The title, in broad sense, relates about every economic player such as businessman, common individual, bank, economist, investor, adviser, politician, etc. but more about exporters. Exporters exporting their goods and services to some struggling European nations, to be precise, euro zone nations such as Greece, Spain, Italy, etc as their customers are having debt, deficit, austerity measures, high unemployment rate, etc predicaments and also other economies of the world where similar issues have been emerging, are hurting exporters and making them to scout for new buyers for their commercial goods and services or wait till things get to normal situations indeed. This is situation has emerged for exporters due to their failure to manage their economic dependency .
Q. What exporters need to do now apart from dumping their goods and services or commercial stuff, if necessary, and selling their products within their own economies?
A. Well, they need to wait for the global economy’s recovery or they need to look for new buyers who can substitute old buyers who unable now to demand their commercial commodities and services.
Q. Which one is the better option?
A. It is very hard in fact to give the right solution or answer. Why? Because most of economic players/agents constantly change their commercial plans and decisions and thus, they play the lead role in the fast changing environment which creates an unpredictable environment as well. But I think it is way better to find new buyers than waiting for the economic environment’s improvement.
Q. Where to find new buyers?
A. It is not again an easy task to find new demanders. Here, buyers with at least adequate cash need to be spotted. Prospective buyers are more in closed economies as they have stability in their incomes generation which is key for exporters. But it is very hard to tempt them to buy stuff indeed. Rules and regulations relating to the international trade opted by closed economies are also not supportive for exporters as those economies try to protect themselves from the rising dependency which is not good when it swells and swells and goes unmanaged scientifically and economically.
The bottom line is that it is never easy to do any job in the fast changing world economy where rising dependency, rising competition due to greed and money, etc. are just inevitable.