Understand the Importance of Import Export Data For Business Growth

1. Understand the Importance of Import Export Data For Business Growth spaceforblogs.com/2021/04/05/understand-the-importance-of-import-export-data-for-business-growth The US import and export data are very important for any businessman. They can help you plan your future business moves and determine the appropriate timing of investment. As far as the US trade deficit is concerned, it will be a matter of concern to any businessman engaged in import or export business. For, this data will tell the businessman when to invest on goods imported from abroad and when to sell these goods at home. The US import and export data consist of a record of all the goods that have been imported or exported from the US. For a country like the US, import and export comprise both goods that have been imported and those that have been exported. The US import and export consist of all exports and imports including cargoes, petroleum, agricultural products, manufactured goods, machinery and technology, and other services. Who collects and supervise the import export data? 1/3

2. It is the task of any government organization like the US Bureau of Labor Statistics to collect and publish the US import-export data. The data are published to facilitate analysis by economists, business persons, etc. For example, the US Bureau of Labor Statistics can publish monthly US import data as well as other quarterly updates and publish it on their web site. Data on US import and export are also published regularly by other organizations as well. These data can be downloaded free of cost from these sites and used by anyone who wants to get detailed information about the US import and export. Data are collected from various sources such as the Comptroller of the Currency. The data on US imports and exports are also compiled by the US Department of Commerce, Office of Export Council, and other agencies. The data on goods that have been delivered or are being imported into the country are also collected by many other entities such as the USPS or UPS. There are many other organizations as well that facilitate US-to-US shipping. Why these data are important for US TO Non US trade in goods? 2/3

3. The US department of commerce handles all the US-to-non US trade in goods and services. Goods that have been delivered or are arriving into the country are recorded by the customs department. On the other hand, non-US deliveries are recorded by the commerce department. Such systems ensure that we are able to know exactly how much is being shipped each month by both the countries. US import export software helps us with our US-to-non US export concerns. Such programs enable easy viewing, sorting and tracking of all the details of a US import export. They make it possible for us to enter in data and then see it in multiple tables so that we can analyze the data to find US import export needs in various sectors of the economy. The program also allows us to compare the performance of the US against those of other countries so that we can assess the productivity of the US. Most US import export software programs are based on the US Department of Commerce’s (Commerce) Trade and Tariff Manual. However, you would be surprised at the number of US customers who have not read or even used the manual. Such users need to be reminded about the requirements of the manual as not all US exporters use the same system. So it is important for us to refer to the manual and be in tune with its latest changes. One can easily access the US import export data from websites importkey.com. 3/3