Do foreign traders still have new choices as demand in the European and American markets shrinks?
The shrinking demand in the European and American markets is a headache for the vast majority of foreign traders, as before this, the European and American markets were the preferred choice for the vast majority of foreign traders. In the face of the current situation, novices in foreign trade need to consider other markets, and those who enter the market also need to consider exploring new markets to reduce risks. So are there any new foreign trade markets worth developing?
Russian market
Russia has undoubtedly been one of the markets that foreign traders in China have been most concerned about in the past two years. Due to the influence of the political situation, Russia's import channels have sharply decreased, and at the same time, Russia's dependence on imports has led to a significant increase in demand for imports from our country.
According to data from the General Administration of Customs, the trade volume between China and Russia reached a record high of 240.11 billion US dollars in 2023, a year-on-year increase of 26.3%. Among them, China's exports to Russia increased by 46.9% year-on-year, reaching 110.97 billion US dollars.
The trade volume between China and Russia has maintained stable growth in recent years, but the growth rate has fluctuated. In 2021, the trade volume between China and Russia increased by 35.8% year-on-year, and in 2022, it increased by 29.3%. Therefore, it is foreseeable that Russia's imports to China will continue to increase in the future, making Russia one of the markets that foreign traders can choose from.
Southeast Asian market
In recent years, Southeast Asia's industry and economy have shown rapid development, which has enabled Southeast Asia's import demand to continue to grow. Customs data shows that in the first 10 months of 2023, ASEAN was China's largest trading partner, with a total trade value of 5.23 trillion yuan, a year-on-year increase of 0.9%. Among them, exports to ASEAN reached 3 trillion yuan, a year-on-year increase of 0.6%.
Although this growth rate is not fast, it is mainly limited by the contraction of Southeast Asia's own economy, and with the recovery of Southeast Asia's tourism and economy, the vitality of the Southeast Asian market is gradually becoming more prominent.
Middle East market
The Middle East region, with a single industrial structure, is extremely dependent on imports, and most countries in the region are relatively wealthy, making it one of the markets that foreign traders can consider. However, it should be noted that the situation in the Middle East is relatively complex and is currently in a localized conflict, so foreign traders also need to do a good job in risk management.
When developing Middle Eastern clients, it is best for foreign traders to conduct a background check first. This can not only avoid wasting energy, but also play a role in risk avoidance. You can use tracking data to directly search for the target customer's name and see their past purchasing records, including purchase weight, frequency, quantity, supplier, etc.
（Source：ueedata）
For example, if we search for a Middle Eastern purchaser named AFAQ Q. TECH FOR GENERAL TRADING CO, we will find that their trade is regular and stable, while transaction volume and number of transactions remain at a relatively large value. Therefore, we can judge that their business is relatively stable, which is actually a relatively reassuring situation.
Latin American market
Latin America is also one of the markets that foreign traders are very concerned about. According to relevant data statistics, from January to September 2023, China's total export value of goods to the Latin American market was 40.2017 million US dollars, a year-on-year increase of 224.7%. This increase is very significant, although this is partly due to the small base. But what we can be certain of is that the potential of the Latin American market is very great.
The above are some emerging markets that foreign traders can consider. If you want to learn more, you can message us privately~
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