Exporting to New Emerging Markets

The current emerging economies that businesses are aspiring to export to are Brazil, Russia, India and China or more commonly known as BRIC. However a recent article in the Toronto Star indicates that Mexico and other Latin American countries are the new hot markets businesses should be pursuing. Cited from research done by Canadian Manufacturers and Exporters (CME), the article mentions that the BRIC should no longer be considered as emerging markets, while countries such as Mexico, Chile, Peru and Columbia represent the new budding markets for Canadian businesses. This development can be attributed to recent free trade agreements between Canada and the aforementioned countries, and the rise of the middle-class within these countries.

The Canadian government offers several funding initiatives to assist businesses expand their reach into global markets. The Export Market Access (EMA) fund provides companies with up to $30,000 of eligible costs to develop marketing tools (i.e. promotional materials, electronic media), attend trade shows, as well as complete market research on developing new export opportunities. Export Development Canada (EDC) strongly recommends businesses do the proper research before plunging into foreign markets. This includes understanding the trade laws, local laws and the customs and regulations of the country. The EDC and other government institutions provide several resources to assist businesses reach their exporting goals,  in conjunction to the Canadian funding that is available to offset some of the costs associated to exporting.

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