Last week we tried to explain readers the necessity of making solid research on export markets where the business is planned to be started. Research should include not only its economic aspects, but also cultural and social one. To encourage readers to search for information about their potential target markets we already mentioned some characteristics of 5 most popular export countries. Find below other 5 suggestions of export destination to consider when looking for business opportunities abroad.
India, along with China, Russia and Brazil is one of the fastest growing economies in the world. Taking its nominal GDP into account, India was marked as 4th largest economy and in terms of purchasing power parity country takes 4th rank. Great advantage of India as export destination for services is well educated, young population with a median age of 25. The biggest challenges in this market are: cultural and linguistic diversity, poor transportation infrastructure and high tariffs.
During last 15 years Columbia has come a long way from highly regulated market to a free market. Nowadays Columbian economic growth is estimated to reach level of 4.9% with still expanding middle class. What made this country more accessible in terms of export destination was a free trade agreement signed in October 2011. It was a comprehensive bilateral contract between United States of America and Columbia eliminating tariffs and barriers to trade in goods and services.
Turkey is an emerging market with high growth rate of 4.6 % a year. It is considered to be politically and financially stable country. What also makes Turkey good export destination is its application for membership in European Union. Although banking, communication and transport industries in Turkey are still under states’ control; country has had a huge growth in private sector development.
While eyes of the world are constantly focused on development of India or China, Vietnam continues to grow constantly in the shadow of its big neighbour. The growth rate for Vietnam reaches 5.8% a year. Those who decide to start their business in Vietnam need to know that country has a lot of barriers as well. The biggest ones are: corruption and insufficient protection of intellectual property.
Export to Mexico should be considered as one of the first options for American sellers and entrepreneurs, as the country has been main trade partner of United States for a long time. The value of export between these two countries reaches level of $850 million per day, which makes Mexico the second largest export market for American Products. Good partnership between Mexico and USA has been set up as a result of North American Free Trade Agreement signed between mentioned countries. Companies choosing Mexico as export destination should pay double attention to law regulations.
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