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Identify export opportunities

Identify new export markets and opportunities.

On this page

  • Market prioritisation and characteristics
  • Competitive conditions
  • Financial and economic conditions
  • Cultural, political and legal factors

Market research is a highly effective way to pinpoint export opportunities in international markets that have the best fit with your business.

The Victorian Government can help you research new destinations through the Access Program – which offers a range of in-market services through the global network of Victorian Government Business Offices (VGBOs).

This support helps you to minimise the costs, risks and time when creating or expanding your export market.

Market prioritisation

There are four key factors to consider when choosing an export market.

  1. What drives or will influence demand for your product or service?
  2. Will your product or service be accepted?
  3. Who is your main competitor? Where do they come from?
  4. How does the government regulate the market?

The following guidelines will help you prioritise potential export markets.

  • Market characteristics
  • Competitive conditions
  • Financial and economic conditions
  • Cultural, political and legal factors

You can research your market of interest using the Countries and Regions list updated by the Department of Foreign Affairs and Trade. 

Countries and Regions list 

Market characteristics

The size and growth of a market, its various sectors, seasonal or cyclical trends and quality issues are among market characteristics that you will need to consider.

Competitive conditions

Who are your competitors? Are they domestic or foreign? How easy or hard will it be to distribute your product? And what barriers exist for newcomers to the market? Undertake a competitor analysis.

Financial and economic conditions

Basic issues such as the cost of doing business in specific markets should be investigated. Other factors to consider include:

  • pricing practices and payment terms
  • tariffs and other barriers to trade
  • foreign exchange and currency stability
  • terms of concessional finance.

Cultural, political and legal factors

Language is the most obvious cultural consideration but political stability and the local legal system are also vital factors in identifying the best market for your business.

Other things to think about are:

  • foreign investment and consumer/environmental legislation
  • registration and licensing procedures
  • local labour laws
  • intellectual property protection.