Rate procurement</li>
<li>Cargo surveying</li>
<li>International transportation consulting</li>
<li>Custom brokerage</li>
<li>Air freight</li>
<li>Warehousing</li>
<li>Insurances</li>
<li>And much more.</li>
</ul>
General trade consultants can also act as non-vessel operating common carriers and offer financing services. They can also help exporters deal with the transfer of ownership from a country to another.
To find a general trade consultant, check <a href="https://export-connect.org/en/category/trade-consulting-strategy" target="_blank" rel="noopener noreferrer">Export Connect&#8217;s list</a>.
Source: <a href="https://www.page-int.com/faqs/" target="_blank" rel="noopener noreferrer">Page International</a>

What does a general trade consultant do?

In the <a href="https://2016.export.gov/wisconsin/exportbasics/eg_us_wi_021114.asp" target="_blank" rel="noopener noreferrer">Shipper&#8217;s Export Declaration</a> (SED):
<ul>
<li>The exporter is the U.S. seller or U.S. principal party in interest in the export transaction.</li>
<li>The individual who receives the primary benefit of the transaction, whether it be monetary or not, is the U.S. principal party in interest.</li>
</ul>
Source: <a href="https://www.page-int.com/faqs/" target="_blank" rel="noopener noreferrer">Page International</a>

I’m filling the Shipper’s Export Declaration (SED) in the U.S. Who’s the exporter, and who’s the party in interest?

To find the trade programs that best suits your needs, you can search the <a href="https://www.selectusa.gov/stateincentives" target="_blank" rel="noopener noreferrer">programs available by state</a>.
Source: <a href="http://activity%20source%20url%20https//www.selectusa.gov/stateincentives" target="_blank" rel="noopener noreferrer">Select USA</a>

Where can I find the right U.S. government trade programs?

