The pandemic of COVID-19 has changed much of how the business world operates. Many of these adjustments have been for the better, allowing people to work from anywhere in the world and increasing e-commerce opportunities.
But for the import/export business, the rules keep getting shifted around. As soon as you think you know where you can and can’t ship to/from, something new happens.
With all of the confusion on the horizon, is an import/export business still viable in 2022? Here are the facts on the topic.
E-Commerce is Booming
The supply chain issue is a serious thing that’s affecting businesses everywhere. But it’s not impacting people and their demand for goods and services.
Some of the most lucrative exporting industries in 2022 include:
Online Retail
As long as you set your export company up as a vendor and are legally authorized to do business in other countries, there are no borders. Consumers use the web to order from you, and they are willing to pay extra shipping to get their product delivered.
Ethnic, Homemade, Culture, and Other Niche Items
If you have something that is in demand by a small target market, this export arena is your go-to. For instance, it isn’t cost-effective for most people to travel to Brisbane and buy what you are selling. Instead, sellers buy your items in bulk, import them, and resell them for a profit. As long as you work with a customs broker Brisbane, your products can be easily exported or imported.
Clothing and Jewelry Retailers
Etsy, Shein, Poshmark, and Amazon have made these two industries popular. You can jump on board the exporting trend as long as you have style and fashion sense.
Import Statistics in 2022
If you want to be on the receiving end of the industry, you can do that, as well. In Australia, imports topped the list at a hefty $209B in 2019. This number is projected to rise even higher in 2022.
Australia is a top trade destination. Importers bring in much-needed goods to the residents of the country.
The most popular imports typically include:
- Refined and crude petroleum
- Vehicles
- Delivery trucks
- Broadcasting equipment
- Sodium and potassium peroxide
If you have a knack for dealing with any of these products, your import business has a solid foundation before you even get started. Whatever you bring into the country will be in high demand.
Trading Companies Are Still Thriving
Yes, there’s a supply chain bottleneck that doesn’t look like it will be resolved any time soon. But the main companies that Australia imports from are still trading, buying, and selling almost as normal.
China, Japan, Germany, Thailand, and the United States make up much of the major geographic import locations. Once you start your business, find a contact in any of those regions and see what it would take to work with them.
Follow the legalities to set up your import/export business, and success is sure to follow. Even in 2022, people are still buying and selling across borders and overseas. The rules may have changed, but the demand of consumers has only increased.
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