Trade, import and export for MSMEs: For a micro and small enterprise promoter looking to venture into the highly competitive export market globally could be a bit puzzling. In the post-Covid world amid supply chain-related issues due to the Russia-China war and downturn in global trade with the looming recession, picking the right market for export from around 195 countries India trades with calls for right planning and execution.
There could be various elements for an exporter to figure out before choosing his/her first market to export goods such as tradition – which countries are, traditionally, big buyers of products or service you offer; demand – which countries or regions may seek your products; geopolitical climate – how favourable is the political scenario of your selected market, etc.
Also read: Explained: What makes for a great export market for first-time exporters
Moreover, it is also critical to look at various strategies available to test the markets, how can products be adapted to cater to the needs of the new market, the risks involved, etc.
Ajay Sahai, Director General and CEO of the apex body of Indian export promotion organisations Federation of Indian Export Organizations (FIEO) in an interaction with FE Aspire explains how first-time exporters can identify their export markets, what role the free trade agreements, which India has with multiple countries, can play in boosting exports, and more.