The U.S. Government offers many trade programs and incentives. Select USA created a list of the most important trade programs in the U.S., you can <a href="https://www.selectusa.gov/federal_incentives" target="_blank" rel="noopener noreferrer">find them</a> by department.
<ul>
<li>Agricultural Partners and International Trade Leads</li>
<li>Export Control Regulatory Compliance Assistance</li>
<li>Export Administration Regulations (EAR) Decision Tree Tools</li>
<li>Bureau of Industry and Security (BIS) Online Training</li>
<li>The Consolidated Screening List (CSL)</li>
<li>Export Management and Compliance Program Review</li>
<li>Foreign Export Control Resources</li>
<li>Emerging Markets Program for U.S. Agricultural Exports</li>
<li>Environmental Exports Program</li>
<li>Small Business Export Credit Insurance</li>
<li>Medium and Long-Term Loan Guarantees</li>
<li>Working Capital Loan Guarantee</li>
<li>Export Trade Certificate of Review Program</li>
<li>Foreign Market Development Program</li>
<li>Manufacturing Extension Partnership (MEP)</li>
<li>Manufacturing Extension Partnership (MEP) Funding Opportunities</li>
<li>International Business Partnership Program</li>
<li>International Buyer Program (IBP)</li>
<li>Office of Textiles and Apparel (OTEXA) Export Promotion Program</li>
<li>Overseas Private Investment Corporation (OPIC) Financial Products</li>
<li>Quality Samples Program (QSP)</li>
<li>The Advocacy Center</li>
<li>Trade Adjustment Assistance for Firms (TAAF)</li>
<li>Trade Compliance Center</li>
<li>Trade Missions Program</li>
<li>U.S. Export Assistance Centers (USEACs)</li>
<li>U.S. Foreign-Trade Zones (FTZ) Program</li>
<li>USDA Export Credit Guarantee Program</li>
<li>Advanced Technology Vehicle Manufacturing Loan Program</li>
<li>Catalog of Federal Domestic Assistance</li>
<li>Clean Energy Loan Guarantee Program (Title XVII)</li>
<li>EB-5 Immigrant Investor Visa Program</li>
<li>Economic Injury Disaster Loan (EIDL)</li>
<li>Environmental Quality Incentive Program (EQIP)</li>
<li>Farm Storage Facility Loan Program</li>
<li>Fisheries Finance Program</li>
<li>Business Physical Disaster Loan</li>
<li>Build America Bureau</li>
<li>Department of Education Funding Opportunities</li>
<li>National Energy Technology Laboratory (NETL) Unsolicited</li>
<li>nding Proposals</li>
<li>Employment and Training Administration Grants</li>
<li>Farmers Market Promotion Program (FMPP)</li>
<li>Grants.gov</li>
<li>Industry/University Cooperative Research Centers (I/UCRC)</li>
<li>ogram</li>
<li>National Institute of Food and Agriculture (NIFA) Funding</li>
<li>ograms</li>
<li>National Institute of Health&#8217;s Small Business Innovation and</li>
<li>search (SBIR) Grants</li>
<li>National Institute of Standards and Technology (NIST) Grant</li>
<li>ograms</li>
<li>NOAA Small Business Innovation and Research (SBIR) Program</li>
<li>Office of Energy Efficiency and Renewable Energy (EERE) Funding</li>
<li>Office of Science Grant and Contract Opportunities</li>
<li>Inventors Assistance Center</li>
<li>Patent and Trademark Resource Centers</li>
<li>Trademark Assistance Center</li>
<li>Patent Pro Bono Program</li>
<li>Pro Se Assistance</li>
<li>Regional Innovation Clusters Initiative</li>
<li>HUBZone Certification</li>
<li>Small Business Innovation Research Program</li>
<li>Small Business Investment Company Program (SBIC)</li>
<li>Small Business Technology Transfer Program (STTR)</li>
<li>Office of Small and Disadvantaged Business Utilization</li>
<li>Small Business Lending Fund (SBLF)</li>
<li>State Trade &amp; Export Promotion (STEP) Grant Program</li>
<li>Tax Credits and Deductions</li>
<li>Tax Information for Businesses</li>
<li>International Tax Topic Index</li>
<li>Alternative Fuel Vehicle Refueling Property Credit</li>
<li>lternative Motor Vehicle Credit</li>
<li>Biodiesel and Renewable Diesel Fuels Credit</li>
<li>Business Use of Car</li>
<li>Credit for Employer Social Security and Medicare Taxes Paid on</li>
<li>rtain Employee Tips (Food and Beverage Industry)</li>
<li>Credit for Employer-Provided Childcare Facilities and Services</li>
<li>Credit for Increasing Research Activities</li>
<li>Credit for Small Employer Pension Plan Startup Costs</li>
<li>Deducting Business Expenses</li>
<li>Disabled Access Credit</li>
<li>Distilled Spirits Credit</li>
<li>Domestic Production Activities Deduction</li>
<li>Energy Efficient Home Credit</li>
<li>Energy-Efficient Commercial Building Tax Deduction</li>
<li>Home Office Deduction</li>
<li>Indian Employment Credit</li>
<li>Investment Credit for Property Owners</li>
<li>Low Sulfur Diesel Fuel Production Credit</li>
<li>Low-Income Housing Credit</li>
<li>Manufacturers&#8217; Energy Efficient Appliance Credit</li>
<li>Mine Rescue Team Training Credit</li>
<li>Modified Accelerated Cost Recovery System (MACRS)</li>
<li>New Markets Tax Credit</li>
<li>Orphan Drug Credit</li>
<li>Plug-in Electric Drive Vehicle Credit</li>
<li>Qualified Railroad Track Maintenance Credit</li>
<li>Renewable Electricity, Refined Coal and Indian Coal Production edit</li>
<li>Small Business Health Care Tax Credit for Small Employers</li>
<li>Tax Incentives in Renewal Communities (RCs) and Empowerment</li>
<li>nes (EZs)</li>
<li>Taxpayer Advocate Service</li>
<li>Work Opportunity Tax Credit</li>
<li>Food Safety Inspection Service (FSIS)</li>
<li>UNICOR: Production Opportunities</li>
<li>UNICOR Procurement Opportunities</li>
<li>Special Employer Incentives (SEI) Program</li>
<li>Business &amp; Industry Loan Guarantees</li>
<li>Repowering Assistance Program</li>
<li>Rural Energy for America Program &#8211; Renewable Energy Systems &amp;</li>
<li>ergy Efficiency Improvement Loans &amp; Grants</li>
<li>EPA &#8211; Small Business Innovation Research (SBIR) Program</li>
<li>Federal Historic Preservation Tax Incentives</li>
<li>Business &amp; Industry Loan Guarantees</li>
<li>Challenge.gov</li>
</ul>
Source: <a href="https://www.selectusa.gov/federal_incentives" target="_blank" rel="noopener noreferrer">Select USA</a>

