The world has entered into a New Financial Year and with this begins a journey to mark the world. This year serves as a perfect opportunity for both, established businessmen and aspiring individuals to start their International Business. Export Import trade here poses an excellent chance to raise your business standards exponentially. Life brings about its own difficulties and challenges and the same holds in a business but a true businessman is the one who is not shaken by difficulties and converts challenges into opportunities. This year, 2021 is looking better in terms of business opportunities. In the first three months of this year, India saw an increase in export of 17.27 per cent. This marks the beginning of new trade opportunities for Indian exporters in the International market. Moreover, the economic policies not only supports export but also aims to increase export more than the predicted value. Let’s take a look at the reasons why it’s a good idea to start an export business or to expand your domestic business to international trade.
- Pandemic:
Last year, the pandemic hit the world badly and its effects are still lingering. People are still affected by a second or a third wave of this devastating pandemic. Due to this reason, many people in many countries are facing an inadequate supply of goods.
World leaders are looking out for resources and towards the countries that can supply these resources, both quickly and abundantly. China had been a huge support in dumping goods up until now, but ever since the inception, spread and persistent stay of this pandemic, world diplomats have turned to look for an alternative. India proved effective in this regard and so the world is looking up to India to fulfil their need for goods. With the easy availability of goods and cheap labour, India has largely fulfilled the need. This presents a wonderful opportunity for Indian exporters to finally start dumping huge amounts of goods in the international market places. Indian Agri products, pharma products, spices, clothes, mineral oil & fuel, etc are in great demand.
- Policies Promoting Export:
In this year’s budget announcement, the Government of India laid out provisions of bulk clearance of export goods from India. This is a huge step in favour of Indian exporters, further promoting Indian export.
The government is promoting international exhibitions and is making arrangements to host many of them. The Director of Commercial Intelligence takes care of publicity through various social media platforms. Many Export Promotion Councils helps Indian exporters getting information about the export product’s price, quality, marketing, packaging etc. The government has set up various Boards for a huge number of products, thus allowing them proper guidance and information.
- Digital World:
For many, travelling restrictions may pose a disadvantage but for exporters, it is an apparent advantage. One may counterargue that due to these travel restrictions, it has become more difficult to find buyers across the world now.
This argument stands short in a world that is growing digital with every passing second. There are a number of successful Indian exporters who haven’t visited a single international market yet stands tall at their place. Social media have taken the world by storm and so it is imperative that in this modern world the power of social media is used to its full potential, especially in the field of export import.
- Unemployment:
Apart from getting infected by the Covid virus, the second most adverse effect this pandemic has had on mankind is unemployment.
Many people around the world have lost their jobs because of the Covid situation. The unemployment rate was high as it in India but after this pandemic, it has only increased. Starting a business means the individual’s dependency on others for money is decreased. In a country like India, anyone can anything and earn a decent livelihood. Online marketing, social media marketing or digital marketing has made it easy to approach a wider audience and so it becomes difficult to waver a determined person to not achieve success in business. Being in export import trade can be risky but with smart work and favourable economic policies, the government has made it easier to do international business.
- Investment:
Every business needs a primary investment and so does an Export business. But if you choose your product wisely, you can cut down some of your cost.
Products that are readily available and in huge quantities in the local market are the ideal candidate for export trade. Documentation may cost you good but definitely not a fortune. Once you play your moves right and get that first payment from an international buyer, the road is easier ahead.
- Affiliations:
Getting an international affiliation can make thing easy for an export businessman. A brand of trust, the one which is in business for more than a decade is a brand that has build trust.
When such a brand is affiliated with a new business, the customers are drawn to the new business too, based on the brand value of the previous one. This can prove to be a good tactic for export trade. Investment done in getting affiliated with such big names can cost you but the results are assured and you can make it up for that by earning huge by your export trade. These are some of the major reasons it is well encouraged to start and/or expand your business to international market places. It is in times of crisis that the true character of a man shines. No time is a bad time to start a business so when life presents with opportunities as such one must grab them and make full use of them. We have more blogs on export import consultancy services, you may click the link below to access them. https://digitalexim.com/blog/ If you feel inspired to get to know us, click the link below.
