Trade data can be a powerful tool in searching the globe for the right customer.
All sorts of data is generated by the U.S. government that could help small businesses tap into overseas markets. Here’s how to turn that information into sales.
Expanding overseas to sell your goods and services can be daunting, with a seemingly limitless number of markets to target. Yet just as Big Data is creating smarter healthcare solutions and predictive machines, trade data can be a powerful tool in searching the globe for the right customer.
A good place to start this quest for global insight is by researching what the federal government has in the way of trade data. Who knows, maybe one of the many trade agencies has just that nugget of intel you’ve been looking for.
“Trade data can be a powerful tool in searching the globe for the right customer.”
What `Open’ Trade Data Is and Why it Matters
Open data, in the context of the U.S. government, refers to information that all levels of government generate on a daily basis and is freely available in a “machine-readable” form. That means any software developer can build sites and mobile apps that automatically access open data at no cost. In fact, developers are encouraged to use and reuse the data however they see fit to enhance their online offerings. Think about all the weather apps that use weather data from the National Oceanic and Atmospheric Administration to bring you your daily forecast.
This has tremendous implications. Any trade organization, chamber of commerce or company that facilitates international business can use open data to help their members export. A U.S. firm no longer has to search for data on the myriad of government sites — the data can be served directly to them on sites like TradeUp.
Many Kinds of Open Trade Data
Trade data actually includes many different kinds of information that can help you export and may be something discrete, such as export statistics or tariff rates. But data isn’t limited to just hard numbers. Many agencies sponsor events, such as conferences and webinars, that you may want to participate in. The data we’re concerned about in this case includes the subject matter (what), the where, the when, and the how much.
You can think about trade leads in a similar manner: what is the business opportunity, where is it, when is it occurring, how much is involved, and so on. Agencies that publish open data for trade events and trade leads are providing obvious blocks of data.
“Open data lets you find information about trade more easily because it’s available in more places. ”
Don’t Look for Data, Enable It To Find You
Open data lets you find information about trade more easily because it’s available in more places. You are less likely to be in the dark about a particular aspect of trade and you won’t have to guess where to find it — it will find you.
For example, if you have started working with a freight forwarder, a trade website could give you information not only on freight forwarding, but also on related information culled from open trade data — such as the basics on Incoterms, upcoming events about international logistics or videos about certificates of origin.
To take it one step further, imagine a mobile app where you fill out a profile that comprises information about your business, your export “maturity,” and the countries you’re interested in exporting to. The app then feeds you a constant stream of market research, contracting and partnership opportunities, and compliance updates related to your specific interests — all aggregated from different, authoritative government sources.
The Big Reveal
“You can think about trade leads in a similar manner: what is the business opportunity, where is it, when is it occurring, how much is involved, and so on. ”
Enter open data: as these agencies open their trade data, third-party sites and mobile apps republish the same information. The sites also aggregate and publish related data from other authoritative sources, such as trade associations.
Who’s Got What
- International Trade Administration (ITA)
The ITA, which oversees the Department of Commerce’s (DOC) global operations, has six sets of trade data open to the public. You can go through their site to access this data, but you may find it easier to join an online trade community like WebPort Global. WebPort Global integrates ITA’s market research, trade events and trade news, along with other trade information.
The Census Bureau, also within the DOC, has eleven data sets available. Their statistics on U.S. exports and imports are particularly valuable, but it may be difficult to find exactly what you’re looking for among all of the numbers and lists. Mobile apps like ThinkGlobal’s Export Resources integrate some of the Census information with ITA’s data to bring users a customized experience.
- Export-Import Bank
The Ex-Im Bank, the U.S. export credit agency, has several RSS feeds for important trade-related publications, such as their Economic Impact Notices AND Country Limitations Schedules. But if you’d like to have these tailored to your interests, you can view them for free on the BusinessUSA site under Explore Exporting, alongside related information from other local resources.
- Treasury Department
Treasury publishes multiple screening lists (names of individuals/organizations you might not be allowed to do business with) such as the Specially Designated Nationals. Unfortunately, only four of the nine lists that business owners must be aware of are published. Nevertheless, ITA has consolidated these four lists with the additional lists from the DOC’s Bureau of Industry and the State Department to create one Consolidated Screening List.
This is where open data really shines. Companies that you work with to sell your products overseas — such as shipping, logistics or ecommerce companies — can easily integrate the Consolidated Screening List into their business process. They can automatically check the parties in your transaction against all of the lists. Obviously, you save time and money. But the big benefit is that you are less likely to unlawfully do business overseas all because three agencies opened up their data.
This is just a hint of what’s out there. But if you’re not finding the information you want, don’t hesitate to contact the agency directly. Remember, they are obligated to open up public data, and they absolutely need guidance from U.S. businesses to figure out what to open next. Help them help you succeed by making more trade data freely and easily available.