In the textile industry, particularly when you are exporting, whether you are an established business or testing the trading waters for the first time
In the textile industry, particularly when you are exporting, whether you are an established business or testing the trading waters for the first time, selling in an unknown country, in an unknown market is never easy. While textile has no language, overcoming language barriers, physical distances, and operational differences can be tricky in business. But the main challenge always is to find reliable and credible buyers. However, with modern trading companies and technological advances, it has become much easier, convenient, and fast to export textiles.In this blog, we will provide you with two ways to find credible buyers for your export products.
Method 1: Finding the Right Market and the Right Buyer
The first method is divided into two key components – identifying the right foreign market where there is demand and finding and connecting with the right buyer who uses or resells your products
Identifying the Right Foreign Market for Your Textile Products
Demand for textile is everywhere, but there are few countries where the demand is more, like European Union (Italy, Netherlands, Spain, etc.), the USA, and Vietnam. You can easily find this kind of information on the websites of government organizations.
Making Sure that the Demand is Consistent
You have to make sure that the demand is growing by determining whether the shortlisted importing company produces what you export. And if they don’t, will they start producing any time soon. You can also check whether the demand has been consistent or grown in the last couple of years.Pro Tip: Instead of focusing on the top importing country, find a country with equal demands but a smaller market and great potential to grow.Understanding the ProfitabilityWhatever your decision is, you have to earn profits ultimately. And the right price will help you earn more. Your product price must be reasonable yet lucrative. High prices are associated with great quality, better packaging, faster delivery, and other benefits. Set your price based on the following factors:
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Buyer’s position in the market.
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Logistics and freight charges.
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Schemes, customs & excise, and export credit facilities.cotton yarn manufacturers in india
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Competitor’s price and quality.
Finding Barriers to EntryTariff restrictions or non-tariff barriers, import quality regulations, special licensing, quality standards, testing and certifications, and packaging and labeling are a few barriers to entry. Find them out and try to overcome them. Bilateral/multilateral trade agreements between two countries often relax many barriers to entry.It is also advised to research the political and economic stability of the importing country to be double sure.
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