What are the U.S. Government trade programs?

Each state manages their own STEP grant. To find the STEP awardee is your state, consult <a href="https://www.sba.gov/funding-programs/grants/state-trade-expansion-program-step/directory-step-awardees" target="_blank" rel="noopener noreferrer">this list</a>.
Source: <a href="https://www.sba.gov/funding-programs/grants/state-trade-expansion-program-step" target="_blank" rel="noopener noreferrer">U.S. Small Business Administration</a>

Who should I contact for a STEP grant in the U.S.?

The <a href="https://www.sba.gov/funding-programs/grants/state-trade-expansion-program-step" target="_blank" rel="noopener noreferrer">State Trade Expansion Program</a> (STEP) is a program of the <a href="https://www.sba.gov/" target="_blank" rel="noopener noreferrer">Small Business Administration</a> (SBA) which provides financial assistance to increase small business exporters and sales in a given state.
The program’s mission is to increase the number of U.S. small business exporters and increase their export sales. To find out if you qualify for a STEP grant, you need to contact your <a href="https://export-connect.org/en/organization/sba/locations" target="_blank" rel="noopener noreferrer">state&#8217;s SBA</a>.
Source: <a href="https://www.sba.gov/funding-programs/grants/state-trade-expansion-program-step" target="_blank" rel="noopener noreferrer">U.S. Small Business Administration</a>

What are STEP grants in the U.S.?

The two types of grants available from the U.S. government are the following:
<ol>
<li>Research and Development grants</li>
<li>Exporting grants.</li>
</ol>
If your small business is engaged in scientific research and development, you may qualify for federal grants under the <a href="https://www.sbir.gov/" target="_blank" rel="noopener noreferrer">Small Business Innovation Research</a> (SBIR) and the <a href="https://www.sbir.gov/about" target="_blank" rel="noopener noreferrer">Small Business Technology Transfer </a>(STTR) programs. These programs encourage small firms to undertake scientific research that helps meet federal research and development objectives and have high potential for commercialization.
More on the exporting side, the Small Business Administration&#8217;s (SBA) <a href="https://www.sba.gov/funding-programs/grants/state-trade-expansion-program-step" target="_blank" rel="noopener noreferrer">State Trade Expansion Program (STEP)</a> provides financial awards to state and territory governments in order to help small businesses with export development.
Source: <a href="https://www.sba.gov/funding-programs/grants" target="_blank" rel="noopener noreferrer">U.S. Small Business Administration</a>

What are the types of grants accessible in the U.S.?

In order to find all government loans and to find out if you qualify for any loans, go to the federal government’s free website, <a href="http://govloans.gov/" target="_blank" rel="noopener noreferrer">GovLoans.gov</a>. GovLoans.gov directs you to information on loans for agriculture, business, disaster relief, education, housing, and for veterans.
Source: <a href="https://www.usa.gov/grants" target="_blank" rel="noopener noreferrer">usa.gov</a>

How can I find government loans?

