Author: digitalexim

India has been engrossed in Export Import Trade since ancient times. In the year 2019, India exported goods worth $324.25 billion USD, to the world. Such heavy Bilateral trade makes India one of the fastest-growing economies in the world.

Indian businesses have flourished worldwide and Indian businessmen are recognized all around the world. Many goods and services are exported from India for many years.

India exports a gamut of, both, goods and services to the world. The most commonly exported goods are as follows: (The following data is true as of 2019)

1. Mineral fuels including oil: US$44.1 billion (13.7% of total exports)
2. Gems, precious metals: $36.7 billion (11.4%)
3. Machinery including computers: $21.2 billion (6.6%)
4. Organic chemicals: $18.3 billion (5.7%)
5. Vehicles: $17.2 billion (5.3%)
6. Pharmaceuticals: $16.1 billion (5%)
7. Electrical machinery, equipment: $14.7 billion (4.5%)
8. Iron, steel: $9.7 billion (3%)
9. Clothing, accessories (not knit or crochet): $8.6 billion (2.7%)
10. Knit or crochet clothing, accessories: $7.9 billion (2.5%)

Lets now get straight to the steps you need to follow to find a Perfect Export Product:

• Find the Right Product:

Finding the right product is really the key to successful export. But selecting the right product is not as simple as it might look. There are many thighs to consider before you go ahead and finalize the product for export.

To select any product for export it is important to verify that the product is available in the local market both easily and abundantly.

The product you choose must be unique in a way that it creates hype in the minds of buyers all around the world. In short, the product must be trendy and fresh in the market not old fashioned or something in which very few people are interested.

Once you find a product that is easily available and trendy in the market, your first step is completed! 

• Market Selection

Since you have already selected and finalized a product for export. Now it’s time to do some research about all the international markets where you could export your product.

Here it is important that you select a product that is in demand in more than one international market places.

It is also important to know the demand for your product in that market is not temporary. Knowing the political and geographical aspects of the target market also helps better selecting an export product.

• Adaptability:

A product with huge demand in one market may not be needed at all in another. The reason for it may be anything like, physical condition, functional requirements, culture, tastes, skills and the level of development of that region. 

For a product to be successful in more than one international market places, is that the product must be able to suitably change according to the demand of the market. Such a change in design, colour, packaging etc is called Product Adaptability.

• Growth Aspects:

Analyse the growth aspects of your business. You may be exporting a product to a particular region and earning a good sum. But exporting the same product to a different, or more receptive market may yield you more returns in the future.

Opposite to this situation may also take place where the importing country might not need the product or they may start producing the product and hence no longer require you to export that product.

Under such circumstances, it becomes important that you understand the requirement of the situation and increase or decrease the flow of your exporting product.

Will your product be able to withstand these changes? Will your product help support your exporting business? 

Answer to such questions becomes necessary when expanding your business to global levels.

• Product Profitability

As a businessman, the choice of product should be such that its potential must be financially rewarding. Identify the economic source of the product, arrange to stock the same at the lowest price possible and ensure that your target audience is willing to pay the export price.

A good way would be to check the graph of the product in various international market places over a time period. Figure out if it is susceptible to seasons of periodic trends. 

Predict all the expanses related to the product such as cost, logistics, taxes, duties. Also, calculate the profit against the sale price.

• Trade Regulations:

Every market place is governed by its own unique regulations. It is important to be well aware of the rules and regulations of the country where your export product is going to end up. 

While finding out the target market also try to look for rules your product will fall under. Make sure that your export product is not on the wrong side of the rules of that country. Find out the taxes and the heavy-duty the importing country is going to pay for your export product.

Knowing the target market’s trade relations with India, the exporting country can prove to be helpful.

• Competition:

It is very difficult to deliver such a product in international market places where the export product faces no competition. Unless your product is unique there is a high chance that your product will face tough competition.

Under such circumstances, the USP of your product must be its quality and durability or must be available at a cheaper price than the competitor, or some combination of the above-mentioned reasons. 

Usually, a proper marketing strategy will take care of the situation but customizing your product is always a beneficial way.

All these factors will help you make a proper decision about the export product you want to select. It is very important that you select a product that will determine your long-lasting stability in international markets.

• BONUS:

Make sure to promote your product as a unique product, even if the uniqueness is a small part of it.  

Try to choose universal products. Products that are needed all around the world have a better chance at establishing a stable Export Business.

• Warnings:

Avoid exaggeration about the quality of the product and try to be as honest as possible about the product.

Keep in mind the standard of quality. The standard for quality in exporting country may not be the same in importing country.

This brings us to the end of this conversation. Have you enjoyed reading out Blog? Share your views in the comments.

