#BigData in international trade with VeritradePublished on 27 August 2021
Synthesizes large amounts of information from 108 customs databases around the world in seconds.
The concept of big data, which became widespread in the second decade of the 21st century, is defined as the use of information from different databases and its subsequent processing, including through computer solutions and algorithm programming. With this, decisions can be made with more information gathered and synthesized in less time.
Does this have direct application in foreign trade? Of course, since the first thing an exporter or importer wants to know is how much is paid for the goods in a given market, and whether there is competition or demand.
That said, today we show you how you can take advantage of Veritrade to enhance your international trade analysis with the import and export information of 49 countries available in our trade intelligence platform.
- 1. Improve your financial decisions.
- 2. Access to information on everything that is happening in the sector.
- 3. Understand the needs of your target audience.
- 4. Increase your efficiency
Let's take the example of coffee exports from Colombia. Users can obtain information on all destinations (yes, all), as well as apply filters by company and dates. In this way, in a matter of seconds the information can be consolidated to make the best financial decisions, such as estimating revenues based on price information or market sizes based on sales to each market.
The following table allows us to see how the portal contains the data of all the countries to which Colombian coffee arrives. The information on the screen is only for the ten most important ones, but each of the numbered tabs at the bottom allows showing another ten destinations, grouped from highest to lowest value.
The above exercise can be applied to the case of imports, as well as to searches according to other search criteria such as markets or keywords instead of line items. And what's more, everything can be downloaded to an Excel document with a single click.
One particularity of the portal's search filters is that you can select generic terms or lists of up to ten customs items that allow you to review information on an entire segment. As an example, the following image shows the top five results for the word fish in the information on exports from Ecuador (as mentioned above, the search is broken down into groups of five, which can be accessed by clicking on the tabs at the bottom).
As a Veritrade user, you can also stay on top of market trends. After generating lists of products or companies, you can use the My Products or My Companies functions to obtain analytical reports with graphs. In this way, you will save time in agglomeration, synthesis and design. In the following image, you can see a cutout of the entire report for a list of representative items of the Mexican agri-food industry, called Agro Mexico 1 (you can also obtain information on companies, prices and weight or volume units). You will have everything programmed on a single screen, without the need to re-prepare a filter-by-filter search, not to mention all the hours saved in searching on a base-by-base basis.
Finally, you should keep in mind that with Veritrade you will be able to make quick decisions with consistent results. The Verialertas function allows you to schedule the reception of reports by e-mail every time the databases involved with a certain product or market are updated. This way, you will have up-to-date information on foreign trade.
These are just a few examples of how you can take advantage of the enormous amount of information that the platform consolidates, which can also be extracted to Excel documents. Don't miss the opportunity to boost the work of your data analysis, sales, purchasing, logistics, and even finance and general management areas! For more information on how you can use the portal to apply big data in foreign trade, and request a total access 5 days free trial here https://bit.ly/VRTFreeTrial