AGEXPORT presented its “Best Markets” study, identifying 400 Guatemalan products to display on 32 international markets
AGEXPORT’s Market Intelligence Unit identified different products and services with large potential to excel internationally using the Ansoff matrix as reference to select new products, markets and design actions to enter tomorrow’s largest markets.
AGEXPORT’s value proposition has easing international trade as a key task to generate value to our members. As such, this study allows us to focus our efforts on actions that would help our businesses and entrepreneurs to find new exporting opportunities to increase their revenues, reduce risks and generate more employment. This, in turn, will help us achieve our main purpose of transforming Guatemala into an exporting nation. The “Best Products, Best Markets, Best Services” study identifies key opportunities for our products and services. Of course, these are not the only products and services for 2019, but are the largest in terms of macroeconomic variables, sustained growth and market size; said Mr. Amador Carballido, AGEXPORT’s CEO.
This year’s edition of the study evaluated the 50 states of the United States as different international destinations, considering the size of the Hispanic population on each state as a key variable to focus on. With this, 11 states were finally selected as key markets for 2019, including: Illinois, Florida, Texas, Virginia, Maryland, Georgia, New Jersey and New York. Of those, Illinois stands out as the most important state for Guatemalan non-traditional products, importing products like knit sweaters, a product with a demand that has increased as much as 340% in recent years.
AGEXPORT’s Market Development and Trade Promotion department focuses on four main pillars: market intelligence, business intelligence, trade promotion and networking with key stakeholders. This has helped us increase the global transactions of our members, identify opportunities in different countries, have key insights on different markets and participate on different activities to promote their products abroad. Our methodology to identify the best markets, products and services to offer internationally succeeds because it also addresses different stakeholders to validate our data analysis. Our study also includes opinions from exporting firms, considers national and international trends, the existence of logistics services, admissibility issues and other relevant factors. Our team carried out different interviews with key players and evaluated different business models to validate the data findings. All these, under our scope of promoting Guatemala as a country that goes “Beyond Expectations”, said Mrs. Paola Alvarez, AGEXPORT’s Market Development and Trade Promotion Manager.
Among the “Best Products” identified for 2019 are: bakery products, sauces and animal foods. These products are mainly exported to Central America and have strong growth rates in recent years.
Exports of juices and confectionery products are key for the Dominican Republic, which is nowadays our gateway for the Caribbean markets. As well, Germany imports Guatemalan agriculture products like vegetables and canned fruits. These products have grown steadily around 25% during the past five years, said Mrs. Alvarez.
This new edition of the study also includes a detailed analysis of six Asian countries, classified under the “new product/new market” category. The Asian region represent a strong medium-term opportunity due to its steady growth during the past five years, where Guatemalan exports to this region increased as much as 245%.
Asia is a highly sophisticated market. Its global demand is growing, and consumers have a large purchasing power. Some countries like Japan import most of its food products, which is a strong opportunity for Guatemala and its innovative countries. Other products like ornamental plant cuttings are succeeding in Asia, with steady growth rates of 133% during the past five years, said Mrs. Alvarez.
The Market Intelligence Unit also remarked eight global consumption “mega trends” applicable for the “Best Markets”. Among them: ethical lifestyle, connected consumers and an increasing demand for “premium” products.
This was the first time that this study also included the “Best Services” under its rigorous methodology. As stated on this study, there is a large opportunity to increase the supply of Guatemalan services globally, as there is an increasing demand in different markets on services like sustainable tourism, medical tourism, software development, laboratory analysis, among others. Guatemala needs to take advantage of this global trend and increase its services exports, said AGEXPORT’s CEO.
AGEXPORT’s 2019 trade promotion strategy for Guatemalan products and services on key international markets
The Market Development and Trade Promotion department presented its “Best Markets, Best Products, Best Services” study, which displays the most important markets and opportunities for Guatemalan non-traditional products and services, which will guide AGEXPORT’s efforts on 2019.
Using this study as reference, AGEXPORT’s Business Intelligence Unit will organize eight trade missions seeking to open or strengthen different markets for Guatemalan products and services. These mission trips will take place in Canada, Mexico, Spain, Panama, the Dominican Republic and four key cities of the United States (Dallas, Pennsylvania, New Jersey and New York). Different virtual business meetings will be arranged throughout the year to link Guatemalan exporters with international demand through AGEXPORT’s online platform Connecting Best Markets.
Our Market Promotion Unit aligned its strategy for 2019 with the “Best Markets” identified. With this, we will narrow our efforts to be more effective for our member companies. As such, our 2019 plan focuses on participating on different international fairs with nine “Beyond Expectations” international pavilions and seven fairs. As well, we will organize fairs in Guatemala and bring international clients to our country. These fairs will focus on industries like wood and furniture, agriculture, manufacturing, aquaculture and services; said Mrs. Paola Alvarez, AGEXPORT’s Market Development and Trade Promotion manager.
The Market Intelligence Unit will offer conferences on 2019 for AGEXPORT’s member companies to develop a better knowledge of the “Best Markets”, delving on different topics of general interest and also offering client-specific advisory sessions to excel at these markets.
- The “Best Markets, Best Products, Best Services” study will be available for all members of AGEXPORT at the Connecting Best Markets platform, allowing companies also to get further information on these markets and establish business meetings, all at the same place. http://connecting.export.com.gt/
- The document highlights the importance of ports and airports located at the “Best Markets”, helping readers understand logistics at these countries and how to adapt their products to successfully enter these countries. Also, the study includes information on regulations and admissibility, key to avoid breaching legal requirements at these destinations.