Secretary of Commerce Wilbur Ross recently announced the release of the International Trade Administration’s new Market Diversification Tool, an application that gives U.S. exporters access to 12 million data points and helps them identify the top potential foreign markets for their products.
"Currently, more than half of domestic exporters ship to only one market overseas," Ross said in a statement.
"Drawing upon the vast data resources and analytics available to the Department of Commerce, this tool can help companies explore previously untapped markets, strengthening U.S. companies' competitiveness and overseas presence."
How the Tool Works
The Market Diversification Tool quickly produces a report that previously would have taken hours of research across multiple platforms.
Taking basic information from exporters, it uses 11 indicators, runs calculations on those inputs, and produces a ranked list of recommended markets with scores for each country.
The ranked list can prepare exporters for more in-depth research and help them find partners in new markets.
Similar to other Department of Commerce data applications, the MDT is flexible and user friendly.
By permitting users to select multiple markets or regions—tailoring their search to meet their specific needs—the MDT shows the data behind each score so the results can quickly be evaluated.
In addition, it links to other Department of Commerce resources, allowing exporters to further develop their strategies for potential foreign expansion.
Having the ability to access on-demand export market data opens a new world for exporters by making available the department's data analysis to any user, allowing more companies than ever before to benefit.
For more information about getting into exporting or expanding your international markets, contact the U.S. Department of Commerce Middletown Export Assistance Center or the Connecticut Department of Economic and Community Development.