March 2001 - Import Export Business course

A Country’s Economy Is Boosted By International Trading | Know How?

Posted on March 22, 2001January 26, 2024 by digitalexim

Bangladesh and India have been a close trading relationship for a long time. With Bangladesh’s unprecedented transformation in the past decade, the country has become the economic miracle of South Asia and may well surpass India in terms of per capita income. Learn export import online to know what you can export or import to Bangladesh. The Bangladeshi economy is largely driven by garment exports, which account for over 80 percent of its total exports. Remittances from overseas represent over 6 percent of GDP.

Bangladesh Export-

In the first four months of the fiscal year 2021-22, Bangladesh’s exports to India increased by 65% to $700 million.
It was the first time that Bangladesh exports to India crossed the $1 billion mark in FY21, reaching $1.28 billion.
If that rate of growth continues, the country will earn more than $2 billion in exports for the first time this year from the largest economy in South Asia.

India is a major consumer of Bangladeshi goods. Bangladeshi exporters are actively selling many new products to India, including garments and food products. Exports of jute and leather are also the most popular.

The fact that Bangladesh has a land border with India encourages Indian importers to buy products from there to reduce the cost of shipping. As a result, Bangladeshi exports to India are on the rise. Export import training can help you in starting your business.

India Imports from Bangladesh-

Imports from Bangladesh to India are at their highest in September 2021 with a value of $230.87 million, and at their lowest in the month of May with a value of $63.56 billion.

Articles of Apparel and Clothing Accessories, NOT Knitted or Crocheted.
Animal or Vegetable Fats and Oils, etc.
Articles of Apparel and Clothing Accessories, Knitted or Crocheted.
Other Made-up Textile Articles, Rags, etc.
Other Vegetable Textile Fibres, Paper Yarn, etc.
Inorganic chemical
Articles of leather, travel goods

With an import value of $257.44 million, apparel and clothing rank as India’s top imported commodity, followed by animal or vegetable fats and oils at $173.06 million, knitted and crocheted apparels and clothing at $160.91 million, and many more.

India Exports to Bangladesh-

India supplies Bangladesh with the majority of its commodities, such as cereals, cotton, articles of iron & steel, mineral fuel, electronic equipment, edible vegetables, coffee, tea, etc. With the economic boom of the eastern neighbour continuing to fuel India’s export growth, Bangladesh is expected to become India’s fourth largest export destination in FY22, jumping five places in two years.

Conclusion-

If Bangladesh continues to increase its exports to countries worldwide with its high-quality commodities, it will definitely receive a surge in trade. A joint study has been undertaken by India and Bangladesh to examine the prospects for a bilateral comprehensive economic partnership agreement (CEPA). Join our import export consultancy service and start your international trade with expert guidance. Or join our live free webinar to become a part of Digital Exim. Click the link listed below. https://chat.whatsapp.com/Bqz4SWH55nSGtKj3GnJAC8 Do give us a visit!

What Is E-Commerce Under GST?

Posted on March 22, 2001January 26, 2024 by digitalexim

In the present business scenario, E-Commerce has become a widely accepted trend. How does GST for online businesses work? How does E-Commerce relate to GST Laws? Know more about international import and export and start your business with us. In electronic commerce, goods and services are delivered via digital or electronic means, including digital products.

Here is E-Commerce defined under GST:

According to GST Law, ‘electronic commerce’ is defined as the supply or receipt of goods and / or services, or the transmission of funds or data, over an electronic network, primarily the internet, through any application that relies on the internet, such as but not limited to e-mail, web services, shopping carts, electronic data interchange. A payment may be conducted online, but the operator may be responsible for delivering the goods or services. GST has been imposed on the “supply of goods and services.” It does not matter how a contract is negotiated, whether it is oral, written, or through electronic communication. GST remains the same whether it is negotiated orally, in writing or electronically.

Three parties are involved in every e-commerce transaction:

Seller
Buyer
E-Commerce Operator (ECO)

Any person providing goods or services through an e-commerce operator must become compulsorily registered, regardless of the threshold exemption limit. Did you like our article? Do share your feedback and experience. The above information is a part of Online Training Course of Digital Exim.

For More Knowledge Read Our Article On-

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What is Triangular Shipment ?

Posted on March 22, 2001January 26, 2024 by digitalexim

Is triangular business a real thing, and who are the parties involved? And how do foreign exchange payments work in triangular business? Let’s explain how triangular trade functions. Know more about triangular shipment with import export course online. When a transaction involves 3 countries, there are 3 parties involved. This is known as a triangle shipment. To make this easier to understand, let me give you an example of triangular shipment. Your company is located in Mumbai, India. You have received an order for goods from a buyer in Yang Min, China (ABC). According to the terms of your agreement with your buyer, the goods must be shipped to a party in New York (XYZ), USA. ABC obtains the purchase order from the final buyer and the goods are procured by you in India. You should ship the goods to XYZ at the port of New York after ABC receives the order from the final buyer. Triangle shipments are also known as foreign-to-foreign shipments or triangle trades. In a Triangle shipment, there are two Bills of Lading. The first one identifies both the original consignee and the true supplier. This second Bill of Lading is prepared for the goods to travel from the source (supplier) to the 3rd party, showing the original consignee as the supplier and the 3rd party as the consignee. The above information is a part of Digital Exim Online Training Course.