How to Use Trade Data?

The United States government provides two types of trade data:

• U.S. Census Data - Provides HTS (Harmonized tariff System) level information on the total products imported and exported.

• U.S. Customs Data - This data is from U.S. Customs Automated Manifest System and provides details about each container that was imported to the United States at the shipment levels.

Both data types contain valuable information that can be used to help exporters and importers better understand their markets. The question of how to use this information is more complex because different companies use it in different ways. It is crucial to fully understand the data and the ways it can be used to answer specific questions if you want to add trade data to your decision-making process.

What Are the Questions Trade Data Can Answer?

It doesn't matter what role an organization plays in international trade (manufacturer or distributor, retailer, law company, transport service provider, etc. Trade data can answer many questions.

• How much is the import and export value of each product?

• What is the balance of trade between the U.S.A and other countries?

• Who supplies their competitors with raw materials and products?

• What products does a company in China make and to whom are they shipping the product?

• How are counterfeiters able to get the products into the United States?

• Which country produces the highest quality product? Who are the largest U.S. Importers?

• Which are the most prominent importers in a particular geographic area?

• Which countries are the most important exporters to the United States of a specific product?

These types of questions can be answered in either aggregate (U.S. Census Data) or very detailed (U.S. Customs Data). Trade data is essential for organizations to keep track of the changing markets.

US Trade data contains a lot of the essential information that global organizations need in order to efficiently and effectively complete market intelligence efforts. Companies can take U.S. Census data and U.S. Customs data providers' data and transform them into value-based, actionable initiatives.

Market Analysis - Companies can cost-effectively develop market evaluations, and explore new markets by looking at both aggregate and detailed information. The ability to predict the future and make strategic decisions based on these insights is key to better forecasting and planning. You can analyze market share by comparing the total imports of specific companies with U.S. Customs data to the totals of products in the U.S. Census.

Competitive intelligence - U.S. Customs data is used by organizations to increase and protect their revenue streams and to anticipate and respond to new strategies and tactics. They can learn about the supply strategies of their competitors, identify potential threats and opportunities, and even preempt new initiatives. If a company is the only importer/exporter of product from or to a country, U.S. Census data may be used to calculate the cost/prices of imports/exports.

Lead Prospecting - Companies that sell products and services internationally can reduce their sales expenses and increase revenue by developing leads and gaining insight into existing prospects using the unique, targeted U.S. Customs Data set.

Supplier Sourcing - Manufacturers can reduce the cost of supply chain development by identifying which countries export their products. They also qualify sources using a combination of U.S. Customs data and U.S. Census data. They can leverage their contract negotiation position by verifying their standing in relation to suppliers using U.S. Customs.

Legal and brand protection - Brand owners can avoid losing millions of revenue from brand infringement, gray-market trade, and counterfeit imports. They can protect their supply chains and monitor their products' imports to prevent this. They can also use U.S. Customs data to prove the counterfeiter's import data.

Companies may be unable to access accurate and timely trade information, which could lead to poor business decisions and uneven playing fields. The intelligence cycle continues after the execution of tactical and strategic decisions. Trade intelligence is needed to continue the intelligence cycle. Companies should then compare their results with industry averages, specific competitors, and original objectives. This information can be used to modify existing objectives and create new ones.