Venezuela is a beautiful country with an interesting and, at times, troubled past. While the country has previously been a successful oil exporter, it is currently undergoing a transitional period in which geopolitical forces are trying to determine where the country will stand as an exporter in the future.
In late February of 2022, Russia invaded Ukraine, triggering a backlash of sanctions from the United States and other countries. Oil and gas prices went up as a result, and it’s worth mentioning that Russia has been a supplier of the United States and European oil. While the fate of Russia’s oil industry is uncertain, Venezuela is currently being considered as another oil trade partner with the United States and other countries. The 1970s During the 1970s, Venezuela’s oil industry saw some interesting developments. While the country experienced peak production in 1970, its oil industry was officially nationalized in 1976. This signaled the beginning of a decline in Venezuelan oil production that lasted until 1985. By 1997, the country decided to open its oil industry up to foreign investment in an attempt to reap the benefits of being an oil-producing nation. Proved Reserves and Challenges Despite increased production and more investment, Venezuela's challenges are more than mere geopolitics. The country is believed to have the largest proved oil reserves in the world, but this oil is extra-heavy crude. This type of oil is very challenging to refine, meaning it requires large investments from oil companies to take advantage of. Oil companies won’t invest if prices aren’t going to make it worth the risk, and this is an issue that plagues the oil industry as a whole around the world. Venezuela customs data shows that the country exported oil to a range of countries in 2020, but its oil exports reached a high back in 2014 and 2015. Since then, there has been an ongoing decline in exports and production. Whether the situation with Russia and Ukraine will change this outlook remains to be seen, but it’s clear that Venezuela customs data has not seen the last shipment of crude out of the country just yet. Read a similar article about Sri Lanka trade data here at this page.
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Free trade agreements work to reduce trade barriers. They ease restrictions, making importing and exporting goods between countries easy. The deals are beneficial to both party countries, making them a valuable tool for establishing long-term trade relationships.
Mexico has more fair trade agreements than any other country. Here's some information about what those agreements entail: NAFTA The North American Free Trade Agreement (NAFTA) began in 1994. It's between the United States, Canada, and Mexico. NAFTA set guidelines for tariff-free goods and streamlined border processes. According to Mexico import data, NAFTA saw a massive increase in agriculture, manufactured goods, and other commodities. In 2016, the value of those goods was over $1.1 trillion. The US-Mexico Trade Agreement (USMCA) made some changes to NAFTA. It strengthened the US and Mexico relationship, leading to more automobiles originating in North America. EFTA The European Free Trade Association (EFTA) signed a free trade agreement with Mexico in 2000. It covers industrial and marine products. The deal removed tariffs and also covers trade in investments and public procurement. Mexico-Central America This FTA is between Mexico, Costa Rica, Nicaragua, and the Northern Triangle of nations. The deal expanded trade between parties and laid the groundwork for enhanced customs procedures. Mexico-Colombia This agreement has been around since 1994. According to Mexico import data, it's provided many positive benefits to both countries. However, the FTA continues to evolve. It includes measures for market access, tariff rates, customs procedures, and more. Pacific Alliance The alliance is between Mexico, Chile, Colombia, and Peru. It accounts for about 38 percent of the region's foreign direct investment. The agreement is about using trade to improve the quality of life for citizens. Mexico-Panama This FTA came to be in 2004. However, it is built upon previous agreements. It opens markets to trade and eliminates tariffs on virtually all manufactured goods. Those are just a few of Mexico's many free trade agreements. The nation uses the deals strategically to boost its trade operations and support the economy. While trade is always evolving, Mexico seems ever-keen to strike up deals that benefit its citizens and businesses. Read a similar article about Costa Rica import data here at this page. ru’s customs division requires those who are importing goods to Peru to obtain a Customs Merchandise Declaration. Shippers should also provide a:
