Month: November 2002

Everyone knows the fact that local products are best, but it’s a fact that it costs more than the Chinese products we all have been using since ages. But slowly the trend is changing each passing day. Import export course online can help you in the better understanding of the financial factors of our today’s blog topic.  From the past 2-3 years ‘’being vocal for local’’ is trending all over India. It’s a sign of a good change.  Indians are showing their anger by boycotting and banning Chinese products. It’s not possible to cut down all the imports from China in a single go as it may cause inflation. Most of the things we use in our daily life are exported from China like drugs, phones, electronics, toys, lights etc. The process should be slow. But for that India has to make the alternatives and start manufacturing products at low costs. Though India Has slowly boycotted many Chinese products but should continue the export to China to earn more revenue and to balance the trade. China’s exports to India accounts for only 2 per cent of the total exports whereas India exports to China accounts for 8 per cent of the total exports.

China India Trade-

China is India’s largest trade partner. India and China trade was $87.07 billion in 2018-19. In which India import from China was $70.32 while India export to China was only $16.75.

Why Chinese products are cheaper than Indian-

• It is because the cost of production in China is low as compared to India.
• The manufacturing sector in China gets a subsidy from the government which reduces the cost of production.

 Confederation of All India Traders (CAIT) had stated that there would be a drastic reduction this year in the goods worth Rs 40k crore that are imported from China during Diwali.  Around Rs 70,000 crore business is done in India every year during the Diwali season but for the first time in decades, India is heading towards a China free Diwali. It set to change the trend as the idea has finally turned for good. This has encouraged Indians to buy local products. Even our PM Modi also encourages everyone to go ‘vocal for local’ during the festival season.

Here is the list of Top Imports of India from China-

• Electrical, electronic equipment
• Machinery, boilers
• Organic chemicals
• Plastic
• Optical and Medical apparatus
• Toys
• Lightings
• Fertilizers
• Parts of computer
• Cars and motorcycles parts

Slowly the Indian manufactures are replacing Chinese products without many glitches in the market. Consumers around the country have started to understand that Chinese goods are cheaper but have no durability. Digital Exim provides export import online classes, 6 month consultancy, and life time help desk. Attend a live doubt solving session with our trade managers. To make a better career in export import business join our training program and we will help you be an entrepreneur or getting a job you love. Join Digital Exim import export course in Ahmedabad and get solutions to any problem related to export import. Get expert guidance in India China trade. Do give us a visit! 

Expanding Your Export Import Should be your main vision. Through International Market Selection you can easily meet the potential of your business. This is what every exporter or importer seeks for!! Therefore, market selection for an export import business is essentially ‘vital’. So, let’s take an international Market selection ride through this blog. 

“The new reality is that sales and marketing are continuously and increasingly integrated. Marketing needs to know more about sales, sales needs to know more about marketing, and we all need to know more about our customers.” 

– Jill Rowley

The Base 

Firstly, exporting should be done to the best market. Otherwise, there will be no relevant growth. This includes factors like; Geographical, Economical, Political, Legal, Demographic other marketing characteristics. Market selection for export import is no different. Though the strategies might set differently. In simple words, a group of techniques used to gather information in order to choose the target market. 

Domestic Market & International Market Selection 

Domestic Market Research: This means, Targeting the Market within the country. In tough competition times, the domestic market may give you lesser revenue. This does not mean the end of the world. Neither International Market Selection gives the guarantee nor domestic. It’s all about your product & most importantly your process. Comparatively, domestic market selection is quite limited.  

International Market Selection: Before giving the clear definition i must say that profit margins are high here. The competition too is not much as domestic market selection. International Market Research can also be acquired both through Internet & other mediums. 

Major Parameters To Be Noted During Market Selection

Overcoming Trade Barriers: Different countries, different rules & regulations. In International market selection, you must keep in mind all the factors. Starting From Trustworthy Network to competitors. Through Advanced Global Market research, we can actually overcome various trade barriers, some are mentioned below:

1) Trust Issue

2) Policies

3) Competition 

4) Transportation

5) Other Risks

Market competition and cultures: Who are the competitors? Where do they stand in the market? What are their strategies? What culture does the market flow with? So, these are some most impactful points for export import market selections. Also, there are two types for International Market Selection, internet * offline. Both mediums are impactful that are quite necessary especially in current time. 

local legal & Law of new market: In International market research, we ought to come across some legal stuff as well. New market, new country would lead to new legal laws & regulations. It includes, Standard & consumer protection rules, labelling standards, duties & taxes. So, this helps in protecting your export import deal at a very significant level. Without following laws & regulations, there is no successful trade deal. So, that’s why, International market selection has a variety of parameters in it. 

Economic Indicator & balancing: It helps the government in creating monetary policies. This helps in interpreting current or future investment policies. Want to judge the health of a country’s economy? Economic indicator is the right choice then. This will help you to really understand the potential of International market selection. You can invest in the right market. So that you would have good revenue as well. 

Scrutinize Physical Infrastructure: Researching the physical infrastructure!! It is helpful for your product’s future directly or indirectly. This will give you a keen light on the lifestyle of consumers. So, this is what counts in an International Market research parameter as well. 

Demand of export products in that market: Demand, you heard that? The most important thing for International market research. Through proper detailed research you can easily find the demand in the right market. Also, it’s quite vital to go with the exact market as no errors are accepted here. 

All about local competitors: In stressing much In International Market Research you must not forget about the local competitors. Hence, domestic local export market selection does have a special significance. 

Product price range and variations: If you really think about huge profit from your export, you ought to research price. Different markets have different price variations. But, Variations guaranteed!! Also, you ought to be with the trend & relevant price range knowledge. 

Conclusion: 

Every product has some market. Without proper market selection, things will remain messy. To avoid mess in future, every exporter ought to go through proper market selection. That’s one of the most crucial steps. So, call on 9505506333 for A to Z export import trade guidance. Digital Exim’s pillar is always standing strong in the field of export import.