Under the background of the current global economic recovery, the foreign trade market shows new vitality and opportunities. For foreign trade companies, how to accurately select products and grasp the pulse of the market has become the key to enhance competitiveness. This paper will elaborate from two aspects of foreign trade market analysis and independent selection strategy to help foreign trad
Current foreign trade market analysis
According to the latest data from the General Administration of Customs, China's foreign trade showed a strong performance in the first half of 2024, with the total value of imports and exports of goods reaching 21.17 trillion yuan, an increase of 6.1% year-on-year and a record high in the same period. Of this total, the export was 12.13 trillion yuan, up by 6.9%; Imports reached 9.04 trillion yuan, up 5.2%. This data shows that despite the global economic growth expectations are not optimistic, China's foreign trade still shows strong resilience and growth potential.
In the global trade pattern, China's trade with emerging market countries and developing economies has continued to grow, providing an important driving force for global economic recovery. At the same time, China's trade cooperation with countries jointly building the Belt and Road has also been further deepened, with total imports and exports reaching 10.03 trillion yuan in the first half of the year, an increase of 7.2%. This trend not only enhances the stability of global trade, but also provides a broad space for foreign trade enterprises to explore new markets.
Specific to the commodity category, the export performance of mechanical and electrical products is particularly outstanding, the export of mechanical and electrical products in the first half of the year 7.14 trillion yuan, an increase of 8.2%, accounting for 58.9% of the total export value. In addition, ship exports also saw a sharp increase, with exports surging 91.1% in the first half of the year. These figures show that high-tech products and heavy equipment are still in strong demand in the global market.
Independent site selection strategy
Faced with the complex and changeable foreign trade market environment, foreign trade companies need to consider various factors comprehensively when selecting products independently, so as to formulate scientific selection strategies.
Keep up with market trends:
Environmental protection and sustainable development: With the increase of global environmental awareness, environmental protection and sustainable products will become the mainstream of the market. Companies should focus on degradable packaging materials, environmentally friendly household products and organic beauty products to meet consumers' pursuit of green living.
Health and Fitness: The market demand for health products such as smart fitness equipment, health food and personalized nutritional supplements continues to grow. Enterprises should pay attention to this area and launch products that meet the health needs of consumers.
Technology products: Technology products such as smart home devices, wearable devices and next-generation consumer electronics have great market potential with the popularization of 5G technology and the Internet of Things. Enterprises should actively introduce or develop such products to enhance market competitiveness.
In-depth market research:
Learn about consumer needs, preferences and buying habits in your target market through online surveys, interviews and observations. Use big data and artificial intelligence technology to analyze market trends and potential business opportunities to provide data support for product selection.
Focus on competitors' product categories, sales and pricing strategies to identify market gaps and competitive differentiators.
Focus on product differentiation:
In the selection process, avoid choosing products that are already saturated in the market. Through innovative design, unique features and high-quality packaging, we create differentiated products and enhance market competitiveness.
Focus on personalization and customization needs to provide consumers with more diversified and customizable options to meet their unique needs.
Optimize supply chain and logistics:
Select stable suppliers to ensure product quality and stable supply. Optimize logistics solutions, reduce transportation costs and time, and improve customer satisfaction.
For cross-border trade, it is necessary to understand the customs policy and transportation mode of the target market to ensure that the product can enter the market smoothly.
Strengthen brand building:
Increase brand awareness and user engagement through social media marketing, content marketing and KOL partnerships. Focus on the transmission of brand story, brand culture and brand value to enhance consumers' brand identity.
Provide quality after-sales service, timely solve customer problems, enhance customer satisfaction and loyalty.
In short, foreign trade companies need to keep up with market trends when choosing products independently, pay attention to product differentiation, optimize supply chain and logistics, and strengthen brand building. Through comprehensive policies, enhance market competitiveness, achieve sustained business growth and competitive advantage.