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A DATA-DRIVEN APPROACH TO IMPROVING YOUR BUSINESS

US import data will influence strategic decision-making as tensions between countries rise. Trade data analysis can help improve business decision-making by providing valuable information about the domestic and international markets . This data includes both domestic demand and shifts in raw materials movement.

Although production estimates might not be available, trade analyses can be used for local demand estimations. This is called apparent consumption. This can include both production and exports.

If the production data for domestic goods is not accurately reported from government or trade data sources, this could have an impact on the analysis. This analysis can be used for determining the country's need for a product.


KNOWLEDGE ABOUT SUPPLY CHAIN

In many cases, inputs from other nations are used to make the final product. You can use trade analysis to identify which countries provide bulk material and how it flows between them.

For example, trade analysis can be used to determine the origin and value of certain materials. It is possible to see if there is any correlation between the flow of raw materials into a country, and its exports of final, intermediary or finished goods. This will help you decide the best strategy for acquiring raw material or intermediate material.

US Trade Data provides insight into the export prices of different countries. These data can be both volume- and value-based. According to the US International Trade Commission, 48 million kilograms (or $28,000,000) of soybean seed were exported from the United States into Canada in 2017. These numbers can be used for estimating a soybean export price of $0.60 per kilogram. These numbers are for the entire HS Code. Errors in reporting trade flows can affect estimates. All users should know these precautions.

CURRENTS

It is important to understand the impact of trade policies on global and regional flows in these times of rising trade tensions. To understand production inputs in different industries, trade data can be useful.

Exports to the region could drop if production capacity drops. Exports to the region may drop if production capacity decreases.

CAVEATS

When analysing and interpreting trade database reports, there are a few things that you should remember. Even if there are multiple goods involved, it is possible to track each shipment using a single HS number. Additional products could be added to the shipment, which may lead to a lower estimate of trade for the item. These extra goods will not be included in trade flows and could lead to an underestimation of trade between countries. There are many ways to identify differences.

Compare production and export data to identify under-estimated flows. To identify under-estimated flows, it is important to conduct initial research with key market participants.

Related Search:-  THE DATA-DRIVEN APPROACH TO BUSINESS IMPROVEMENT


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