Tuesday, June 8, 2021

The Market Diversification Tool Can Help Identify Potential New Export Markets

Brought to you by the Office of Textiles and Apparel (OTEXA) at the International Trade Administration, the Market Diversification Tool can help identify potential new export markets.

OTEXA is dedicated to increasing the international competitiveness of the U.S. textiles, apparel, footwear, and travel goods industries.

Based on the products you export and the markets you currently export to, the tool uses an algorithm to rank potential markets you may want to consider as future export markets.

The algorithm used to develop the ranking does three main things:

  1. Compares potential export markets to the market where you are already exporting, based on the premise that it may be easier to export to similar countries.
  2. Examines product-specific trade data to see whether potential markets are primed for more U.S. exports of the product(s) in question.
  3. Considers data that reflects whether potential export markets are generally good markets for exporting and doing business.

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