What is customs data? Why is learning to use customs data a compulsory course for beginners in forei
Customs data, for beginners in foreign trade, should be a unfamiliar and familiar word. Familiarity lies in hearing it frequently, while unfamiliarity lies in not having a clear concept of customs data yet. So what exactly is customs data? Why is learning customs data a compulsory course for beginners in foreign trade?
What is customs data?
Customs data refers to the import and export transaction data of goods from customs around the world, mainly derived from real documentary records such as customs documents, bills of lading, and commercial inspection.
The content of customs data includes the names of purchasers and suppliers, procurement records, procurement weight, procurement amount, freight information, etc. The amount of information is vast and truthful, accurate and detailed.
Why learn to use customs data?
1. Analyze target market
The current international situation is turbulent, and for foreign traders, exploring multiple markets will be one of the most effective ways to reduce business risks. However, foreign traders should be aware that blindly expanding the market in order to reduce risks will only bring greater risks to themselves. Therefore, before expanding into new markets, the first thing you need to do is analyze the target market.
Customs data can provide a very intuitive understanding of the number of purchasers, transaction times, and import quantities in each country, which can help foreign traders understand the demand situation and market trends of this market, and make more accurate decisions.
2. Insight into industry changes
The market of a country is also constantly changing, and if foreign traders want to maintain competitiveness, they need to continuously monitor the changes in the target market. In this situation, foreign traders can make a preliminary judgment based on changes in the number of buyers and suppliers.
Generally speaking, an increase in the number of buyers and suppliers represents a stable growth state in the market, which is why some people are willing to continue to join. If the number of buyers continues to decline, it is likely to indicate a significant change in the market situation, which requires foreign traders to investigate further.
3. Identify competitors
The customs data includes data on the bill of lading, which includes the name of the shipper. This can help foreign traders understand who the competitors in the industry are and how much they supply.
Finding competitor information not only allows foreign traders to optimize themselves more targetedly, but also makes it easier to find competitors' customers.
4. Analyze purchasers
There are many factors that affect the final transaction, and in order to maximize the transaction rate, foreign traders need to have a deeper understanding of the purchaser, such as procurement cycle, procurement volume, procurement rules, etc. This can enable foreign traders to recommend products to the purchaser at a more appropriate time and analyze the true intentions of the purchaser.
Tracking data provides complete and authentic customs data, and all customs data is organized, refined, and derived. With just one click, transaction data of target markets and customers can be queried, greatly reducing the threshold for foreign trade beginners to use customs data.
If you would like to learn more about the techniques for using customs data, you can send us a private message~
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