Sunday, 5 July 2020

THE IMPORTANCE OF DATA IN EXPORT TRADE

Interaction with a lot of first time exporters has shown that they need information on the particular commodity they are interested in. This information varies from price trends to production quantities and export quantities of particular commodities over a specified period.

One of the numerous benefits of formal exports is data collection/collation. Data are facts and statistics collected together for reference or analysis. Incomplete or inaccurate data hampers the export process as studies of trends, production figures, prices and other variables would be distorted if it is based on flawed data.

You should be able to reach into a data bank to observe the trend of exports in Nigeria over a period of time, analyze same and draw meaningful conclusions which are critical to your transactions and the overall development of the Nigerian export industry.

Every time you carry out informal exports, you are contributing to the distorted data of export activities in Nigeria. You will realize how absolutely important data is when you need specific information & it is not available real time and when it is, it is in a raw state which has to be further processed before any meaningful conclusions can be drawn from it.

Data is important in exports. The onus is on you to contribute to the timely and accurate collation of data by ensuring your exports are formally carried out.

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