Insurance information should also be made available. Keep in mind that some imports are subject to countervailing and anti dumping duties. To avoid these duties, companies are required to provide a certificate of origin for goods that are being shipped from other countries. However, this process may cause delays for clearance. Food Shipments to Peru If food is being shipped into Peru, the division requires the shipping company to fill out a sanitary registration. This is processed by the Food and Environmental Health Bureau, which is under the General Directorate of Environmental Health (DIGESA). Along with this, those who are importing animal, plant or by-products into Peru will need to provide a Sanitary Certificate. When shipping food or beverages to Peru, the shipping company will need to provide a sworn application, one that includes a Certificate of Free Trade and Use. This must be issued by the country of origin’s health authority. If the company cannot provide the certificate when importing goods to Peru, then they can show the customs office a document supplied by the Peruvian Consulate. Shipping companies must also provide a future label and the registration receipt. The sworn application contains the importer company’s contact information as well as manufacturer details. The document will also include taxpayer identification and a product list. It will provide information about each product’s contents and the results of a chemical, physical and microbiological assessment as well. The sworn application will have a product’s expiration date, storage requirements and packaging materials. Peru Customs Data Like the rest of the world, Peru is experiencing a decrease in imports. In 2019, the country’s imports value totaled an estimated $42 billion, and in 2020, the country’s imports value came in at around $36 billion. Peru is in the 56th position out of the top importing countries. Its top imports are industrial machinery and parts. According to Peru customs data, the country’s top importing partner is China. Read a similar article about search US trade database here at this page. No matter what product you're dealing with, finding high-quality leads for your business is easier said than done. Even drumming up interest can be an uphill battle. Luckily, there are many ways to approach lead generation.
While cold calling and basic networking still work, you have far more advanced tools at your disposal. Here are some ways you can generate new import and export leads efficiently. Company Directories Directories are a surprisingly effective way to get new leads. It can be a valuable resource if you're a B2B company. Many online directories are available. They're utilized by nearly every industry, making it easy to find relevant databases that put you close to the leads you want. Get yourself on as many of them as you can. That way, potential clients or partners can reach out to you. Many businesses that deal with imports and exports use these directories. Taking advantage of them can make a world of difference when developing quality leads that convert. Shipping Supplier Data Did you know that you can view real-time shipping records? There's no better way to find new leads than to view the market's inner workings! Use shipping supplier data to see who's buying and where they're getting goods. Thanks to shipping manifests and accurate product data, finding potential leads has never been easier. Perform a quick search using keywords relevant to your industry. Once you find leads, you can gather contact details and get to work striking up new deals. The data also lets you monitor the competitions, giving you the insight to make better offers. Sales-Focused Social Media Believe it or not, social media can be a powerful tool that connects you to potential leads. We're not talking about massive platforms here. Business-focused sites offer a professional environment for building connections. Use the tools available to reach out to others, join groups, and uncover leads. Taking Your Business to the Next Level Generating leads is a never-ending process, but it's necessary to keep business going. Instead of struggling to get a single reliable lead, use these tips to discover a well of information that will help your business flourish. Read a similar article about Christmas shipping delays here at this page. These days, we're used to seeing products from all over the world lining store shelves. But have you ever wondered how international trade affects our economy?
