Caribbean Export OUTLOOK 3rd Edition

Exporter s ' Ins ights 118

Above: WIBISCO's Export Manager, Lisa Murray.

this end, it is looking to expand its footprint to Central America and Europe, while actively engaging in research and development to re-engineer its export products for international consumer preferences. In choosing its new export markets, the company looks for a stable economy and a sizable population with reasonable disposable income, together with favourable shipping routes and low import duties for its products. For WIBISCO, the Central American market meets these qualifiers with the added benefit of being close to the Caribbean, both proximally and in terms of consumer tastes. Following its entry into Panama in December 2017, the company is primed to expand further into the region in the years ahead. As for the European Union, which currently dominates the cookie and biscuit market both in supply and demand, the existence of the EU-CARIFORUM Economic Partnership Agreement provides WIBISCO with several exploitable opportunities for market access. On its European expansion prospects, Murray told Outlook that even a small percentage of EU market share would result in substantial volume increases for the company. RecommendationsForRegionalExporters For other exporters, WIBISCO’s best advice is that market entry is only the first step in the export process, which requires monitoring, evaluation and in-market support to ensure that products perform well in new

markets and can achieve continued growth. Drawing from its own experience, the company also advises other exporters to focus on quality, consistency, and customer service at all times, and especially when establishing brand reputations in external markets. In envisaging the future, WIBISCO continues to work closely with business support organizations and government agencies to identify ways to improve the enabling environment for regional exports. Affordable access to regional and extra-regional markets, and access to investment for product innovation are still major considerations for the company’s competitiveness. WIBISCO also believes that there is a unique opportunity for governments and business support organisations to improve mechanisms to assist companies with market research, market access, regulatory frameworks and distributor networks — with each being critical to export development. Importantly, the company also believes that exporters need to be educated on how to take full advantage of existing trade agreements, such as the EU- CARIFORUM EPA.

Endnote 1 Global Cookies Market – Growth, Trend, Forecast (2018-2023), Mordor Intelligence

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