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How to Select the Right Trade Data Provider?

When you've taken the decision to implement trade data within your business the second step would be to figure out what kind of data you will need and what aspects to look for when selecting a trade data supplier.

U.S. Census Data or U.S. Customs Data?

The two major kinds of US trade data that are offered by The United States government are U.S. Census and U.S. Customs data. The primary distinction between the two datasets is the fact that U.S. Census data is an aggregate, high-level view of the flow of goods into and out of the United States, and U.S. Customs is a level of shipment that provides a complete view of the goods that are being imported. Based on the research you conduct, U.S. Census data can answer different questions as compared to U.S. Customs data and in certain instances, when they are used together, some amazing insights are available.

Select U.S. Census data if you require the following information:

  • The total value of the shipments of a product or group of products that are imported/exported or an entire group of items.
  • The top trading partners in the U.S. for products or groups of products.
  • Data is based on Harmonized Tariff Code or H.T.S number.
  • Information that includes rail, truck, or air-based transports (these aren't included in U.S. Customs Data).
  • The trade balance between the U.S. and a trading partner.
  • Information on exports, however, there is no comprehensive set of export information since it isn't made available from U.S. Customs in the same way as import data.

Select U.S. Customs data if you need any of the following:

  • Specific shipment details, i.e. you'd like to know what products are identified on the shipment documents.
  • Find out about a supplier's or competitor's imports to America.
  • Find companies in a particular area that import.
  • Find a product using the description (H.T.S. Codes aren't available by U.S. Customs data).
  • Set up supply-side market shares for firms.
  • Monitor shipments on a regular basis for an importer or a supplier.

What is the best time to anticipate the information to be?

U.S. Census data is finalized and released 45 days after the month's conclusion. Many providers quickly integrate this data into their applications. The information is updated once each month. There could be changes to the official data from Census Bureau at a later date.

U.S. Customs data is available to companies on a regular basis. Different providers release this data to their customers in two days, or up to several weeks. The providers do not have a live feed of the data because they require U.S. Customs a couple of days to release the data. Additionally, some providers supplement the raw data with external sources which can make the raw data less accurate from U.S. Customs and causes delays in the distribution.


What are the characteristics to look out for in a provider of trade data?

Selecting a provider for trade data is just like purchasing any other business tool, but the capabilities and features of the tool play a role. When you have decided the kind of set of information is required, U.S. Census, U.S. Customs, or both, it's important to remember that, even though the data source is identified and the interface used to locate the information will greatly impact the quality of the data that is obtained, the time required to complete a project and the ease with the speed at which data can be extracted. Businesses should take into consideration the overall worth of a data provider in addition to the following factors:

  1. The accuracy of the data (How long ago was the most recent data?)
  2. The level of support provided by the service provider (Will the provider provides training and quick support for customers?)
  3. The accuracy of the data (Has the service provider altered or reduced the size of the data?)
  4. The accuracy of search results (Are you buying a search engine or sophisticated tools for trade information?)
  5. Data coverage (Does the service provider restricts access to a small portion of the data or offer multiple seasons of historic data?)
  6. Test Subscriptions (Will the service provider permit you to try the tool prior to purchasing it? A video or test report is not an accurate description of the software.)

The bottom line is that using trade data in any form will enhance the knowledge base of a business and will provide the data needed to make the right decisions in a constantly changing market. It is the person who will be using the data to determine what type of data they require (high detail or high level) as well as what purpose they can make of the data within their organization and which trade data application features best suit their requirements, and lastly the provider that can work with them to turn the raw data of the government into actionable intelligence.

Related Search:-  What is the best way to select a trade data provider?

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