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Global customers in overseas markets to consider for export in 2023
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New and foreign customers in overseas markets offer a tremendous opportunity for many growing businesses in Australia like yours. With new opportunities that await you in 2023, here are the latest promising markets Australian exporters can tap into.
Despite the substantial fall in 2020, exporter optimism showed signs of significant growth in 2021, with the numbers remaining at high levels in 2022. According to the DHL Export Barometer Report 2022, 54% of exporters in Australia have seen their export orders to international customers increase over the past 12 months. 70% of them expect revenues to increase in the following year – the second-highest result since the survey was conducted.
Additionally, key findings of the report also cite new overseas markets as a reason for expected revenue to increase, reaffirming the importance of expansion to businesses. As e-commerce continues to grow along with new challenges in the upcoming year, more businesses are exporting into new international markets, with New Zealand and China standing out as areas for growth. Exports into North America's overseas markets are also growing yearly. This significant surge of growth from 4% in 2021 to 27% in 2022 could be due to the easing of COVID-19 restrictions in overseas markets.
Given the quick growth expected of global trading to find new customers, here are the latest overseas markets, exporters like you, can consider in 2023:
1. New Zealand and ASEAN regions
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Australia’s and New Zealand’s economic and trading relationship is recognised as one of the closest, broadest, as well as mutually compatible in the world. Today, total bilateral trade now amounts to over AU$16 billion according to government statistics, with customers in New Zealand being Australia’s largest foreign investors and investments worth more than NZ$68 billion.
With expanding nations driving strong economic growth, the global demand for Australian-quality goods and services continues to grow. Hence, on 13 November 2022, Australia announced the substantial conclusion of negotiations to upgrade the current ASEAN-Australia-New Zealand Free Trade Agreement in Phnom Penh, Cambodia. Once implemented, the upgrade will strengthen and improve the trade agreement between the businesses within these overseas markets. It also serves to provide a stronger foundation for Australian businesses to expand their economic engagement with Southeast Asia. Not only will this support businesses and secure supply chains, but it will also allow brands to enter their desired global markets and reach new international customers.
2. China
According to the Barometer report of 2022, the past 12 months have seen more businesses in Australia exporting to many overseas markets, with countries like China standing out as areas for growth. Some of Australia’s largest exports to China in the APAC region have grown more lucrative over the years. This could be attributed to China's dependence on Australia for exports of key products like iron ore, gas, and other agricultural products. For instance, Australia’s total exports to China, according to CEIC data, were worth US$9.82 billion in September 2022, with iron ore alone worth approximately half of Australia’s exports to China.
The report also revealed that 7% of businesses are looking to export to China in the upcoming year. Hence, if you are in the agricultural industry finding new customers for your business, consider shifting your focus to North-East Asia and China to meet the market demands.
3. North America
With COVID-19 restrictions being lifted across various overseas markets worldwide, the export situation from Australia to North America has improved compared to the previous years.
In 2022, the number of export orders in North America remained similar to the year before at 27%. However, 19% of businesses surveyed have expressed interest in new international customers in North America’s market.
Expand into new international markets to find new customers for your business
Fret not if you’re a business owner and are wondering how to find customers for my business. The Barometer report has identified five markets of interest for exporters in Australia to consider: North America, Europe, New Zealand, South-East Asia, South and Central America.
Australia has established strong trade links with many international markets by boasting various trade agreements like Closer Economic Relations (CER) with New Zealand, ASEAN-led agreements, and FTA (free trade agreement) with the United States. This makes it perfect for Australian businesses looking for new customers in overseas markets.
With strong indicators pointing towards new markets as a reason for revenue growth, Australia’s export industry provides a positive outlook for businesses in the B2B and B2C sectors. Complemented by the support of DHL Express’ global network, Australian companies and organisations can leverage our robust and dynamic logistics capabilities to reach out to international customers in new markets.
Looking to expand your business overseas in 2023? Apply for a business shipping account with us today.
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