Import and export are important components of foreign trade and are the backbone of India’s economy. Import is the purchase of international goods and services countries. Export is the international trade of goods and services that is produced in one country and sold or acquired by another country. The words import and export originate from the word ports as ships are frequently used to transport goods overseas. Countries try to keep their exports higher than there imports to avoid a trade deficit.
Import export data India shows that India imported 480 billion USD in 2019. The data also showed India exported 322.8 billion USD in 2019. The data showed that trade grew at 0.87% compared to the global average of 3.5%. The data revealed that imports fell by 58.6% in April 2020. India recorded imports of 17.1 billion USD in April 2020. The data shows that exports fell by 34.6% in April 2020. India recorded exports of 10.1 billion USD in April 2020. India recorded a trade deficit of 3.1 billion USD in May 2020.
According to the import-export data India, the top 5 exports in 2019 are:-
The top 5 Indian imports are:
Custom data India is data that is collected from various ports (seaports, land ports, and airports). The data is collected from information present in the bill of lading or shipping manifest submitted to customs authorities. The custom data India typically conducts the following information:-
The custom data India is one of the parameters used by the government to formulate economic and foreign trade policy. The data is used during international trade negotiations and to identify major trading partners. The Government of India can calculate the total import and export bill. The government can formulate policies to bridge the trade deficit. Identify the custom duty collected for different products in the country. The data allows the government to evaluate how the custom data the effectiveness of industrial and economic policies. The government can identify which port is over-utilized and underutilized. The government can also calculate the efficiency of various ports.
The Indian trade data is used by both importers and exporters to formulate their business plans. The data updated every month allows them to study trends and predicting changing customer preferences. The data allows exporters to price their consignments competitively and find new markets for their merchandise. Importers can find the most competitively priced products and find new markets to procure products. Importers and exporters can find alternative markets due to world events or India’s trade policies. The top trade partners of India are:-
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