If you are in need of assistance with paying for education, helping with housing or business needs, or responding to an emergency or crisis, government loans can help you.
Here are a few examples of loans the government offers:
<ul>
<li>Student loans</li>
<li>Housing loans</li>
<li>Disaster and home improvement loans</li>
<li>Small business loans</li>
</ul>
Government loans and grants are two different things. Loans, for example, must be paid back, whereas grants do not. Loans also target personal expenses, while grants cover non-personal expenses intended to help parts of the population or the collectivity as a whole.
Source: <a href="https://www.usa.gov/grants" target="_blank" rel="noopener noreferrer">usa.gov</a>

What is a loan from the U.S. federal government?

You can use the federal government&#8217;s free website, <a href="http://grants.gov/" target="_blank" rel="noopener noreferrer">grants.gov</a>, to search and apply for grants. Grants.gov centralizes information from more than 1,000 government grant programs. It&#8217;s designed to help states and organizations find and apply for grants.
Please note, however, that most of the funding opportunities are for organizations, not individuals.
Source: <a href="https://www.grants.gov/" target="_blank" rel="noopener noreferrer">grants.gov</a>

How can I search and apply for U.S. federal grants?

In order to receive a grant you must first qualify for all specifications the government requires and then go through the application process.
The federal government awards grants to organizations such as:
<ul>
<li>State and local governments</li>
<li>Universities</li>
<li>Research labs</li>
<li>Law enforcement</li>
<li>Non-profit organizations and businesses</li>
</ul>
Most grants are intended to fund projects that will benefit specific parts of the population or the community as a whole. They don&#8217;t cover personal expenses or individual expenses to start a new business and should not be considered as “free money”.
For personal financial assistance, the government offers federal benefit programs to help individuals and families lower their expenses and become financially self-sufficient.
Source: <a href="https://www.usa.gov/grants" target="_blank" rel="noopener noreferrer">usa.gov</a>

Who can get a grant?

A grant benefits both the economy and the business receiving it. It is one of the ways the government used to stimulate the economy and fund ideas and projects to provide public services.
Grants support critical recovery initiatives, innovative research, and many other programs. You can find a list of projects supported by grants in the <a href="https://19january2017snapshot.epa.gov/grants/information-about-catalog-federal-domestic-assistance-and-epa-programs_.html#:~:text=The%20catalog%20of%20federal%20domestic%20assistance%20is%20a%20government%2Dwide,establishments%20of%20the%20federal%20government." target="_blank" rel="noopener noreferrer">Catalog of Federal Domestic Assistance</a> (CFDA) or go on <a href="https://www.grants.gov/" target="_blank" rel="noopener noreferrer">grants.gov </a>to learn more about the types of grants and the process to obtain one.
Source: <a href="https://www.usa.gov/grants" target="_blank" rel="noopener noreferrer">usa.gov</a>

What is a grant for the U.S. federal government?

