Canada is one of the largest economies in the world and is heavily dependent upon the international exchange of goods and services. Canada imports and exports are 33.51% and 31.92% respectively of the total GDP of the country.
It is quite evident that trading contributes largely towards the growth of the North American country. In fact, it is very essential to understand the foundation of it that can be understood with the import export Canada data from reliable sources.
What Is Import-Export Data?
Canada import export data are the kind of ledger-based trade data that provides useful information about the shipments that flow in and out of the country. This data is widely used for market research and to derive insights into market trends.
Moreover, import-export data helps the traders to understand the product more accurately and decide its competitive pricing. In line with this, Canada import and export data contains the following information:
- Year & month
- HS Code & HS Code description
- Quantity
- Unit
- FOB value
- Province
- Transport
- Origin country or destination country
- Port of entry or departure
Different Ways Of Importing & Exporting In Canada
A trading company has to consider a lot of factors on choosing the right method for trading, some of them are:
- The size of the firm.
- The nature of the products.
- Previous trading experience and skill.
- Business conditions in the selected overseas market.
That said, the most common ways of trading in the country are directly & indirectly.
1. Indirect Trading
Trade intermediaries are those who provide services such as finding foreign buyers, shipping and receiving payment for services rendered. The method is most beneficial to smaller companies.
They can easily penetrate the foreign market with fewer risks & complexities. Most of the firms appoint different kinds of trade intermediaries such as:
- Commission Agents
- Export Management Companies
- Remarketers or Merchants
- Piggyback Marketing
- Trading agencies
2. Direct Trading
Direct trading is a method where the parent company directly deals with foreign buyers. This method ensures that the company has more control over the process and its higher profit margin and maintaining a close relationship with its overseas buyers and market.
Because direct trading is more complex than indirect trading so these advantages are only sustainable if the company can dedicate more time to it.
What Is The Best Way To Get Canada Import Export Data?
A trading company can only succeed when it is backed up by excellent resources for the Canada import-export data. The major difficulty lies in understanding the culture of the foreign markets and what are the trading tariffs & duties. To overcome this, there are few ways they can get the most efficient data are mentioned below:
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Approach Embassies
There is an embassy in almost every country in Canada. And all the embassies have the directories of the international buyers and have the trading information like which agents import commodities in bulk. They also assist the importer and exporters for various business purposes.
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Attend International Trade Events
Trade events are a great way to exchange information for all the importers & exporters. It provides a platform for them to get new buyers and collect more data about the commodities and more.
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Connect With Government Sources
All the past & current data of Canada imports and exports are regularly updated on the government’s websites but much information is not made public. Importers and exporters can get in touch with the ministers and can get access to that confidential information. This is one of the most genuine ways of getting more data on Canada import-export.
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Follow Canada Trade Missions
During this mission, the Minister of International Trade provides an update on the resources that are available from Canada’s trading agencies for all Canadian exporters and importers. All the participants get unique benefits like:
- Access to economic decision-maker
- B2B meetings with potential partners
- Foreign market intelligence & troubleshooting.
- Opportunities to create trading partnerships for longterm
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Register With Trade Data Companies
There are top platforms like Trademo that are known to provide the most authentic import export Canada data that you can use to analyse the market better. You can access Trademo’s data bank as well.
This data bank provides international commodity traders with a goldmine of Canadian exporters and importers. This can help you find suitable trading partners and in turn boost your revenue and sales.
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Canada Border Service Agency & Canada Statistics
Canada imports and Exports with all the countries are jointly stored here. The traders can have access to these data as well
What Is The Future Of Canada’s Imports-Exports?
Canada alone has 2.04% of global trade, and it continues to grow. Although the number has drastically fallen since the pandemic, the trade is better than ever by 2021 1st quarter. For more information about Canada Import export data, you can reach out to the Trademo website.
