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Want to sell and export goods to the US market? Here we will discuss in detail all you need to know when exporting to foreign lands. By the end of this article, you will learn all the key points concerning the US region's opportunities, needs, and challenges.
Despite the frequent forecast for the US market to be slow, on account of the current global pandemic, it has proven to be a fast-moving market. Several factors contribute to their success, and as a result, it is one of the ideal markets for exporters. After all, the United States is indeed the largest of economies, representing 25% of the gross world product. US market indeed offers numerous opportunities for export businesses, but it requires some know-how of the industry.
Before committing all your resources to venture into the American market, you must carefully assess the possibilities, challenges, opportunities, and advantages associated with exporting. Whether you are willingly making a move or found yourself unintentionally in the middle of US exports, you must evaluate all aspects of exporting thoroughly to ensure your success.
Entering the biggest consumer market would require careful planning, financial resources, market knowledge, buying preferences, competitive pricing, and commitment. If you are ready to give your all to serve the American clients, being unaware of the import-export regulations and other challenges you might face would be business suicide. With proper planning and bold strategies, you too can refine your business spirit and become a successful exporter in the US. As experts for exporting to the US market, we are here to light up your way.
We have developed this comprehensive guide for everyone who is either exporting to the US market and facing difficulties or is thinking about starting the new export chapter in their business books. If you are:
Then this guide is just what you need.
America is one of the most prominent importers on earth, accounting for approximately 13.4% of global imports. Even though the United States proposes tremendous opportunities for exporters, yet doing business in the US is not without a fair share of challenges. The American way of business and communicating may vary from your country’s cultural attributes.
Below are a few insights on what the US largely imports by percentage:
If you have chosen to export to the USA, you must know about the key opportunities. As the host country for websites like Amazon and eBay, the buyers in the US are already accustomed to online buying and importing from abroad. Exporting to the US has plenty of benefits like:
Exporting to the US market naturally translates to scoring big profits. With the development of B2B platforms like Tradewheel.com, it is easier to reach a number of buyers in the United States. In particular, the American market is the primary market of interest for exporters from European countries after China. Although the US market accommodates an abundance of opportunities yet compliance with quality standards and the document requirements along with other American rules can be some serious barriers for first-timers.
Consequent to the global pandemic, the buying behavior of US buyers have drastically changed. Though in the first two quarters of 2020, US trade graphs signified slow growth trends, but that changed with October, representing the US market power to bounce bank, even amid the global pandemic. This came as exciting news for all the exporters who are willing to supply to this region. As far as the changing behavior of US buyers is concerned, Tradewheel.com noticed a sharp spike in demand for quality medical goods and supplies. US buyers were seemed to be focusing on the purchase of essential goods and health care supplements, which is justified, given the pandemic situation. Data also indicate increased demand for cell phones, industrial machinery, crude oil, passenger cars, gold, and capital goods.
Since we have established what products are going to perform extremely well in the US market, now it is the right time to discuss the basic requirements for exporting to America. Exporting goods to US prerequisite submission of certain documents that includes but is not limited to:
Other things that should be taken into consideration are US taxes/ duty and Copyright regulations. As long as you are abiding by the US trade laws and selling only legal things, you are sure to get no trouble from American law enforcement authorities. American authorities (FDA & USDA) consider various products illegal, and some of them are horse meat, dog or cat fur, switchblades, Cuban cigars, ackee fruit, etc.
It is clear that you can generate great profits working with the world’s biggest economy, but at the same time, it can be quite complex and may offer several setbacks, especially if you are exporting here for the first time. In order to avoid any such scenarios, it is best to get support from digital trading platforms like Tradewheel.com.
Although the benefits of exporting to the US market surpass the few challenges or obstacles, still as a new exporter or an SME, one might be facing some great constraints when venturing into the international marketplace. It would be a nice approach to target at least 5 to 10 percent of the American metropolitan area where the market for your product is no very saturated. It would help you to gain more customers and generating greater profits. Here are some basic challenges that you need to consider when trying to infiltrate this new overseas market:
One of the factors that need to be recognized is that it takes more time to develop overseas markets and thus requires more capital. From payback periods to sending personals to travel there and developing new promotional materials can strain the financial assets for small companies.
As one of the most favorable markets to make profits, it offers a vast array of opportunities for international exporters. This indirectly gives rise to stiff competition. This means the US market is quite saturated, and it is hard to stand out among the crowd.
When it comes to exporting products to the US market, it is important to ensure that they are in compliance with American standards. Usually, companies work on modifying labeling or packaging to satisfy the host country's requirements.
Even though the US is moving towards minimizing the documents required for exports, yet sometimes companies have to acquire a trade license, which is quite a lengthy process, discouraging the exporter from proceeding with the exports.
To obtain market information and getting a clear picture of the market that you plan to infiltrate prior to making the actual move is a brainer. But getting the right information and conducting research in foreign lands is a long process compared to the local markets. Not to mention that language and cultural barriers would also add up to the list of complications.
If you are looking for the chance to find genuine buying leads from the USA, then your ultimate choice should be using the top online trade platform, Tradewheel.com. List your products or services on Tradewheel’s international platform to let buyers from America discover you. This will help you reach a vast range of US-based buyers without having to spend a fortune on marketing!
The USA is a destination market for hundreds and thousands of international exporters promising huge profits, but at the same time, it is the land of competition and complexities, especially if you are trying to penetrate on your own. B2B platform might be the best alternative that can offer a strategic approach with long-term results.
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