This blog will go over the basics of importing and exporting, covering how it influences GDP, exchange rates, and inflation. Trade and the GDP The GDP stands for Gross Domestic Product. It's a measurement that represents a country's economic activity. Calculating the GDP is pretty complex, but the most important thing to remember is that a higher value is always better. Exports directly influence GDP. Rising exports mean a high level of output from domestic industries. As a result, more money is coming into the country, and more workers are employed to keep up with demand. When you look at US export data by company, you can see that some of the most in-demand exports are petroleum products and aircraft parts. They make up a significant chunk of all exports and help with economic stability. Exchange Rates Trade can also influence the exchange rate. Again, creating a defined connection is tough, but most economists agree that trade deficits are to blame. A deficit occurs when the cost of a country's imports exceeds the value of exports. Looking at US export data by company, you can see how the exchange rate affects prices across the board due to our current deficits. When the exchange rate declines and the dollar loses value, imports become more expensive. It also stimulates more exports. Conversely, a more robust domestic currency usually makes imports cheaper and decreases exports. Inflation Inflation closely connects to loan interest rates and the overall exchange rate. High inflation can be detrimental to exports, which has a rippling effect on our economic health. It directly impacts material and labor costs. That causes prices to go up, forcing trade partners to look elsewhere for cheaper goods. Importing and exporting is about more than just having access to a global supply of goods and services. It directly impacts our economy and influences every aspect of your financial well-being. Staying up to date on trade data can give you more insight into the economy, inflation, and more. Read a similar article about incoterms definition here at this page. Artificial intelligence is a sector of technology that's already making waves across many industries. We're seeing it in everything from consumer goods to manufacturing. But how is it going to affect international trade?
Development and Management of Global Value Chains AI technology has the power to transform global value chains. International trade intelligence shows that it's already impacting chains by predicting trends and managing risks along the supply chain. However, things may get more efficient as more companies adopt AI. Predictive maintenance and adapting to consumer changes will open up global value chains. Providers of robotics, design services, and data analytics will play a more significant role as well. Artificial intelligence might also reduce the need for extended supply changes. Automation can lead to on-shore production, reducing costs and labor requirements. Job Losses and Gains With the adoption of artificial intelligence comes a natural change in job demand. Automation reduces the need for low-skill, blue-collar positions. However, it increases the demand for workers with AI-related skills. Negotiating Trade Terms AI can do wonders to improve international trade negotiations. Some countries are already implementing the technology to analyze economic trajectories and potential outcomes of partnerships. Instead of relying on historical data and ever-changing trends, artificial intelligence can analyze the potential of each negotiating partner. Using different assumptions and outcomes, leaders can use the information they gather from AI technology to negotiate better terms. More opportunities for Small Companies International trade intelligence indicates that small businesses are already taking advantage of AI to expand their operations. Digital platforms are providing unprecedented access to a global audience. While worldwide sales are nothing new, language barriers and unfamiliarity with the export process forces many companies to forgo international markets. That's changing thanks to AI. AI-powered translation services in established digital platforms are making global exports more manageable than ever. The Future of International Trade Artificial intelligence has the potential to create significant change in our global trading practices. However, it's going to take some time to get there. Investing and implementing AI is a slow process. While many countries are well on their way, it'll be several years until we see what kind of impact AI will have on international trade. Read a similar article about export import data by country here at this page. Many economies rely on foreign trade to keep their economy running smoothly. It’s difficult for any nation to produce their own goods and services entirely on their own, so foreign trade will remain extremely relevant for the foreseeable future. But, foreign trade isn’t just a catch-all category. There are actually different types of foreign trade. Read on to learn more.
Defining Foreign Trade First, let’s give a general definition of foreign trade before delving into the different types. Foreign trade occurs any time goods or services are exchanged across national borders. Foreign trade is beneficial for many countries because they’re able to produce goods and services at a cheaper price or at a higher quality, making their goods and services a demand for other countries. Now, let’s take a look at the different types of foreign trade: Imports First, you have importing. Importing is when a country purchases goods or services from another country. China, for instance, claims computers as one of its biggest exports. Therefore, many countries import their computers from China. Exports For exports, you have the reverse of importing. This is when you sell the goods or services you’ve produced domestically in another country. Ford makes their automobiles in domestic factories, so they export their vehicles when they sell them internationally. Re-Exports Re-exports are when a country imports a good from another country and then exports that good to a different country. For instance, a company based in the US may import Japanese denim to make jeans and then they may re-export it to other countries who are interested in buying them. Overall, foreign trade is a very important pillar of the global economy. It generates opportunities for countries that might not have them otherwise and it helps to facilitate economic development of the world overall. Finding Foreign Trade Statistics If you’re interested in learning more about foreign trade statistics, there are databases that allow you to search import and export data for many countries. With the ability to lookup these foreign trade statistics yourself, you can more easily identify new trade opportunities. The right platform can help you find new suppliers, connect with new customers, and check out what’s going on with competitor supply chains. Read a similar article about Costa Rica export statistics here at this page. International trade statistics compiles data to measure the amount and values of products that subtract from or add to a country’s stock of goods due to the movement out or into a nation. Here’s a summary of the international trade statistics during the first half of 2021.
