GlobalTrade.net, the new WIKI trade portal launched last November by the FITA.org folks through a deal with the U.S. Commerce department, receives and displays “Best Market Reports” prepared by their foreign correspondents deployed in various countries. A rather thorough, though somewhat dated 90 page report on the Medical Equipment Industry can be read and downloaded from their site. Best Market Report Medical Equipment.
First, to get an overview, let’s look at overall U.S. exports by region and country. As the chart on the left shows, Europe is the top destination, receiving 48% of shipments to Asia’s 24%. However, the illustration on the right indicates that Japan is the leading export destination for U.S. Medical Equipment, with 11% of the total, followed closely behind by the Netherlands. Click the images below to link to a full sized representation.
Notwithstanding, the top growing markets that show good potential for further expansion include BRIC countries China and Brazil. China imports of U.S. medical equipment grew by almost 24% between 2009 and 2010. Brazil’s imports, though not as large as China’s, showed a 38% rise in the same time period.
There are always winners and losers in any competition. While U.S. exporters have made gains in certain markets, they have lost ground in others due to many factors. The chart below shows those markets in which U.S. exports of medical equipment suffered losses. Notably Belgium saw the most significant attrition, although Greece (understandably) and Romania had the largest percentage losses. Just as increased exports can mean job gains. Export losses can translate into longer lines at the unemployment office.
What does it take to compete successfully in the global marketplace? Obviously many things. It takes more than a good sales force. One wise manufacturer once told me that his secret was buying right. He remarked that if he bought right, the selling would take care of itself. Most U.S. exporters depend upon sourcing overseas for component parts that they use in their products.
The lists below (click on to display full sized images) reveal a few of the top U.S. importers of Medical Equipment and Suppliers along with their foreign counterparts (Suppliers) on whom, they often depend upon for components.
For sure, it is never a simple matter to piece together the complete tapestry of international trade and the import – export, seller – buyer, supplier – manufacturer relationships involved. As with anything worthwhile, a good bit of effort is required. Good accurate information is essential. Dependable, experienced consultation is helpful. In the end, Trade Intelligence is more art than science. The stakes are high in the Trillion Dollar International Trade arena.
**Any views or opinions presented in this article are solely those of the author and World Trade Daily and do not in any way represent those of UBM Global Trade or PIERS. Some of the trade reports utilized in this article were derived from the PIERS Prospects & StatsPlus applications and are used by permission.