What exactly is customs data? A must-know for newcomers to foreign trade

For foreign trade novices, understanding customs data is like finding a treasure map in the vast ocean of international trade. So, what exactly is customs data? Let's take a quick look.

What does customs data cover?

Customs data is the data generated by the customs departments of various countries when performing import and export trade statistics functions. It contains rich information and is mainly divided into three categories : goods information, transaction information and enterprise information .

Product Information

This covers detailed information on all types of imported and exported goods, from raw materials to finished products. You can find information such as product name, HS code (a standardized international system for classifying traded products), specifications, model, use, origin, weight and quantity . For example, if you are in the electronics industry, you can find out exactly what type of smartphones, tablets or laptops are being imported or exported, as well as their specific features and quantities.

Transaction Information

Transaction details are also an important part of customs data. They include the date of import and export transactions, transaction methods (such as FOB, CIF, etc.), the trading countries and ports involved, the mode of transportation (sea, air, land), as well as the price of goods and taxes paid . This information can help foreign trade novices understand the cost structure and market price trends of different products in international trade.

Company Information

Corporate information in customs data provides valuable insights into companies involved in import and export activities. You can find the name, address, contact information, customs code, and unified social credit code of import and export companies . This can help newcomers identify potential business partners, understand their size and reputation, and even proactively contact them.

Customs data sources

The main sources of customs data include customs declarations, import and export records, customs supervision data, tariff data, trading partner data, cargo description data, shipping data, and payment method data . All of these data are collected and organized by customs departments to form a comprehensive picture of international trade.

The important value of customs data to newcomers in foreign trade

Customs data is an important information resource in foreign trade activities, especially for novices. Here are some of its key values:

Understanding the Market

By analyzing customs data, new foreign trade forces can clearly understand the supply and demand situation in different markets. They can understand which products are in high demand in which countries, what the market trends are, and how the market size changes over time. For example, if customs data shows that the import volume of organic food in a certain country continues to grow, it indicates that the market demand for such products is growing.

Analyze your competitors

Customs data also helps in competitor analysis. Newbies can learn which companies are their main competitors in the international market, what products they export or import, their market share, and pricing strategies. This information can be used to develop competitive marketing and sales strategies.

Develop customers

With the help of enterprise information in customs data, new foreign trade enterprises can identify potential customers. They can target companies with a history of importing related products and provide them with customized marketing information. For example, if a newcomer is in the textile industry, they can find companies that import textiles from other countries and try to establish business relationships with them.

All in all, customs data is a powerful tool for newcomers to foreign trade. It provides a wealth of information that can help them make informed decisions, understand the market, analyze competitors, and expand their customer base. If you are new to the foreign trade industry, don’t miss the opportunity to take advantage of this valuable resource.