International trade merchandise for G20 saw record levels during the first quarter of 2021. According to OECD (Organization for Economic Cooperation and Development), compared to the past quarter, imports and exports grew by 8.1% and 8.0%, respectively. Apart from the UK, the only G20 economy that recorded negative trade growth, both for imports (-10.5%) and exports (-5.7%) in Q1 2021, all G20 economies experienced positive growth in Q1 2021, with a surge in commodity prices and global inflation contributing to the recovery of the global economy from COVID-19 repercussions. Countries like Australia, Brazil, South Africa, and Argentina, some of the G20’s biggest exporters of metals and agricultural goods, experienced a significant increase in their exports, which helped them benefit from the soaring product prices. In addition, crude oil prices increased by almost 35% during the first quarter, which led to increasing export values of Russia, Canada, and Indonesia. Because the G20 economies majorly import energy commodities, the price increase also led to the increment in import values during the same period, according to the OECD report. In the EU (European Union), imports and exports increased by 5.0% and 3.8%, respectively, during the same period. Increased Demand for Semiconductors The OECD also highlighted that the pandemic-driven increase in electronic purchases raised the demand for integrated circuits and semiconductors. As a result, the supply failed to keep up with the demand, leading to shortages and increased prices. Although the high demand for semiconductors significantly contributed to the growth of trade merchandise in the United States, where imports and exports increased by 5.3% and 5.7%, respectively, the automotive supply chains got affected by the shortage of chips. China, the biggest merchandise merchant of the G20, saw significant growth in both imports (19%) and exports (18.9%) during Q1 2021. Cereals, metals, metal ores, and integrated circuits led the Chinese import growth, while electronic products, such as vehicles, textiles (including facemasks), and integrated circuits led the export growth. Read a similar article about Ukraine trade statistics here at this page. Fortunately, there are many online export data providers. So if you’re searching for India export data, you don’t have to look too hard to find it. The downside? The customs data you receive may not always be reliable or current.
So how do you go about finding reliable and accurate export data for India? Here are two of the best ways. Get India export data from the Department of Commerce. If you go to the government of India’s Department of Commerce website, you’ll find a great deal of import/export data and trade statistics from India, such as materials, values and quantities. If you’re interested in learning more about India’s overall exports (merchandise and services combined), you can get the latest trade figures from the Department of Commerce website too. This India export data comes straight from the government, so you can be sure that it’s reliable. However, it may lack some details that you need to help your business succeed. For example, getting specific details on importers, exporters, shipment ports and the like might be difficult. Consult with a trade data provider. Chances are you probably want more specific and detailed information than what you’ll get from India’s Department of Commerce website. So in that case, your best bet is to purchase the services of a reputable trade data provider. Trade data providers work by tracking global import/export data to provide their clients with actionable trade statistics and details to inform their strategy. These services come at a cost (they’re usually subscription based). But they are well worth the investment, because the tools and data they provide can make or break a business. A global trade data provider will offer India export data organized in a comprehensive database that is designed to help you find new global business opportunities. Some of the biggest perks of working with a trade data provider are:
Many trade data providers also offer customs data for several countries (not just India), so you can make the most of the money you’re spending to access this information. Just a word of caution though: You’ll want to thoroughly vet any trade data providers before committing to a subscription service. That way, you’ll be sure you’re getting reliable data as well as the type of data that’s most profitable for your business. Read a similar article about import/export data here at this page. |
AuthorJeson Clarke writes about database technologies, import/export data and customs data tools. Archives
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