Along with the BRIC countries of Brazil, Russia, India and China, there are a number of emerging markets, including the CIVETS countries of Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa.
The first step when starting your international trade journey is to create a clear and effective import or export plan. International trade requires long-term commitment and you will need to nurture and maintain business relationships and develop necessary skills and knowledge to trade with confidence.
It can be a challenge to choose your markets but the key to international trade success is research. Research the different markets to determine which ones are most suited to your business; make sure that your goods are needed in your chosen market and that you can sell at a price that will produce a reasonable profit margin. Many companies are expanding their operations from BRIC countries to the growing number of emerging markets.
Emerging markets include:
In March 2012 there were nine emerging markets featured on the UK’s Top 25 Trading Partners list from HM Revenue and Customs’ Overseas Trade Statistics. The top emerging countries that UK businesses are exporting to are China, Russia, United Arab Emirates, India, Singapore, Turkey and South Africa. The top emerging countries that UK businesses are importing from are China, Russia, Turkey, India, Singapore, Qatar and Taiwan.
Depending on where your market is, you should be aware of local factors that could affect your trade. From customs regulations to commodity codes and Incoterms® 2010 Rules to import tax, DHL has a wealth of knowledge on all these factors. So whether you’re thinking about importing from China or exporting to South Africa, DHL is your first port of call to help make your international business ventures a success.