Tuesday, March 5, 2024

Free online tool for local firms to target export markets

A free online tool is now available for Philippine exporters to identify and target market opportunities.

The Export Potential Map makes it easier for domestic exporters to search for business opportunities and countries on what goods and services to export, according to the International Trade Centre (ITC), which developed the tool.

“Export Potential Map is an innovative tool that will enable developing countries and their companies to make better export decisions based on a rigorous economic analysis. It will allow companies to target new markets and for policymakers to optimize their policies and support programs for their exporters,” said ITC executive director Arancha Gonz?lez.

The new online tool would also enable companies, institutions, and policymakers to figure out a country’s export potential by translating complex economic analysis into practical information about new export markets and products.

It pulls in data from a range of sources including import and export data, tariffs, gross domestic product, and geographic data to quickly evaluate a country’s potential to export in specific sectors and to what markets.

“This represents a unique opportunity for developing countries to ramp up their exports,” said Gonzalez.

Export Potential Map is available for 222 countries and territories and provides specific and practical information on 4,064 products.

The Web tool has a user-friendly interface and innovative visualizations that can be easily downloaded, shared on social media, and embedded into reports or websites, said ITC.

It can also suggest additional markets that offer good demand and tariff conditions for goods exported by a country. In addition, the tool helps identify options to diversify and expand the range of products a country exports.

Two indicators are available for viewing-existing products with export potential and new products for export diversification.

The Export Potential Indicator identifies the potential export value for any exporter in a given product and target market by combining the exporter’s supply capacity with the target market’s demand and market access conditions. For existing export products, supply capacities are measured through historical information on trade performances.

The Product Diversification Indicator estimates supply capacities by establishing links between products based on how frequently they are found together in the export baskets of countries. Supply capacity is combined with the target market’s demand and market access conditions to ensure that feasible products for the exporter also have good chances of export success. — Edu Lopez


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