Generally, the Asia-Pacific markets include Australia, Hong Kong, India, China, Indonesia, Japan, Malaysia, New Zealand, Taiwan and South Korea. The Asian-Pacific region is full of natural, social and economical diversity. Specifically, China has large amount of human resources due to its largest population while both New Zealand and Australia has powerful farming industry. From economic perspective, China and Japan belong to top-ranking countries with larges economic volume. Meanwhile, Hong Kong and Taiwan have maintain favorable economic performance and played an important roles in global economy. Overall, the Asia-Pacific region is the market full of potential for the U.S. to export agricultural tractors within international trading.
Beyond this fact, this passage will focus on exploring and selecting most potential markets in Asia-Pacific region for exporting U.S. agricultural tractors. It will firstly research population, gross domestic product per capita, historical number of tractors and imported tractors in Asian-Pacific markets. By doing so, it is possible to identify market potential of every single country within Asia-Pacific region. According to research above, this passage will particularly have detailed market analyze of three countries in total to future analyze the ideal choice for exporting agricultural tractors.
2.0 Market Researches for Asia-Pacific Markets
Population and GDP per capita are both important economic indicators that reflect market potential of a single country (Krausmann Gingrich Eisenmenger Erb Haberl & Kowalski 2009). A country with larger population and higher GDP per capita will generally have larger market potential comparing with other countries (Krausmann et al. 2009). Otherwise, historic demands for tractors of a single country could be used to evaluate possible demands in the future. It is common for a country will import more agricultural tractors due to its primary historic demands.
1 2.1 Domestic Population Research of Asia-Pacific Markets
As mentioned before, national population will reflect market potential of tractors to some extent only. Based on this, this paper will offer the population factor with a weighting of 0.5 as shown in Figure 1. In reality, China and India are the countries with largest population and second largest population across the world. According to Figure 1 (Asian-Pacific Population 2011), China and India have the population of 1,304,500,000 and 1,094,583,000 respectively. Otherwise, Indonesia and Japan also have large amount of population. In details, India has a population of 220,558,000 while Japan has the population of 127,774,000 (Asian-Pacific Population 2011). And the country which has larger population will certainly obtain higher score than other countries during this sector. In particular, China, India and Indonesia will have top-ranking scores in Asia-Pacific region.
Figure 1 Asia-Pacific Population by Countries
|Country |Population |Initial Score |Weighting |Score | |Australia |20,329,000 |0.0071 |0.5 |0.0035 | |China |1,304,500,000 |0.4537 |0.5 |0.2268 | |Hong Kong |6,943,600 |0.0024 |0.5 |0.0012 | |India |1,094,583,000 |0.3807 |0.5 |0.1903 | |Indonesia |220,558,000 |0.0767 |0.5 |0.0384 | |Japan |127,774,000 |0.0444 |0.5...