There are many U.S. government trade agencies. Here you will find a list of U.S. state trade agencies, congress, judiciary, and resources.
<ul>
<li>Agencies</li>
<li class="ql-indent-1">Department of Agriculture: Foreign Agricultural Service</li>
<li class="ql-indent-1">Department of Commerce: Bureau of Industry and Security, International Trade Administration, U.S. Commercial Service</li>
<li class="ql-indent-1">Department of Energy: Policy and International Affairs,</li>
<li class="ql-indent-1">Department of Homeland Security: Customs and Border Protection</li>
<li class="ql-indent-1">Department of Labor: Trade Adjustment Assistance</li>
<li class="ql-indent-1">Department of State: Bilateral Trade Affairs, Directorate of Defense Trade Controls, Multilateral Trade and Agricultural Affairs, Intellectual Property Enforcement</li>
<li class="ql-indent-1">Department of the Treasury: International, Department of the Treasury</li>
<li class="ql-indent-1">Office of Foreign Asset Controls</li>
<li class="ql-indent-1">Environmental Protection Agency: International Programs, Climate Change</li>
<li class="ql-indent-1">Export-Import Bank</li>
<li class="ql-indent-1">Food and Drug Administration: Office of International Programs</li>
<li class="ql-indent-1">Overseas Private Investment Corporation</li>
<li class="ql-indent-1">Small Business Administration: International Trade, U.S.</li>
<li class="ql-indent-1">Agency for International Development (USAID)</li>
<li class="ql-indent-1">U.S. International Trade Commission</li>
<li class="ql-indent-1">U.S. Trade and Development Agency (USTDA)</li>
<li>Congress </li>
<li class="ql-indent-1">House Ways and Means Trade Subcommittee</li>
<li class="ql-indent-1">Senate Finance Committee</li>
<li class="ql-indent-1">Library of Congress: Thomas</li>
<li>Judiciary</li>
<li class="ql-indent-1">U.S. Court of International Trade</li>
<li class="ql-indent-1">U.S. Court of Appeals for the Federal Circuit</li>
<li class="ql-indent-1">U.S. Supreme Court</li>
<li>Resources</li>
<li class="ql-indent-1">Trade.gov</li>
<li class="ql-indent-1">Export.gov</li>
<li class="ql-indent-1">TradeAgreements.gov</li>
<li class="ql-indent-1">AGOA.gov</li>
<li class="ql-indent-1">Manufacturing.gov</li>
<li class="ql-indent-1">Business.gov</li>
<li class="ql-indent-1">Regulations.gov</li>
<li class="ql-indent-1">ImportSafety.gov</li>
</ul>
Source: <a href="https://ustr.gov/about-us/trade-toolbox/us-government-trade-agencies" target="_blank" rel="noopener noreferrer">Office of the United States Trade Representative</a>

What are the state trade agencies in the U.S.?

Any country can hold a World Trade Center (WTC). WTCs&#8217; supply businesses with access to international trade services and facilities. They seek to simplify and stimulate trade by bringing together the offices of government and industry that serve and carry on trade. And they do all this while ensuring their organization maintains an apolitical stance.
WTCs vary from country to country, but they are all connected as a part of the World Trade Center Association (WTCA), the motto of which is “Peace and Stability Through Trade.” The WTCA&#8217;s primary mission is to support the international trade and business objectives of the region it serves. It has more than 330 members in over 100 countries representing more than 750,000 businesses.
Source: <a href="https://wtccentralpa.org/what-is-a-world-trade-center/#:~:text=A%20World%20Trade%20Center%20is,serve%20and%20carry%20on%20trade" target="_blank" rel="noopener noreferrer">World Trade Center Harrisburg</a>

What are the roles of the U.S. World Trade Centers?

There are four trade and export agencies in the United States. Among them are the following: the <a href="https://www.trade.gov/let-our-experts-help-0" target="_blank" rel="noopener noreferrer">United States Commercial Service</a> (USCS), the <a href="https://www.trade.gov/let-our-experts-help-0" target="_blank" rel="noopener noreferrer">International Trade Administration</a> (ITA), the <a href="http://www.afsa.org/" target="_blank" rel="noopener noreferrer">American Foreign Service Association</a> (AFSA) and the <a href="https://www.wtca.org/" target="_blank" rel="noopener noreferrer">World Trade Centers</a> (WTO).

What are the different trade and export agencies in the US?

