As businesses grow, it’s natural to begin looking abroad to new potential markets. Likely the bigger economies are the first port of call, with the likes of the US, Asia and open European market big draws.
But sometimes, bigger isn’t always better when looking to take those first exporting steps, for reasons ranging from technical product restrictions and market saturation to import tariffs.
As such, here are five potentially lucrative emerging export markets and the most promising sectors within the regions:
Unlikely to be top of most export hit-list target strategies and often overlooked by larger South American economies, the Columbian market has transitioned in recent years from being overly-regulated to a more free trade environment. A free trade agreement enshrined in law seven years ago and a growing middle class in the country has seen more and more companies sending trade envoys and researchers to the region.
Some of the most promising markets in Columbia include data processing services and technology, transportation consultation and expertise plus security equipment.
Home to the world’s fourth-largest population and the biggest economy in the Southeast Asian zone, Indonesia has enjoyed steady economic growth over the last decade with a GDPR growing from USD 510bn in 2008 to USD 932bn in 2016.
Indonesia also has a young population, tech and brand-hungry although major current markets centre around agricultural products, in particular from the U.S.
And despite an outwardly daunting regulatory environment, Indonesia is a market with a trend towards deregulation.
Top emerging markets in the region include IT services, banking, clean energy and education, whilst infrastructure is a key niche for improvement too.
Responsible for 40% of all imports in Western Africa, Nigeria enjoyed a GDP boom during the last decade with a strong growth forecast moving forward towards the middle of 2018. Whilst demand for U.S. product is high, there are still real opportunities in emerging markets for other exporters in areas including automotive, marine technology, financial services and health-care too.
Due to a high crime rate and potential for fraud in the region though, it pays to work with local authorities and regional export-experts in this zone to ensure a smooth process.
Vietnam’s GDP has surged within the last eight years, worth US 205bn in 2016 compared to just USD 99bn in 2008.
Often overlooked by larger players including China and Brazil, there is a big demand for a number of products and expertise in the region including plastics machinery, educational services, IT, wastewater treatment and even franchises too.
Last but not least on this list of emerging export territories, Morocco’s GDP value has more than doubled since the turn of the century with an estimated worth of USD 101bn in 2016.
The first African country to secure a trade deal with the U.S., low labour costs and its geographical proximity to European markets has made it a key hub for companies exporting through into the African continent.
If your business works within renewables, water treatment, construction and security, there are big opportunities in this country to do trade.
Identifying Potentially Profitable Emerging Markets
If you’re currently considering your businesses’ exporting options, it pays to have the knowledge and expertise along the way. Learn more about how Go Exporting can support your international growth plans here.