If you are starting to consider the idea of exporting, or you want to enter a new market for your business, you should know the benefits and opportunities of doing so.
Australia’s thriving areas
Austrade’s “Why Australia Benchmark report 2022” highlights three themes: economic resilience, renewable energy, and our tech sector.
The report highlights:
- Australia is an agri-exporter of natural fibers, food, and clean green products to Asian markets.
- There is a high demand for Australia’s energy, resources and agriculture
- Surveys now rank Australia’s Fintech industry as sixth in the world and second in Asia-Pacific.
- Australia has become a magnet for investment in technology, especially in areas such as finance, regulation, and medicine.
Exports are important for Australia.
Exports are important for Australia’s economy, even if they may benefit individual businesses. Exports are important for international trade, and they also create jobs and revenue by completing production and revenue.
Australia will be the 12th largest economy in 2023. A network of 16 free-trade agreements allows Australian businesses to access markets in Asia, North America, and South America.
Where do businesses decide to export?
When deciding on where to export goods or services, there are many things to consider. The economic conditions, the population, the customer profile, and the access to industries of a country can all be factors.
Any sound export strategy must include research. In order to find export markets, it is important to consider the following factors:
- Who is your target audience?
- What is the competition like?
- How your product will be placed in this market
- How will you distribute your product?
- If there are any different regulatory requirements
Austrade offers a handy search tool to help you identify markets where there may be opportunities for exporting. Enter your product and industry, and the device will identify needs that are performing well for your products.
Global finance is at your fingertips.
Exporting can be challenging because of the financial risks that come along with selling on an overseas market. It can be not easy to obtain the financial support you need from your bank. Businesses may choose to approach a government agency that offers export credit, such as Export Finance Australia.
Export Finance Australia offers flexible financing solutions to support Australian projects and businesses. Export Finance Australia supports Australian businesses, small, medium, and large, across a variety of sectors to expand globally.
We offer several financial products, ranging from a simple $20,000 loan to a complex solution for project financing.