Trade Watch V9 No1 2015

EXPORT DEVELOPMENT

Overcoming Barriers to Export with Trade and Business Intelligence

services within the region, the Caribbean Export under the 10th European Development Fund (EDF), Regional Private Sector Development Programme (RPSDP) has responded to the need of firm by implementing a range of programmes geared at improving the export competitiveness of Caribbean firms and, by extension, the sustainability of the region’s exporting sectors. One such programme is the Trade and Business Intelligence System (TBIS). This system addresses the TBI needs of firms, both those who are already exporting and those with the potential to export goods and services. In addition the system addresses the needs of Business Support Organizations (BSOs), including Trade Promotion Organizations. The TBI team initially conducted a number of needs assessment surveys, following which Caribbean Export has been able to develop a range of tools and activities which were identified as prioritise during stakeholder consultations. To date this has included Training and Capacity Building for firms to develop simple market briefs that can aid in strategic decision making and build greater appreciation for Trade and Business intellligence. The development of an in-house facility to produce Market Briefs for firms; and a Market Intelligence Portal give users the ability to obtain market reports and other trade related information on products, sectors and countries of interest. The TBIS is designed with the customer in mind, tracking and evaluating customer interaction and recording desired changes in tastes and preferences. As such, the TBIS conducts quarterly surveys on a cross section of stakeholders to gather valuable feedback which is used to develop new products and services that speak to these needs. (TW)

In the era of intense global competitiveness, a pervasive economic crisis and the eradicationof preferential treatments on the world stage, the Caribbean is now forced to compete directly with larger developed economies that have advantages of economies of scale and scope. Furthermore the region is faced with sluggish economic growth and an impeding business environment which render its exports largely uncompetitive. Firms have therefore been forced to adopt new and improved production methods, minimize their cost structures and focus more on research and development. This shift has now led them to rely more and more on trade and business intelligence services. Broadly speaking, trade and business intelligence services refer to the gathering and analysing of high quality information on markets of interest and competition within those markets. This allows firms to make more informed strategic decisions with the aim of levelling the playing field to increasing their competitiveness in the global market and highlighting market opportunities for further growth. Inefficiencies and wastage are factors that cripple regional firms. Intelligence can help businesses improve their value chains and take advantage of the most efficient production and distribution methods. Market intelligence can assist firms to make more informed marketing strategies and identify market opportunities and potential diversification strategies. Trade and Business Intelligence also reduces the risk associated with firms trying to penetrate newmarkets by providing themwith up-to-date political, economic and social trends. Given the increased need for trade and business intelligence

4 Tradewatch • The Official E-Newsletter of the Caribbean Export Development Agency • Vol.9 No. 1 January - March 2015