Benifits Of Exports

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Information about Benifits Of Exports
Business & Mgmt

Published on February 23, 2009

Author: mnibgrenada

Source: slideshare.net

Description

This workshop is organized by the MNIB in collaboration with the Ministry of Finance and the Inter-American Council for Integral Development of the Organization of American States (OAS/CIDI). It is the first phase of the ‘Cluster Formation Project’ which is carried out under the ‘Export Competency Development in Support of the Export Strategy of Grenada’.

Consultation on the Benefits of and Requirements for Successful Exporting Presented as a Component of the ‘Export Competency Development Project’. Facilitated by Mr. Fitzroy James November 10, 2008 at the Conference Room of the Grenada Bureau of Standards

Perspective ‘ The members of the OECS have no option but to rely on and be open to the outside world for their survival and prosperity. They do not have the capacity to produce even a significant portion of the range of capital and consumer goods that their populations require …. If the goods they consume are to be obtained from abroad, then foreign exchange to pay for them must be earned through … exports of goods and services. …’ Edwin Laurent – Introduction to Document: Understanding International Trade - The trading system from the perspective of the Eastern Caribbean (2006)

‘ The members of the OECS have no option but to rely on and be open to the outside world for their survival and prosperity. They do not have the capacity to produce even a significant portion of the range of capital and consumer goods that their populations require …. If the goods they consume are to be obtained from abroad, then foreign exchange to pay for them must be earned through … exports of goods and services. …’ Edwin Laurent – Introduction to Document: Understanding International Trade - The trading system from the perspective of the Eastern Caribbean (2006)

OBJECTIVE To highlight the current state of exports from Grenada , the need to strengthen and diversify the export base to promote greater economic growth, and the requirements for successful participation in international exporting.

To highlight the current state of exports from Grenada , the need to strengthen and diversify the export base to promote greater economic growth, and the requirements for successful participation in international exporting.

Outline Contribution of Exports to Grenada Economy and Trends; Key components of our exports; Markets currently served; Benefits of Exporting Economic Social Requirements for Successful Importing Understanding trade policies; Resources Capacity

Contribution of Exports to Grenada Economy and Trends;

Key components of our exports;

Markets currently served;

Benefits of Exporting

Economic

Social

Requirements for Successful Importing

Understanding trade policies;

Resources

Capacity

Grenada – Export Trend

Contribution of Exports to Economy

Key Exports - 2006

Export Categories

Direction of Exports

BENEFITS OF EXPORTING

Foreign Exchange Earnings Provides foreign exchange to reduce balance of trade (Net balance of trade amounted to EC$662,480 in 2006) Used to pay for imported capital and imported consumer goods

Provides foreign exchange to reduce balance of trade

(Net balance of trade amounted to EC$662,480 in 2006)

Used to pay for imported capital and imported consumer goods

Reach New Markets Grenada 99.9985% of potential consumers and users of our products live outside Grenada Opportunity to diversify business portfolio and reduce risk

Opportunities for Business Expand Customer Base, boost sales and productivity; Achieve the scale needed to attract investment and reach their full potential; Pickup new skills and expertise, and stay ahead of market trends Become internationally competitive & protect domestic business from imported competitors.

Expand Customer Base, boost sales and productivity;

Achieve the scale needed to attract investment and reach their full potential;

Pickup new skills and expertise, and stay ahead of market trends

Become internationally competitive & protect domestic business from imported competitors.

Opportunities for the Country Create jobs, and work for suppliers to the exporters; Promote rural development by putting money in the pockets of rural producers and creating new business opportunities in those areas; Promote the emergence of other business to support the export process; Create opportunities for the emergence of viable value-added enterprises

Create jobs, and work for suppliers to the exporters;

Promote rural development by putting money in the pockets of rural producers and creating new business opportunities in those areas;

Promote the emergence of other business to support the export process;

Create opportunities for the emergence of viable value-added enterprises

Exporting Requirements

Key Exporting Requirements Exporting is hard work and risky. Success require careful research and a thorough understanding of the domestic and export market policies and regulations.

Exporting is hard work and risky. Success require careful research and a thorough understanding of the domestic and export market policies and regulations.

Key Requirements Evaluation of your capacity and resources available to start exporting: Product, plant capacity, understanding of the value chain; skills available, finances Understanding and meeting local requirements for exporting & services available; Compliance with Export Act; Shipping & customs services; product pricing; packaging etc Understanding of the targeted international market; Trade policies regarding targeted product(s); compliance with standards, regulations and requirements; import restrictions; Buyer Requirements Product specifications, standards, trading & payment terms;

Evaluation of your capacity and resources available to start exporting:

Product, plant capacity, understanding of the value chain; skills available, finances

Understanding and meeting local requirements for exporting & services available;

Compliance with Export Act; Shipping & customs services; product pricing; packaging etc

Understanding of the targeted international market;

Trade policies regarding targeted product(s); compliance with standards, regulations and requirements; import restrictions;

Buyer Requirements

Product specifications, standards, trading & payment terms;

Export Readiness Checklist

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