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Tradewatch
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The Official E-Newsletter of the Caribbean Export Development Agency • Vol.9 No. 1 January - March 2015
EXPORT DEVELOPMENT
Overcoming Barriers to Export with
Trade and Business Intelligence
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
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)