Foreign trade can be classified into importing and exporting of goods and services. Export is the sale of goods and services from your home country to another country. While the import means foreign goods bought into your country by importers or the government. Imports can be direct or indirect. Importing and exporting are enormous revenue generators for countries. They provide huge employment opportunities. No nation is completely self-sufficient when it comes to resources, import and export make redistribution of resources possible. It helps in the working and growth of the nation. Nations can get the best resources from around the world. This creates healthy competition between nations.
A nation’s import-export data can reveal a lot of information. We get to know about the countries resources and the major trading partners. The country’s import export data is affected by many factors such as trade policies, exchange rate, demand, inflation, etc.
Import-export data is collected from Customs Shipment Data on daily basis from different custom points. The data contains information contained in the shipping manifest. This custom shipment data can be further divided into:-
Import data India shows India imported $ 514 billion worth of goods in 2018-19. India imports continued to grow at a rate of 10.41%. The country is now the 11th largest importer in the world. India’s import data showed crude oil, precious stones, and electronics continue to India’s largest imports. Further analysis of the data showed the top 10 imports of India accounted for 80% of the overall imports.
Importers in India rely on import-export data to form their business strategy. The database allows an importer to study trends such and the prevailing custom rates for the product. The importers use the database to contact sellers. This can work both ways exporters from other countries can use the list to contact importers to sell their products. Importers in India need to ensure they import quality products so that the product sells. The country's trade policy can impact your import business.
Export data India shows India exported $330 billion worth of goods. India exports a registered 9.06% growth. The country was the 17th largest exporter in the world. The export data India showed that mineral oil, gems, and precious metals, and machinery were the biggest exports. Asia and Europe were the major export destination of India.
Exporters in India use the import-export data to formulate business plans. The database gives them easy access to analyze which markets they can sell their products. They can study changing market trends. They can look for potential buyers or importers who are likely to buy their products. Exporters must ensure they sell quality products for repeat business. Government incentives or restrictions can affect an exporter's business.
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