Tag: Import

The Importance of Import and Export

No matter how rich a country is, how small or big it is, no nation is self-sufficient. It will never be totally independent from the rest and have everything it needs. Every country, no matter how powerful it is, needs raw materials from other countries to produce products that it needs or that is needed by other countries. In short, every country is involved in import export transactions.

Hundreds of years ago, Europe, the Far East and the United States were already importing and exporting goods between themselves and other countries. It had already set up a simple system of trading and global sourcing, albeit on a smaller scale. Today, import and export has become a very important part of the economy. This business has flourished into a more sophisticated but convenient, smoother and safer business. Risks are minimized with more international trading laws that aim to protect both importers and exporters. Regulating and governing bodies such as the World Trade Organization (WTO) has streamlined the export import system. Trade agreements like the North American Free Trade Agreement (NAFTA) have greatly contributed to the growth of the industry.

It is also now highly possible for small countries to go beyond the borders of their countries and reach out to a wider marketplace that can bring in products and supplies that they need. The businesses in these countries can benefit from having lower product costs and have a competitive edge over bigger countries. The demand for more imported products is growing exponentially and businesses are taking these import export opportunities seriously. There are new international markets open for both importers and exporters that have brought in a lot of opportunities for companies to lower production or buying costs and make higher profits.

Because of global sourcing, businesses have access to more product and technology choices that are up to international standards that are otherwise not available in that particular place. Importing products offers an alternative source of supply so there is reduced dependence on local suppliers for products that may have a limited supply. Exporting products give countries a chance to expand its market outside its territories.

With more information available to the businessmen following the advent of the internet and advancement of technology, all types of businesses can take advantage of the many import export business opportunities available. It is not so surprising for a processor to be exported from the Philippines to Taiwan for assembly into laptops.

Singapore then imports the laptop for Asian distribution then re-exports it back to other countries within its Asian sales territory.

Advanced trade systems have given businesses the assurance that transactions can flow smoothly and securely. Several companies have seamlessly integrated its import export business transactions with its operations by bringing in professional manpower that understands the intricacies of the business and who have undergone import export training courses.

With enough information and assistance from knowledgeable personnel, businesses are able to take advantage of the many import export business opportunities for both purchasing and marketing as well as make use of business systems that can help the company achieve maximum advantage in the international market.

Import Export Data – Helping International Business

The prime reason behind the swift expansion of the world economy has been the international and domestic trading. The modern economies depend a lot upon the import export occurring across the borders of various nations. It requires only one mistake to ruin a company’s business setup. In such a critical situation, the import export data present on different online portals is the only place of comfort for the modern businessmen. The main feature of this database is that it is accessible 24 hours online and can be retrieved from any corner of the world which is a major asset for the traders and businessmen. The import export data is merely a database which keeps track of various trade processes underwent by a nation and the details of goods and services imported or exported.

The import export data keeps the companies updated about the goods and services imported or exported by their rivals and at what costs. The traders can plan their strategies ahead of time in order to surpass their opponents. These data help the companies to find new customers for their business and knowing their needs in advance. These data help smoothen the business transactions and help both the buyer and the company to know better about its client. In panic times requiring a quick decision, these data often help the traders come up with a novel idea leading to a prosperous business.

Indian economy is among the fastest growing economy in the world. The export India data is a very useful tool for traders across the world to know more about Indian trade. The export import data India contains vital information about India’s foreign trade. It contains record of over a million transactions taken by Indian exporters and importers, thereby making it easy for other nation to trade with India. Traders all round the globe require this export import data India to get an improved knowledge of their Indian customers, their needs and the type of goods that are demanded by them

Export India data is a very useful tool for businessmen all over the world to find who actually are the main exporters of India, the suppliers of Indian goods and services all over the world. The import export data consists of names, addresses, telephone numbers and other details of Indian exporters making it very convenient to find new Indian suppliers and the types of goods exported. This data is based on Indian Shipping Bills and Invoices filed with Indian customs. It covers all major Indian ports and the goods exported to or from these ports.

How To Start An Import Export Business On The Internet?

If you are thinking of starting your Import Export business online, you need to remember that every business takes time to succeed, therefore you need to be patient and well researched.

The initial step is to conduct a market survey and focus on the markets best suited as per your needs. You need to build a corporate International Image and work towards establishing your credibility in the market. Your credibility will be the key to your success in an online import-export venture. Your presentation should be impressive as well as trustworthy. This will increase your chances of attracting foreign buyers.

Focus on your branding strategy

In order to qualify as a player in the international arena, you need to work on your presentation skills and corporate identity. Your corporate identity will speak about your company’s goals, mission and values. It plays a significant role in establishing credibility on the global front. You need to have a relevant logo, stationery and cash line.

Analyze:

You need to investigate about various markets, government plans and buyers. Start by building contacts and talk with them. Conduct a detailed market research survey and try to get maximum knowledge. Familiarize yourself with the key players in the business and potential buyers as well as merchants. Visit trade fairs and business conferences related to your field and keep yourself updated on the latest market trends and changes.