There are three main United States federal agencies involved in trade and export:
<ol>
<li>The <a href="https://www.trade.gov/let-our-experts-help-0" target="_blank" rel="noopener noreferrer">United States Commercial Service </a>(USCS): The USCC is the trade promotion arm of the <a href="https://www.trade.gov/" target="_blank" rel="noopener noreferrer">International Trade Administration</a> within the <a href="https://www.commerce.gov/" target="_blank" rel="noopener noreferrer">United States Department of Commerce</a>. The mission of the USCS is to promote the export of goods and services from the United States, particularly by small- and medium-sized businesses. They do this to represent U.S. business interests internationally and to help U.S. businesses find qualified international partners. Another function of the USCS is to assist U.S. small and medium sized businesses grow international sales.</li>
</ol>
<ol>
<li>The <a href="https://www.trade.gov/" target="_blank" rel="noopener noreferrer">International Trade Administration</a> (ITA): Among the ITA&#8217;s functions are strengthening the competitiveness of the U.S. industry, promoting trade and investment, and ensuring fair trade through the rigorous enforcement of our trade laws and agreements. In addition, the ITA works to improve the global business environment and help U.S. organizations compete at home and abroad.</li>
</ol>
<ol>
<li>The <a href="http://www.afsa.org/" target="_blank" rel="noopener noreferrer">American Foreign Service Association</a> (AFSA): AFSA is the principal advocate for the long-term institutional wellbeing of the professional career Foreign Service and responsible for safeguarding the interests of AFSA members. AFSA also seeks to increase understanding among the American people about the vital role of the U.S. Foreign Service in sustaining American global leadership. The United States Foreign Service serve&#8217;s the American people and their interests and values worldwide. They create a competitive advantage for America by maintaining a physical presence in almost every country in the world.</li>
</ol>
Sources: <a href="https://ustr.gov/trade-topics/trade-toolbox/export-assistance" target="_blank" rel="noopener noreferrer">Office of the United States Trade Representative</a>, <a href="https://www.trade.gov/about-us" target="_blank" rel="noopener noreferrer">trade.gov</a>, and <a href="https://www.afsa.org/about-afsa" target="_blank" rel="noopener noreferrer">AFSA</a>

What are the roles of the different U.S. federal agencies in trade and export?

There are three major categories of trade agreements:
<ol>
<li>Multilateral agreements: They are negotiated in the World Trade Organization (WTO), and include all 164 WTO members.</li>
<li>Free trade agreements: FTAs are negotiated outside the WTO and can be further divided by the number of participants. Bilateral FTAs, for example, involve two countries, while regional FTAs, such as the United States Mexico Canada Agreement (USMCA)  and Comprehensive and Progressive Agreement for TransPacific Partnership (CPTPP or TPP-11) involve three or more countries, typically in a geographic region</li>
<li>Plurilateral agreements: They involve more than two countries and typically focus on a specific sector, such as the Information Technology Agreement (ITA) or ongoing Trade in Services Agreement (TiSA) negotiations.</li>
</ol>
Most countries participate in one or many agreements. As an exporter, these agreements can greatly facilitate the movement of your goods across borders. It is therefore important to understand them and take them into account in your export strategy.
Source : <a href="https://fas.org/sgp/crs/row/R45148.pdf" target="_blank" rel="noopener noreferrer">Congressional Research Service</a>

What are the types of trade agreements?

Exporting involves a range of activities including filling orders for domestic buyers (don&#8217;t forget them!), figuring out your logistics, dealing with shipments and returns, and much more. That&#8217;s why your first step should be to create an exporting strategy. The following are steps that can help you in developing it:
<ul>
<li>Evaluate your product’s export potential.</li>
<li>Determine if you are really willing to make a commitment to international markets and evaluate whether your company is “export-ready”.</li>
<li>Identify key foreign markets for your products through market research.</li>
<li>Evaluate distribution and promotional options and establish an overseas distribution system.</li>
<li>Determine export prices, payment terms, methods, and techniques.</li>
<li>Familiarize yourself with shipping methods, export documentation procedures, export financing, and other requirements for exporting.</li>
</ul>
First-time exporters should always seek the help of an expert to help them deal with all the specificities of exporting goods accross borders. Consult our list of experts on <a href="https://export-connect.org/en" target="_blank" rel="noopener noreferrer">Export Connect</a> or <a href="https://export-connect.org/en/contact" target="_blank" rel="noopener noreferrer">contact us</a>. We can help you find the right advisor!
Source : <a href="https://2016.export.gov/faq/eg_main_017487.asp" target="_blank" rel="noopener noreferrer">export.gov</a>

What should I consider when making the decision to become an exporter?

