Selection of Overseas Buyers
The location of prospective customers or importers is the next important task after the identification and selection of markets. It usually takes a long time in finding a right customer who is interested in exporter's product(s). There are a number. of published sources of information and organizations and institutions, provide information on prospective customers in the overseas countries. It lust requires a little exercise and contact with different agencies and follow-up action on the information provided by them.
Sources of Locating Overseas Buyers:
(a) Market Surveys and Delegations Reports: The best source of locating the importers of various products in different countries is the reports of market surveys and studies conducted by the trade delegations or study-cum-sates teams. Almost all the reports contain names and addresses of the importers of product relating thereto. Some reports even contain buyers' profiles.
(b) Trade Directories: The second best source of locating the overseas importers is the trade directories published in India and abroad. However, the main limitation of most of the trade directories is that the various items are grouped under broad heads whereby one is not able to locate the importer of product of one's direct interest. The following are some of the important international trade directories:
International Business Directory (!BD) 2002.
World Importers Directory.
Directory of International Importers and Exporters.
World Directory of Agents and Distributors.
(c) Telephone Directories: Yellow Pages in telephone directories of various countries contain classified list of prominent trading houses and importers of several important products imported into the Country concerned. Since the telephone books are, by and large, issued every year, the information on names and addresses is almost up-to-date and accurate.
(d) Journals and Periodicals: Journals and periodicals have an added advantage over trade directories as they are published at a regular interval, weekly, fortnightly or monthly. International journals can be obtained from the Directorate General of Commercial Intelligence & Statistics (DGCI&S), Indian Institute of Foreign Trade (IIFT) and Indian Trade Promotion Organization (ITPO). The following are some of the important journals:-
Export Import Enquiries and Marketing.
Export Import Times (fortnightly).
Indian Export Bulletin (weekly) published by ITPO.
Pragati India (bi-monthly) published by ITPO.
Indian Trade Journal (weekly) published by DGCI&S, Kolkata. Trade Point India (weekly) published by the National Centre for Trade information (NCTI).
(e) Export Promotion Organisations: Export Promotion Councils (EPCs) and Commodity Boards (CBs) are the most important sources for locating foreign importers. Both these organisations publish their bulletins in which necessary information about foreign markets and buyers is published for the benefit of Indian exporters.
(f) Trade Point and National Centre for Trade Information (NCTI): Indian Trade Promotion Organisation (ITPO) premises in New Delhi houses the Trade Point and the National Centre for Trade Information (NCTI). Both these organisations collect and disseminate information about foreign buyers to Indian exporters.
(g) Trade Portal and Business Information Centre (BIC): India's first Trade Portal and the Business Information Centre (BIC) has been set up in Indian Trade Promotion Organisation's (ITPO's) premises as a part of the country's trade promotion efforts. The Portal and BIC provide a comprehensive data bank on foreign markets and buyers.
(h) Directorate General of Commercial Intelligence & Statistics (DGCI&S): The DGCI&S, Kolkata collects information relating to the overseas importers from Indian embassies and high commissions abroad and also from a number of foreign directories for the benefit of the Indian exporters.
(i) National Banks: Indian banks dealing in foreign exchange and which are the members of the Foreign Exchange Dealers Association of India (FEAI) can also be helpful in locating names and addresses of importers in other countries for several products.
(j) Trading Corporations: Organisations like the State Trading Corporation (STC), Projects and Equipment Corporation (PEC), Handlooms and Handicrafts Export Corporation (HHEC) and Metal Scrap Trading Corporations (MSTC), etc. can also be contacted.
(k)International Agencies: International Trade Centre (ITC), United Nations Conference on Trade and Development (UNTAD), World Trade Organisation (WTO) and United Nations Industrial Development Organisation (UNIDO) are the other important sources of obtaining information on foreign buyers.
(I) Chambers of Commerce: Chambers of Commerce and Trade Associations in various countries are the important agencies for locating importers, distributors and traders of different merchandise in the country concerned. The assistance of the International Chamber of Commerce can also be availed.
(m) Trade Representatives: India's commercial representatives abroad and commercial counsellors of concerned countries in India could also be approached in the matter of selection of prospective customers.
(n) Foreign Banks: International commercial banks like the First National City Bank, Bank of America, Barclays Bank, etc, can also be approached for the names of importers in Countries where they are operating.
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