What is Export Import Business?

What is Export Import business?

 EXPORT and IMPORT business is a business which means the buyer and the seller are from different countries who wish to trade goods and services Produced or Manufactured in one country and purchased by residents of another country. It can be transported or shipped, either by roadways, sea or air. A lot depends on the international trade for any countries economy, Export, import combined together make up a country’s trade balance. When the country exports more than it imports, it has a trade surplus. When it imports more than its exports, it has a trade deficit.

Who can start import export business?

Any individual who is willing to trade internationally having a product and structured documents can start its export import business. There is no such eligibility Criteria that needs to be measured prior should have sufficient knowledge to grow your export import business.

What is import business?

Import term refers to importing or buying of goods or services from a foreign country into our own country either for reselling and distributing in the local market or for one’s own personal use. Importing of goods is majorly done for those products or services which are cheaper in the foreign market and can be sold in the domestic market with a higher price to earn profits. Every country has its own terms and conditions and extra charges to be paid by the importer while importing goods such as import duties, custom duties etc. import of goods can affect a countries economy as the local currency is being paid to the foreign seller.

 What is export business?

Export term refers to exporting or selling of goods and services from local to international buyer, exporting of goods and services include agricultural produce, manufactured goods, merchant export or international service delivered abroad. While exporting most of the countries government support their exporters as exporting of goods and services help in growing any countries economy by bringing foreign currency in our own country. Indian government does support its fellow exporters by giving them a lot of support such as the taxes on exported goods is exempted, helps in discounting on trade fairs, governments gives incentives on a lot of products depending on product categories and also does provide optional insurance for individuals who wish to take insurance while trade.

How do I start my export business? What is the procedure to start export import business?

To start an export business every individual must have his own set of export documents made systematically with the desired product or services they wish to export, should know all the basic knowledge of the product as well as the shipping terms, payment terms, governments support and policies, bank registration, should have a social media presence of the company, should be able to find buyers for the relevant commodity dealing into and should also know the system operating procedures while dealing into international trade to make a successful deal.

How can I find buyers?

Finding buyers isn’t tough and following systematic procedures to find buyers can definitely help you acquire and establish your foot in the international trade zone, firstly if you know the HS code of your product you can directly purchase buyers data from a lot of data providing companies, secondly you can also contact Indian Embassies, Councils and Indian High commission overseas to help you find buyers, thirdly you need to register yourself into a lot of B2B portals which will help you get buyers data or generate trade enquiries for your products and lastly you can search relevant buyers through Google by searching importers of your product country to country search on Google.

What is HS code? What is the HS code for my product? How can I find HS code for my product?

HS code is defined as Harmonized System Code; the world trade organization (WTO) has made the product identification easy and has accepted the harmonized system code which is used worldwide to identify the product globally. The need of this is used because the same product had different names in native languages of different countries. Harmonized system codes are generally divided into 97 chapters, HS code can be up to 8 digits. You can also find the list of HS code of your product on our website in the learning center section.

Is it safe to start an Export business?

Yes! It is absolutely safe if you follow the system operating procedure while trade and have trade discussion documented, you can also contact the government Embassies and relative agencies such as ECGC to help you while any trade dispute with the importer.

How do I know if the importer is genuine? How do I trust my buyer? How do I verify my buyer?

This is a key factor for developing a successful export import business, exporter can verify the buyer by sending buyer details to the Indian Embassies, High Commissions, ECGC (Insurance Company), and you can also send your local contact if any to verify the buyer.

 What products can be exported from India?

Products that are prohibited or restricted according to government terms and conditions expect those, all products such as agricultural produce fresh fruits and vegetables, food grains, manufacturing items with brand packing or loose in bulk supply, garments etc. any products which has demand or creates demand can be imported or exported in the international market.