Global sourcing companies help
businesses import and export products, ranging from small consumer goods to
complex medical equipment. However, with so many different global markets to
choose from, finding the right markets to source from can be difficult and
time-consuming. This guide will give you an overview of all the world’s main
markets, along with their strengths and weaknesses, helping you decide on the
best market for your business’ needs.
Market
Overview
If you’re looking to sell your
products on a global scale, you’ll need to
form global suppliers and find a logistics partner that specializes in
getting your product where it needs to go. Many manufacturers are flocking
overseas to do business with China, but there are pitfalls you need to know
about before doing so. First and foremost, China is no longer an option when it
comes to sourcing from Asia; Hong Kong is currently where most manufacturers
want to base their operation. Mexico also offers attractive benefits as a
manufacturing country.
Asia-Pacific
As a whole, Asia-Pacific is
expected to be one of sourcing companies in USA's fastest growing regions in
2022. The region boasts 805 million online shoppers and $279 billion in online
sales, according to eMarketer. Additionally, as a source countries China and
India are expected to remain two of world’s largest economies with populations
that continue their rapid growth and new wealth generation. These factors all
make Asia-Pacific an attractive region for sourcing companies looking to expand
their global operations. Despite strong economic indicators, increased
regulatory requirements on both domestic and cross-border transactions will be
key hurdles sourcing companies face in 2021; maintaining adequate due diligence
on all potential suppliers must be top priority as any violations can result in
stiff penalties by regulators.
Latin
America
The Latin American market is ready
to expand and open itself up to quality U.S. goods and services. It’s an
untapped region that provides plenty of opportunities for entrepreneurs.
However, as with any new market, it will take some time to get a grasp on how
business is done in South America. Your best bet is working with a global sourcing company that already
has established contacts throughout Mexico, Central America, and South America.
You might be surprised at how many products are considered basic necessities in
those regions—things you take for granted every day like toilet paper or
aspirin have special considerations when it comes to trade in other parts of
the world due to differences in importation laws or cultural preferences.
Europe
56.3% of Europe’s imports came from,
you guessed it, Europe. The largest supplier country was Germany at 14.9%,
followed by Italy and France.The US was not on Europe’s top 10 list, but we
were close (11th place), with 6.8% share. Despite predictions that Brexit would
weaken Britain’s economy and pull down its markets, it appears to have had
little effect so far; there was just a 1% decline in shares compared to 2021
figures (the US did 3 times better). It seems our former colonial rulers will
be back for more goods and services in 2022—just one month after Brexit took
effect!
North
America
The United States has been a hub
for global sourcing since its infancy. Today, U.S.-based suppliers are working
harder than ever to attract customers' attention and make their products look
as attractive as possible. The international marketplace is becoming
increasingly more competitive, requiring businesses to step up their game in
order to succeed. Overall, it looks like North America will continue to be a
powerful market in terms of sourcing
companies in usa opportunities because it
offers everything from high-quality products and services to a wealth of
support systems that help businesses operate smoothly while saving time and
money. Without a doubt, there are many reasons why North America is here to
stay as one of today's most coveted markets—we're not going anywhere!
Middle
East & Africa
According to a report by Business
Monitor International, Middle East & Africa has the largest share in terms
of total trade (2). With Saudi Arabia contributing over $199.7 billion and
Egypt adding over $117.3 billion, you can see why importing from these regions
is important for most companies. If you're sourcing globally, make sure your
company also services these regions effectively; consumer interest is set to
increase rapidly as well. It's also important to note that both India and China
have seen huge increases in consumer purchasing power—something that should
catch your attention if you're selling your products there.
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