Market evaluation requires gathering relevant date, information and research. An ideal market would be one that is likely to generate maximum profit for your Import/Export business on the Internet. You can obtain information on the Internet or by contacting the Chamber or trade and commerce. While making a selection of the markets you must know the market trends, requirements, target customers, local and global competitors.

Export/Import Regulations and Terms of trade:

You need to be in sync with the latest rules and regulations in order to start you Import and export business online. For this you need to contact your industry association and relevant export authority and enquire if there are any possible requirements for your products to be exported. You might need to apply for an export license, certificate or permit. A well established export body is the best place to seek guidance.

Many countries have set up offices, Consulates or Embassies to promote their respective exports. These Consulates can be approached in order to receive directories, manufacturer lists and retailers details. You can also obtain their e-mail details through the Consulates.

You need to approach the Commissioner of trade and your country’s tax department in order to apply for registration numbers ad other procedures. You can visit The Chambers of Commerce and get relevant information. These will give you a fair idea about the terms of trade and delivery, methods of international payments, International trade ethics and favorable markets.

Establish yourself Online:

If you are looking towards establishing your Import and Export business online, the first thing you need is a good website. This will not only establish your credibility but will also attract potential foreign buyers. In today’s world where the Internet has become the hub of all activity, it is important for one to have a corporate website. It is the only way by means of which buyers, manufacturers, retailers and dealers will get to know about your products and services. Your website will also give you an edge over your competitors as it will highlight the USPs of your products online.

An online product catalogue will further enhance the chances of sale. Your website must provide your contact details as well as specify the terms and conditions of trade. Your website must speak about your company’s profile as well as be interactive.

Get your website Optimized:

For setting up a successful online business it is important for your website to be search engine optimized in order to attract relevant targeted traffic and therefore enhance trade. Search engine optimization ensures that your website ranks well on all major search engines like Yahoo, Google and MSN and more targeted visitors land on your website. The more the number of visitors the better are your chances of increasing sales.

Develop and export plan:

Different markets have different requirements and trends. You need to develop an effective export plan for each market which should include:

Export Analysis

Product Development

Implementation Plan

Export Strategy

Financing

Pricing

Logistics and distribution

Sales Forecast

Quick Response better Sales:

Be quick in your response in any online business in order to retain the customers. This not only develops trust but also helps generate more business. No customer likes to wait and the same applies for Internet based businesses.

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How One Can Set Up a Prosperous Firm of Import Export in India?

Selling products or commodities in the global marketplace is actually a great prospect for the growth of the business. There was a period when it was really tough for people to set-up and run the firm of Import Export in India. Making your service or product famous in the world was an expensive and long process. But through the virtue of the internet, import export has been made stress-free. The Indian export and import business significantly enlarge the market for your products by offering lots of opportunities to work with customers all across the borders.

After so many years, operating the global trade business is still the biggest challenge for entrepreneurs. The global trade is the other word for import-export business. This kind of business deals in exchange for services, products, technology and so on to all around the world.

Today’s article explains how one can set-up his/her business of Import Export in India. First of all, we look at the documents compulsory for establishing a global trading business:

 IES number: Import and export code

 CST registration: Central sales tax registration if products are being moved across diverse states.

 TAN: Tax deduction account number

 Bank account on the name of your firm

 PAN Card

Steps to begin the business of Import Export in India

• Business Planning

Your primary step should be deciding the future plan for the firm. The proper business plan assists in the smooth working of the business. The proper planning includes some steps that have given below:

1. Selection of goods: First of all, you need to choose the kind of goods you’ll deal in the business of export import India. Goods can be related to fashion, handicrafts, consumable and many more.

2. Selection of clients: Next, you have to find people to sell your products. Finding clients in any state or country where the company runs is quite easier. But it becomes difficult when it comes to the global trade.

• Registration

One’s next step should be registering his/her company as a single entity. You can simply register firm either as an LLP, partnership, sole proprietor or a firm depending on the investment and number of owners in the company.

• Get IEC

Then, obtain import export code (IEC) that has ten digit numbers issued by DGFT (director general of foreign trade). The business of India import export cannot be accepted without IEC.

• Other crucial documents

Here are listed few other documents that one need for the firm like docs for taxation. These docs have mentioned below-

1. VAT code- stands on Value Added Tax collected by the seller from clients for consumption of goods or services.

2. CST- is another tax for selling products from one state to another.

3. TAN- It is an alphanumeric number issued to people for tax deductions on the basis of tax payment made by them.

• Appoint a Custom Clearing Agent

Any firm cannot operate all the functions involved in the functioning of the import and export business. Therefore, it is required to hire a custom clearing agent who will be responsible for inspecting payment of taxes and the functioning of import procedures. That person has to make sure that there are no issues in the process of import-export.

• Use your own cargo forwarder

There are a lot of things happen while arranging global shipping. Any seller cannot handle all of these things alone. Having a great cargo forwarder service provider is required to decrease pressure on the seller as well as save time. Any cargo forwarder company or person works as an agent that manages the shipping and storage of products on the behalf of sellers. A cargo forwarder works as an intermediate among seller and several transportation services.

To run a successful business of Import Export in India, you have to give attention to all its aspects and you also need to have a pronounced head for shaping different things.

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