Export Import trade and its balance means a lot to a country’s economy. It is often wished by a country’s government that the Export of the nation is higher than its import. This is because when more Export deals are made, a country’s economy is boosted and when more Import deals are made money flows out of the country.
The product of export can also make a huge difference to a country’s economy. For example, an exporter chooses to export a product that is easily available but its value in the international market is less and hence earns less in return.
Such exports make a minute difference in the economy of the country. Hence selection of product for export is a tricky business. A proper understanding of the product and the need for that product in the international market places is required.
Saffron is one such product that is always high in demand in national and international markets. Saffron is considered one of the costliest and rarest of the spices.
The data provided on the export analysis shows that there are almost 65 countries and territories, which actively import Saffron from India.
Let’s take a look at the top 5 countries where Saffron is Exported in maximum quantities from India:
UAE – 544 Cr INR
USA – 738 Cr INR
Australia – 583 Cr INR
Nepal – 512 Cr INR
Canada – 290 Cr INR
These 5 countries import saffron in maximum quantities from India. Other spices are also in demand from India but saffron is exported more because of its antioxidant properties.
It is due to saffron’s rare ability as a spice that it is exported more and at high prices. There are only 15 registered Exporters of saffron in Jammu and Kashmir. This count is comparatively very less.
A virtual promotional event was scheduled for November at the Consulate General of India in New York, in association with JKPTO and the US-India Strategic Partnership Forum to promote the export of saffron.
So people around the world are in need of saffron and India has emerged as a good nurturer of Saffron.
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To achieve success is to first put in a lot of efforts, do hard work, hustle. Once the upward climb is made the path is easier and manageable. Export Import Trade is no different as it too requires dedication and offers a luxurious lifestyle!
The Exim Industry is filled with challenges and opportunities, take up the challenge, work towards it and convert that challenge into an opportunity to succeed. To rule the Exim industry, there are certain vital steps one must not overlook.
The first and one of the most important criteria is to find and finalize an export product. This one decision to export the product with the highest potential to succeed in international markets will make or break your dream of being a successful exporter.
So let’s get started with first selecting the best export product.
There are many ways to select an export product. You need to select a product that is trendy and has a high potential to make good sales in international markets. Also, make sure the product is sellable in more than one international market places.
Selecting an international place is also an important step. If you select a fancy product and imagine the market has no demand for it! You most certainly don’t want that to happen. So a proper market study is needed. You can only export goods that are in demand in a particular market.
India has been an exporting hub since ancient times, hence an Indian exporter has many options when it comes down to product and market selection. Here’s a list of the products that are never out of trend, to export from India.
Petroleum products:
The maximum amount of profit India makes by exporting is from Petroleum products. India exports huge amounts of Petroleum products to more than 25 countries. In the fiscal year 2020, the export value for petroleum products from India amounted to over 2.9 trillion INR. Although this amount is reduced in comparison to the previous year.
Here’s a list of Petroleum products that are exported the most:
Fuel Oil.
High Sulphur Gas oil.
Naphtha.
Packed Bitumen.
Food grade Hexane.
Gems and Jewellery:
India exports an enormous amount of gems and jewellery to the world. India Diamonds are famous and in demand all around the globe. There are many Indian diamond traders all over India and they can all choose to export 25% of their stock to gain international currency.
India also exports Natural and Cultured pearls in huge quantities. 26k USD worth of Pearls was exported in the year 2019. The local gems and jewellery sellers do have a high-profit margin, this is raised when international money is involved.
Exporting Gems and Jewellery from India can prove highly beneficial to your Export Trade.
Textile:
Indian textile is rich in quality and craft and hence in huge demand in international markets. India’s largest competition in exporting textile to the world is China. India Exported 40 Million USD worth of Textile to the world.
Indian Handicraft textile is also of great value in the international markets. The craft is appreciated and valued all over the world. The making price is nominal since the labour in India is cheap. Hence a huge profit can be earned by properly planning to export Indian textile.
Since the export product is selected and target markets are also assigned, let’s head towards some of the characteristics you must cultivate to inflate the Exim industry with your successful products.
Update yourself:
If you wish to export but still have the traditional mindset, it will not work! This stands true because to export you need to do advanced business planning and accept the new technologies to help your business grow.
Keep yourself updated with the latest technologies and figure out which ones can help you with your business expansion.
New Sales techniques are being updated every day, keep yourself informed of them. Not everything can be of use, but if your know everything related, you can differentiate which will help and which will not.
Digital Marketing:
Digital Marketing is the key! No matter what the business is, it will not attract customers until it reaches out to them. The best way to reach out these days is through Digital Marketing.
Social media presence is one of the most important parts of Digital Marketing. The easiest way to reach out to the world audience is through social media! Social media today holds the power to make someone or to break someone! Use this incredible power to give your business an edge.
Hire digital marketing experts to guide you through international waters and increase your international sales, ultimately. Follow the most suitable Digital Marketing strategy for increased sales of your product.
Keep your GOAL in Plain sight:
Many times it happens that you are so busy with being your best self and performing well that you forget the aim of all the efforts you put in.
No matter what happens, no matter how busy you get, always remember to remember your goal. It is the only driving force of your business. Without the goal in your sight, you can easily go astray.
Always know why you are doing what you are doing. Keep in mind that the efforts you put into your day’s work will lead you closer to your ultimate goal.
All the above-mentioned efforts and strategies can make you a success in the Exim industry. You just need to stay focused and know how to steer your business to the roads of success!
The Export Import trade is a business of understanding the international markets and providing the international audience with trendy stuff. Strategic planning can go a long way than traditional marketing.
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