An “import export India” business could help entrepreneurs get into the import/export business or grow their current business. Buying India’s exports is a great way to boost your sales, because of the labor and services cost savings you can gain. There are also numerous opportunities to take advantage of in India’s imports.
While it is possible for a home based online business, or any trade and commerce related business for that matter, to be built entirely on this strategy of import / export with India, it may not always be advisable for many reasons, one of which is the Indian economy and its fluctuations.
To get connected with a list of reputable suppliers for your "import export India" business, contact the U.S. Commercial Service (export.gov/india). They also offer many other services like customized market research, assistance dealing with trade problems, and more. India’s Ministry of Commerce and Industry is also an excellent resource to check out.
So exactly how does an "import export India" business work? The process is fairly simple. You will need the proper licenses in the U.S. (or your home country) and / or India in order to import or export goods.
You must also follow all customs rules and regulations in each country and pay all associated taxes and fees, plus shipping. The resources listed above also have guides explaining the laws and taxes.
If you’re new to the business, then you may want to learn the fundamentals for how to import/export first before you dig any further.
For example, you may perhaps want to import clothing into the U.S. from India. After getting connected with a supplier, you find out that you can buy a certain type/brand of T-shirts for as little as $2 each. You run your numbers, and determine that it makes good business sense for you to import such a product from India.
On the flip side, you could import crude oil from the U.S. into India. Of course the prices of oil change rapidly, so it’s up to you to stay on top of your business’ profitability.
As a small business owner, of course your number one concern is to make a profit, so research of the Indian markets is a must before you invest any of your capital or any significant amount of time. You also must follow the news surrounding India’s import and export industry.
For example, in early 2013 India moved to increase the price of palm oil exports because vegetable oils are one of the nation’s major imports. The government slapped a large tax on palm oil imports in order to assist Indian farmers. It also took steps to curb tech imports.
The market can change quickly, and as a business owner in that market, you must be able to react to these changes immediately.
You also must know which products to import into India and which to export from India. According to the nation’s Ministry of Commerce and Industry, the leading exports of India include:
Import / export data from the same source also indicates that the leading imports of India are:
India is a huge market where import/export business opportunities are flourishing. If you know you can add value to this market, then you should capitalize on some of these business opportunities.