ITC launches online trade app for SMMEs
12 Jul 2018 - by
This week saw the launch by the International Trade Centre (ITC) of a new online database intended to increase transparency in trade while helping improve decision-making for small, medium and micro-sized enterprises (SMMEs) exporters.
The Market Price Information portal will provide access to live updates and prices for over 100 agricultural products as well as research and up-to-date agricultural commodities news.
According to ITC executive director Arancha González, the database was developed to meet the growing need for SMMEs and small-scale farmers to access up-to-date information, particularly in developing countries where such information is either scarce, unaffordable, inaccessible or out of date.
“Access to real-time and sector-specific market price information will help strengthen the ability of SMMEs to make decisions and anticipate shifting trends in international markets,” she said. “The portal will help them become more competitive, make it easier to connect to global markets, and enable them to grow their businesses.”
Information on the portal is currently based on data provided by Thomson Reuters and the United States Department of Agriculture’s Agricultural Marketing Service. However, González said that the ITC was working on expanding the portal to include the collection and dissemination of domestic price information.
She said that a tailor-made tool had been developed to allow trade and investment support institutions, cooperatives and producers to upload and consult local market prices related to their products.
“This will allow such organisations to embed a customised version of the portal on their own website,” González added. “The same local information will then simultaneously be made available on the global Market Price Information portal.”