The world has been suffering from the COVID-19 pandemic for over a year, and nothing has been the same since then. There have been unexpected fluctuations and complications in the trade market while the people observed everything from national lockdown to curfews. While the market prices kept rising and freight rates were changing invariably, the traders found it very difficult to cope up with the shipping process. The increasing demand for medical equipment and medicines had the exporters and importers on the clock, even when there was lockdown in most of the countries. During this period, the only thing that came to the rescue of the trader was export import news. Whether it be shipping blogs, news journals and channels, or the market experts, one could get all the information from these sources.
In a time like this, when everyone is trying to get a hold of what is happening in the market, the traders have been able to remain calm and composed to serve the market demand. This service was possible because they were getting the updates and required information on time. And those who have not been able to get the time to follow the news regularly, visit https://www.cogoport.com/export-import-industry-notifications and get all the updates through notifications.
A wise trader never misses out on the chance to become better by staying updated.
Benefits of Following Export Import News
There are numerous benefits to following export import news. Traders can plan their freight shipments with utmost clarity and reliable planning. Here are a few major advantages the traders could receive by staying updated during this pandemic.
Update About the Prevailing Freight Rates
In the mid-April 2020, the freight rates multiplied by 300 per cent on some shipping lines, especially the ones connecting to the ports of China and Italy. The countries with a high percentage of Corona patients operated in the market, but it was not easy or affordable to coordinate from the other. Prepare the Proforma Invoice as well as the export quote after evaluating the market prices and probable freight rates.
Get an Idea of The Market Mechanism
The export import news gives an analysed evaluation of the market that is helpful enough to understand the shipping demand. One can figure out the factors that are influencing the demand and supply pattern. For instance, the increasing number of cases in Italy made it obvious that importers will demand ventilators and other equipment. With the right trading tools and access to active shipping lines, any trader can expand his business. It is all about taking the vital steps at the right time and utilising the resources in the right direction to overcome the impacts of the pandemic.
Serve as Per the Market Demand
The traders with a complete update about the market demand pattern and the goods that are likely to be in demand shortly are always in a good spot. For instance, the COVID-19 pandemic had increased the demand for the hydroxychloroquine drug in other countries like Russia, the USA, etc for quite some time. India exported large amounts of this drug in those countries. Therefore, this kind of sudden demand can arise anytime and the ones who are aware of that can extend their services for the same.
Know What the Competitors Are Doing
One can never win a competition without knowing and understanding what his contemporaries are planning or doing. The export import new also gives updates about the leading traders in the market, who is doing what and how the patterns are getting the response.
Take Necessary Precautions
The COVID-19 pandemic has been worse in some countries and mild in some others. With the news updates, one can also plant all the safety measures to facilitate safe and secure shipments to infected places. Also, taking the necessary precautions is the best bet one can make to ensure profitable freight transportation.
Plan the Shipment Strategies Accordingly
The traders who plan ahead of their time and take future possibilities into account while making their strategies always have a chance to reap benefits from their deals! The pandemic stirred the market with a high impact which made things quite unusual than the normal. The traders following export import news had the chance to get a grasp of the ongoing crisis and take necessary steps within time.
Making effective and successful business strategies requires an active and well-informed brain that can plan the current actions and foresee its future consequences. Although one can read news articles for gathering information about the prevailing market conditions, there is a convenient way available to do so. Cogoport provides all the export import news on a single dashboard. Traders can get notification updates of all the news by accessing the website of the company. Thus, it can be concluded that knowledge and information are the strongest factors that enable successful strategies.