Before listing all the benefits of exporting, even if you are not sure whether there is demand for your products and services abroad, we recommend that you take the first critical step in testing your potential by setting up your Multilingual Microsite. This is an easy low-cost route to unlocking your international potential - even better, by using the coupon TTS30DISCOUNT31122024 - you will get a 30% discount off the list price of £149 + VAT for a year's subscription.
See also: The Essential Guide to B2B International Trade
Why You Should Consider Exporting:
In addition to generating extra sales, exports reduce your business risk – if one market goes down there is a good chance that your other markets will at least remain stable if not actually increase.
If your domestic product is seasonal, you can sell it to countries with coinciding seasons or, better yet, whose seasons start when yours ends.
If you have idle capacity for any reason, this can be re-directed to support your exports.
If you are considering entering export markets directly and: you are not sure which countries you should consider, then create your country shortlist using this section.
With increased export production and sales, you can achieve economies of scale and spread costs over a larger volume of revenue. You reduce average unit costs and increase overall profitability and competitiveness.
Exports extend product life cycles. As technology advances and tastes change, many products become obsolete or lose their appeal, particularly in highly industrialised markets. But these products may still be valued elsewhere. Over half the world's economies are less developed. They may not need or can't afford your latest model. They may even prefer less costly, earlier versions or used or reconditioned products. Pursue exports in markets that still value goods no longer in demand in the domestic market.
Going international can yield valuable ideas and information about new technologies, new marketing techniques and foreign competitors. The gains can help a company’s domestic as well as foreign businesses.
Choose Your Target Countries
If you are considering entering export markets directly but:
N.B. UK users have restricted access to the ITC tools above. Click here for free registration - which gives a wider access (than for non-registered users) to these services. To access the full versions of the tools click here to subscribe. ($900 p.a. for an Institutional License allowing all employees of your organisation to create their own account based on your email extension (domain).
Having drawn up your country shortlist, you can go on to the next stage of identifying potential buyers in those countries.
Basic Search
If you just want to limit your list to companies covered by Kompass, then just download this table. This spreadsheet also indicates which countries are in the European Economic Area. For each country, there is a link to the relevant Country Profile. - Then make your own choice as to the countries of interest.
ITC’s Export Potential Map is a free tool that turns economic analysis into practical trade information. Using the Map’s customizable and shareable visualizations, you can check whether your products are considered to have export potential.
HMRC provides a number of resources to help exporters. - See also: Brexit
If you have a specific question about importing, exporting or customs reliefs, you can call HMRC's Customs and International Trade helpline on 0330 322 9434. The helpline is open from 8 am to 10 pm Monday to Friday and from 8 am to 4 pm at weekends. You can also send questions or contact them by webchat.
The Export Support Service is a new helpline for UK businesses to get answers to practical questions about exporting to Europe. The service is a 'one-stop-shop' and brings together UK government information, making it easier for exporters to access advice and support.
Selling across borders can create numerous tax complications. Avalara's range of automated solutions can handle tax and duty scenarios for businesses of all sizes; in just 5 steps:
Avalara's Managed Tariff Code Classification:
Avalara's Trade Restrictions Management flags goods with restrictions in place as well as those that are prohibited from entering a country.
Avalara’s Import One-Stop Shop (IOSS) solution helps you take advantage of changes to EU VAT laws.
Avalara's VAT Reporting and Registration keeps you compliant with U.K. and EU VAT rules. It automatically calculates VAT, so you don’t have to worry about complex laws across different countries.
Avalara's AvaTax Cross-Border means additional compliance, duties, and cross-border tariffs won’t hinder your international growth:
Avalara's Global Trade Services provides expert brokerage assistance with EU and North America customs agencies:
For more information, click here - or contact James Bright directly for a no obligation chat.
Kompass Market Ranking Reports help you understand which countries and markets might best fit your company is key to developing an effective export strategy. A comprehensive and personalised Market Ranking Report can minimise risk, saving time and money, as well as identify new business opportunities abroad.
Covering more than 150 countries, these reports provide:
They enable you to focus on the right markets.
On a country by country basis we can help you find the best market in terms of access, such as the ease of doing business and any specific legislation related to your products or services. Cultural differences can act as a growth driver or a barrier. Our reports help companies understand these differences and adapt their approach to each market accordingly.
How it works
There are three types of Market Ranking Report available, depending on the number of markets to be analysed: 5, 10 or 20 countries. Each report takes 7 – 15 days to produce and this process follows four straightforward steps:
Download a sample Market Ranking Report.
Market Ranking Reports - Smart data you can rely on.
To find out more, click here.
(N.B. Mention that you the service here and you will be given a 10% discount.)
ITC’s Lega Carta provides access to a core group of some 250 multilateral trade instruments with references to approximately 450 amendments and protocols, in addition to legal maps, ratification tables, accession statistics and country analysis and technical assistance tools, LegaCarta offers a truly global picture of the multilateral rules that impact trade.
ITC’s Market Access Map identifies customs tariffs, tariff rate quotas, trade remedies, regulatory requirements and preferential regimes applicable to your product.
The Rules of Origin Facilitator is the first comprehensive global online resource on tariffs, trade agreements and rules of origin designed with SMEs in mind. The tool enables you in a few clicks to find out import duties in foreign markets applicable to your product, available duty savings, detailed rules of origin, and certification procedures.
See also: HMRC's Rules of origin recorded webinar to understand the process and what you need to do if you buy from, send or sell goods to the EU.
ITC’s Trade Competitiveness Map analyses country and product competitiveness with trade flows – and see where you are positioned.
ITC's Trade Map provides - in the form of tables, graphs and maps - indicators on export performance, international demand, alternative markets and competitive markets, as well as a directory of importing and exporting companies (for registered users). Trade Map covers 220 countries and territories and 5,300 products of the Harmonized System.
You should ensure that none of your targets (countries - and later, companies) are subject to UK sanctions.
UK Government’s* Trade Tariff Look Up Service
Using commodity codes to classify goods for export so you can:
Your Own Policy Considerations
Apply any policy limitations that your company has in relation to entering export markets. (e.g. distance, time zone, language, size of market, domestic currency etc. - see the Country Profiles where you can browse these and other information listed by country.)
Apply any policy limitations your company has in relation to entering export markets (e.g. sanctions applied by the U.S. and the U.N. not just the British Government, distance, GDP per capita, market size, currency, business languages, availability of British Representation* etc.) – browse the Country Profiles.
For example, if you check the Trade Profile for Syria, you can see that: