Caribbean Export OUTLOOK 3rd Edition

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Trade & Export Hot Spots

products and services. These videos can be accessed at our new online trade and business information platform – the CE Intelligence Portal at www.ceintelligence.com . Q: What should my company do to capitalize on these opportunities? How can we prepare? A: Preparation is key when breaking into any new market, and there are many factors to consider as you embark on this journey. Here are our top tips for succeeding in a competitive business environment. For Goods: 1. Be completely knowledgeable about the product you are offering: A lack of detail and poor communication on your product’s ingredients, sources of inputs, safety, shelf life etc. can put you behind the eight ball with a serious buyer. Product information fact sheets are useful tools to have on hand when engaging potential buyers. 2. Identify a specific country in the EU with a strong and growing demand for what you can supply: Stay up to date on industry trends and consumption patterns and consider what consumers may want and, who you want to sell to; identify any special market niches, and determine how best your product can fulfil their needs. The CE Intelligence Portal can assist with identifying the best target markets with the highest demand for your goods and you will be able to generate profiles on these markets. 3. Findout about the rules and requirements for exporting to the EU: There are a variety of non-tariff measures such as technical regulations and standards whichmust be adhered to and these may differ depending on your

export sector. For instance, for food exporters, you will need to ensure that your product meets the health and safety standards outlined by the EU as your products can be turned back at EU borders for non-compliance. You will also want to identify any additional, non-legal buyer requirements that might still make or break your chances of successfully exporting. These may include quality management systems, certification (HACCP, Global G.A.P), and sustainability standards (Fairtrade, Rainforest Alliance). Additionally, you will need to be familiar with the documentary requirements for export such as the Commercial Invoice, Customs Value Declaration, and the Single Administrative Document (SAD). 4. Develop a strategic export/market entry strategy: Determine the best buyers for your products, research the appropriate market segments, and determine if you can meet the quality and quantity demands in the EU market. Consider partnering with like-minded suppliers who may assist you with meeting quantity requirements and finding the best channels to get your product onto the European Market. Caribbean Export’s Distribution Channel Mapping tool on the CE Intelligence Portal provides guidance to SMEs on profiling, approaching and selecting a suitable distributor. 5. Participate in trade shows and undertake missions to your target market: While this may be a costly undertaking, it is always advisable to see how business is done in the country you have selected. Check out your main competitors, review prices for similar products, and begin to introduce your product to potential consumers.