Many factors including labor, physical capital (plants and equipment), human capital (including entrepreneurial talent), as well as technology are involved in the comparative advantage differences between countries.
According to certain economic theories, if a country utilizes its abundant factors of production, they will have comparative advantage in those activities. For example, the United States has relative abundance of high-skilled labor compared to low-skilled labor. Thus, the U.S. comparative advantage is expected in the production of goods that use high-skilled labor intensively, such as aircraft, rather than low-skilled ones like clothing.
In addition, differences in productive technology among countries can affect relative efficiency. The information and communications technology revolution combined with the birth of new platforms for digital trade have helped broke down barriers to technology and have contributed to more knowledge flows across countries. As such, technology may well be a new basis for comparative advantage.
Source: <a href="https://fas.org/sgp/crs/row/R45148.pdf" target="_blank" rel="noopener noreferrer">Congressional Research Service</a>

What determines comparative advantage and specialization in trade?

The idea of comparative advantage was developed in the 19th century by economist <a href="https://www.britannica.com/topic/comparative-advantage" target="_blank" rel="noopener noreferrer">David Ricardo</a>. Ricardo argued that specialization and trade are mutually beneficial, even if a country is more efficient at producing goods than its trading partners.
In a nutshell, we say a country has absolute advantage if it produces a given good at a lower cost than another country.
But Ricardo argued that because resources, particularly labor, are immobile between countries (or assume to be), a comparison of a good’s absolute cost of production in each country is less relevant for determining whether specialization and trade should occur. Instead, what matters is the opportunity cost.
The opportunity cost is how much output of good Y must be abandoned to produce one more unit of good X. If the opportunity costs of producing the two goods differ in two trading countries, then each has a comparative advantage in one of the goods. The country would specialize in producing one good and trade that good for other goods they aren&#8217;t able to produce as well or as efficiently.
Since Ricardo&#8217;s first publication, economists have continued to examine to what extent comparative advantage explains the increasingly complex trade patterns that we see today. How can it help us understand the rise of global value chains, of services and digital trade, and of cross-border flows of data and technology?
In 2020, Forbes published an <a href="https://www.forbes.com/sites/forbesagencycouncil/2020/04/01/the-new-competitive-advantage-is-experiences-for-customers-and-employees-alike/?sh=7b4b6d634a33" target="_blank" rel="noopener noreferrer">article</a> that explains how, according to some research, the new advantage lies with the experience a business give to its customers and employees alike. Whether or not this is really the case, article like this one only shows how the comparative advantage, while still being relevant, is a moving concept that needs to be adapted to the reality of the day.
Source: <a href="https://fas.org/sgp/crs/row/R45148.pdf" target="_blank" rel="noopener noreferrer">Congressional Research Service</a>

What is comparative advantage?

For two countries involved in a trade relation, trading is mutually enriching and can leave both trade partners better off. Through trade, a country can enjoy a higher standard of living by producing what it does efficiently and trading what it doesn&#8217;t, driven by comparative advantage.
Countries usually import products and services because they can be produced less expensively or more efficiently by foreign firms. This enables a country to produce more from its resources and enjoy a higher level of consumption than would be possible without trade.
Through trade, consumers can also access a greater variety of goods at lower cost since trade improves consumer purchasing power. It&#8217;s the case, for example, of lower-income households that spend a greater share of income on imported goods like clothing.
And all these factors help control the rate of inflation. Through trade, producers can access lower-cost inputs used in production and exports, which can improve global competitiveness. And thanks to overseas markets, domestic firms can expand production to reduce average costs and take advantage of increasing returns to scale.
In the long term, trade leads to economic growth through greater competition and a willingness to innovate.
Source: <a href="https://fas.org/sgp/crs/row/R45148.pdf" target="_blank" rel="noopener noreferrer">Congressional Research Service</a>

Export Connect Trade FAQ

Have questions?