The 5 Keys to Export Diversification (Infographic)
The role of export diversification in the economy of developing countries has received considerable attention in development literature over the last 50 years.
In a nutshell, these developing countries diversified both their export products and export destinations to sustain their economy over the last five decades. However, as essential as it is to many countries, the impact of export diversification can be best seen in the business sector.
The “Diversify or Die” has become the mantra of many export companies, implying that this strategy is highly critical to find new opportunities, as well as spread out the risks associated with the ever-changing international trade.
Export Diversification is a logical way to deal with market uncertainties, achieve growth, and reap the benefits of trade liberalization. Here are the five keys that you need to consider if you want to successfully diversify your export business.