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The BRICs, CIVETS and MINTs: all Greek to you?



The dynamics of the global economy is constantly changing as a new set of fast-growing emerging markets challenge the position of the established, advanced economies. Here we take a look at some of these key emerging markets: the BRICs, CIVETS and MINTs… 

emerging markets: BRICS, CIVETS & MINT

We’ve all heard of the BRICs, right? The original economic acronym on the block, the term was coined by former Goldman Sachs economist Jim O’Neill in 2001 and used when talking about Brazil, Russia, India and China (South Africa was later added into this group). These emerging markets were grouped together to represent the best potential for growth at the time.

A decade later, HSBC’s former chief executive officer, Michael Geoghegan, drew our focus to a new collection of markets to profit from a shift in global power. Geoghegan said Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa – otherwise known as the CIVETS – had something unique to offer: “each [nation] has a large, young, growing population. Each has a diverse and dynamic economy. And each, in relative terms, is politically stable.”

After forecasting the BRICs as drivers of the world economy, O’Neill recently released a new group of markets to show interest in: the MINTs. Championing Mexico, Indonesia, Nigeria and Turkey as the second [or even third] generation of emerging market pacesetters, O’Neill selects these countries due to their common features, including growing populations, a youthful workforce and strategic locations near larger markets: Indonesia is at the heart of southeast Asia, Turkey has a combination of eastern and western influences, Nigeria is leading Africa’s rising and Mexico has close proximity to the USA.

As these markets prove their worth and power shifts from the world economy’s G7 base, how do you know which one is right for your business? Assess the scale of opportunity in each market and consider the following key questions:

  • Is there a market for your product?
  • Should you be targeting particular niches?
  • Can you be competitive in your market?
  • Who are the main competitors and how do you plan to tackle them?
  • How will you tailor your products or services for that market?
  • Do you have the necessary time and resources to dedicate to communication, travel, delivery and customer services?
  • Do you need to work with a partner in order for your business to succeed?
  • What resources will you need to dedicate to communication/translation?
  • Are there any legal barriers to your business model?
  • Have you done thorough evaluation risks to your business?

Ready to export? DHL can help you get started. Call 0844 248 0675 to speak to one of our Small Business Export Advisors about your export plan or click here to email us, start a web chat or register for a call back.

 

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