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nowadays selling livestock and gems (not jewelry mind you) is much more stable option in any climate most of the time.
if you live in warm climate opium is cheap af. the same for fungus in cold climate.
silthion ore also may give lots of money if you manage to mine them in warm climate, not that expensive in cold climate surprisingly.
that being said, the map randomness is still the key in deciding what to export.
So I buy steel. No worries. It's always worth to turn it into armor/tools/bows/weapons. You can also use those for your own benefit, as they are useful for industry (tools) guardposts (armor) and wars (armor/weapons/bows).
Smithes are a perfect way to make money IMO, just not good for early game when you're still stabilizing your food reserves and raw materials reserves. (like wood is essential and I have 10k stored, along with 7k fish)
Step 1: Play cretonians
Step 2: plant cotton
Step 3: money
Step 4: Fruit orchards
Step 5: You have too much food, sell it too
Step 6: Damn thats a lot of money
Step 7: Conquer your neighbors with mercenary armies
Step 8: Damn too much money
Step 9: Happiness
I reckon you had to create "Army" on the strategic map, select the army and you can see Hire Mercenary button.
They cost a lot with wide range of capabilities and equipment, some are hardly useful but to be meatshield *nervously looking at Cretonians mercenary with minimal equipment*