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 Why Export?
Countries
rely on exports to generate wealth,
to assist in the creation of jobs and the earning of foreign
exchange. The Caribbean is no exception and
increasingly we are shifting from reliance on the production of goods to
services. Exporting goods and exporting services present quite different challenges. The
former must deal with packaging,
customs and physical delivery, for
example, while the latter confronts issues such as work
permits, communications infrastructure in the target market and travel to and
from the market.
Benefits of Exporting
Companies
must recognise that exporting can be
more complicated, risky and
expensive than selling in the domestic market. So why do companies export?
• Increased sales: exporting
is a way to expand your market and take advantage of demand in foreign markets. You may also find foreign niche markets where your product is rare or unique.
• Higher profits: if you can cover fixed costs through
domestic operations – your export profits
can grow quickly
• Diversified markets: if you diversify
into regional/ international markets you avoid depending on a single
marketplace
• Global competitiveness: foreign companies are entering the Barbados market
and Barbadian companies are going foreign.
The experience your company gains internationally/regionally will help keep
your company and country competitive in the global marketplace. And of course
if your product can compete with the best the world
has to offer this helps you to succeed at home and ensures your resilience when
faced with foreign competition in
your respective market.
Potential Challenges
Of course
there will be challenges to your business in accessing the foreign market. Some of these include:
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