ITC launches Export Potential Map for Businesses in Developing Countries to identify and target Market Opportunities
The International Trade Centre (ITC) unveiled Export Potential Map, the latest addition to a series of online tools that makes it easier for businesses and countries to identify what goods and services to export and to where.
Presenting Export Potential Map at the Aid for Trade Global Review, which takes place at the World Trade Organization (WTO) in Geneva on 11-13 July, ITC Executive Director Arancha González said: ‘Export Potential Map is an innovative tool that will enable developing countries and their companies to make better export decisions based on rigorous economic analysis. It will allow companies to target new markets and for policymakers to optimize their policies and support programmes for their exporters.’
To ensure that companies can target new markets it is important that they have evidence on trade costs and expected demand. This is also crucial to allow policymakers and trade support institutions to optimize the policy environment and support programmes for existing and would-be exporters.
Yet, figuring out a country’s export potential, and especially, which goods and markets would best contribute to sustained economic development, is as complicated as it is necessary.
Export Potential Maps helps companies, institutions and policymakers get answers to these questions, allowing them to rapidly understand their country’s export opportunities.
Building on ITC’s methodology for assessing trade potential, Export Potential Map translates complex economic analysis into practical information about new export markets and products.
Export Potential Map pulls in data from a range of sources including import and export data, tariffs, gross domestic product, and geographic data. Based on this data, the tool can quickly carry out evaluations of 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.
For example, least developed countries (LDCs) on average export to four markets only. Export Potential Map suggests additional markets that offer good demand and tariff conditions for goods exported by LDCs. In addition, the tool helps identify options to diversify and expand the range of products LDCs export.
Information on Export Potential Map is available for 222 countries and territories at a very detailed product level. 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.
Source: International Trade Centre (ITC)
Illustration Photo: Container ship (Public Domain from Pixabay.com)