Emerging markets offer tremendous opportunities for European exporters. Along with the BRIC countries, Brazil, Russia, India and China, emerging markets include the CIVETS countries (Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa) and MINT countries – Mexico, Indonesia, Nigeria and Turkey.
When starting your international trade journey to emerging markets, begin by creating 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 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.
Emerging markets include:
Source: Ernst & Young Emerging Markets Center
According to financial provider HSBC’s research, it is essential for Ireland’s future economic growth that Irish companies expand beyond the eurozone, Britain and the US and deepen their trade with emerging markets.
The study forecasts that Ireland’s exports to Europe, excluding Russia, will grow at an annual rate of 3 to 4 per cent until 2020, increasing to 5 per cent in the 2020 to 2030 period. Irish exports to the US and Britain are also projected to grow at an average rate of 5 per cent every year between 2020 and 2030.
In emerging markets, HSBC predicts that China will be an important market for Ireland – but not to ignore the Middle East and Latin America as growth in Irish exports to these two regions is set to rise by 6 to 7 per cent each year from 2021 to 2030.
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.