How to Boost Your Import Export Business in Africa Region?
25 May 2018
Running an import export business is very challenging these days. The challenges like disruptions in the supply chain, currency exchange rate variances, language issues and all combine to create a host of problems. The global business is one of the most profitable opportunities for traders while some traders weigh the risk against potential benefits as they would quite keep on trading within the country’s borders. As per the estimates, the African business exporting overseas has risen from 32% to 39% during last year. It is a growing region as the business opportunities in many African countries are growing rapidly by the day.
If you are importing electrical goods from China and selling them to EU buyers, or exporting locally made garments then import/export can be very profitable. You can take your import export business to the next level by minimizing the risks with the right approach. Let’s take a comprehensive look at the best ways to boost your trade in African countries and maximize your profit.
Find New Buyers/Suppliers to Boost Your Business Largely
The authentic list of new buyers or suppliers for your product will help you to boost import export business in Africa. It is required to target the maximum trading regions of Africa and focus on uncovered areas by offering the best deal as per their needs. The list of new customers or parties will help to expand your business reach across Africa and boost it largely. We at Export Genius will provide you the list of importers and exporters of your product in African countries. You will get the partner list with their address and their trading details. You have to contact them and offer your business proposal to increase your business leads.
Keep your needs in proper order
The supply chain can be defined as the sequence of processes involved in the production and distribution of a commodity. When the supply chain is long and complicated then things are more likely to go wrong. So, it is needed to update your business process with your business administration department. The things will be more complex in case of dealing with more countries and global regions. It is important to use an online payment processor that can handle payments in different currencies and can handle abroad transactions with complex tax affairs as all banks not offer cost-effective service in the given term. An investigation triggered by discrepancies in company tax returns is the last and effective thing any global trader needs.
Managing Currency Risks
It is often risky to trade with foreign partners but the risk is far greater when you both deal in different currencies. If you negotiate a fixed price contract to purchase goods from any company based on a particular exchange rate. You could end up losing a big amount on the deal in case the exchange rate moves in a critical direction. If you want to become more familiar with the forex markets then online forex trading for beginners provides a good place to start. However, it is worth dealing with trading partners who can offer business support that trade products and services from abroad market. This will help to reduce risk exposure, manage payments and enable to invoice in the preferred currency.
Realise Your Trading Partners Needs
It is not so easy to deal with different cultures and clients in other countries. There are some difficulties such as language barrier to negotiate and far distances to visit. Arranging direct meetings will build effective working relationship with your global trade partners and get to know them personally and visit them. It will help to learn their unique preferences and you will be aware of their business process which will pay surpluses in the long-term and you need to encourage these relationships to success import export business. By the way, if there are cultural and language differences with your partner then consider hiring a local person to avoid any miscommunication that cost any loss in your business.
How we can help to boost your Import export business?
As per the industry experts, trade data is the most effective tool which will help to boost your business globally. We will provide you the import export data of your product of any particular country in Africa region. With the help of trade data, you will be able to take your business to a new height. Trade data consists of shipping details like price, quantity, traders, and historical shipments etc. which are based on actual shipments records. Let’s see the things that will help to boost your business.
· Evaluate the new markets of Africa and maximize your business profit.
· Know the major trading markets and analyse the market trends.
· Monitor your competitors by tracking their trading activities and analyse the competition.
· Make new sales prospects and increase your customers across Africa.
· Reach your company goals by getting the right information of exporters & importers in Africa.
The above-mentioned options to find active buyers or suppliers in China are free of any service charge, but all of them can provide you limited information. Trade data is the only paid option that can provide you instant and authentic details of importers or exporters in African countries.
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