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Indian Export Import Policy is filled with guidelines & Instructions related to the export import of goods. New Exim Policy covers the year From 2015 To 2020. The Government of India extended the existing Foreign Trade policy Due To the Pandemic. 

Let’s read more about every detail. 

“Some people dream of success, while others get up every morning and make it happen.”

–  Wayne Huizenga

The Government gives an update on exim policy every five years. All the updates & modifications in the existing policy gets implemented from the 1st of April of every respective year. The modifications & changes of exim policy are commonly announced by the union minister of commerce & industry & directorate general of foreign trade.

Objectives of export-import policy in India:

1) To help with the growth of both exports & imports.

2) To give essential intermediates, components, raw materials & capital goods schemes required for production & services. 

3) To advance & encourage the agricultural sector. Also, to generate employment opportunities & improve the quality standard. 

4) To provide clients with a sound quality of goods & services internationally at super competitive rates. 

Salient features of the new Indian export-import policy:

>> The Government of India has identified many new export products through various mediums which include agricultural  to marine products. 

>> Special Economic Zones were being established to encourage exports. One of the major objectives of SEZ is to provide a suitable atmosphere for exports. 

>> No more restrictions! The restrictions have been reduced as compared to the previous exim policies. This gives a boosted encouragement to all the exporters. 

>> Import Licenses process was being removed from major items. 

>> The Rupee was being made partly convertible. Sounds cool!

>> Overall, the new Indian export-import policy has very significant & systematic features on it’s bucket list. 

Importance of New Exim Policy in India

Any Policies made for a better future always sound cool. Here, the new Indian Export Import Policy is something very crucial. See, policies are being made to control & encourage with a particular objective in it. Also coming to India’s new exim Policy, focuses on various objectives. 

>> It boosts ‘Make In India Project.

>> It reduces export obligations for domestic procurement.

>> Forthcoming e-Governance initiatives 

>> Duty exemption

>> Quality Complaints & Trade Disputes 

>> Higher Level of Rewards 

>> New initiatives For EOUs, EHTPs & STPs 

>> Online inter-ministerial consultations 

>> Additional Ports allowed for export import 

Key Advise 

Many opportunities in the export-import business should never be missed as a trader. 

Conclusion:

Export-Import is but a land full of opportunities. There is no stopping once you begin. Also on the other hand frauds too happen. To save them from such scams & to Guide each & every step towards their successful trade, digital exim is always there. The Banner of Digital Exim is Always high in the Export Import Industry no matter how many challenges come, we are never defeated! Call on 9505506333 to join Today! 

Terms like these are generally found in sale contracts of exporters and importer, a shipping company that transports cargo, and other related documents. Join import-export consultancy services and learn more about shipping & logistics.  For Example- It is unlikely that your overseas buyer will be able to pick up your shipment at the discharge port. In every country, there are customs-controlled cargo freight stations. Once the cargo arrives at the discharge port, it can be moved to your nearest freight station and you can complete the import customs requirements there. When specifying the delivery place with the supplier, make sure to specify it in the contract.  In other words, the carrier picks up the freight amount and de-stuffs the cargo at the spot of delivery, where the customs department functions. These arrangements are usually made by rail or road movement.  The ‘Port of Discharge’ is the destination port of a vessel or flight for discharging goods.  Importers may complete customs procedures at ports of discharge once the cargo has been unloaded, or they may arrange for the cargo to be transported to the nearest freight station where customs offices are located. Your carrier may arrange to transport your cargo to the location by rail or by road.  Did you like our article? Do share your feedback and experience.   The above information is a part of the Digital Exim Online Training Course.   

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India is a land surrounded by oceans in the peninsular regions. This makes up a majority of the land’s surface. Export-import trade relies a lot on a continuous flow of the supply chain, which stands true for most businesses. A warehouse is a key factor to keep the supply chain effective!

Let’s first see what is a warehouse. So if we go by the definition, a warehouse is a large building where raw materials or manufactured goods may be stored before their distribution for sale. 

About a decade ago, the term “warehouse” would conjure images of dusty godowns – buildings of an undefined shape located in the outer limits of cities, structures with no more than 4 walls, stacked haphazardly with inventory from floor to ceiling. Fast forward to 2020, and warehousing is not only a highly sought-after sub-set of the commercial real estate asset class but is also a pivotal part of India’s logistics sector.

However, there are still many warehouses that are old and dingy in which goods can neither be stored properly nor be secured adequately. It is estimated that India will draw a whopping $10 billion investment through the warehousing and logistics industry in the coming years, thereby, fostering the demand for smart assets.

With India running towards the development of new technology and efficient management processes, warehouses are not untouched. Companies like Amazon are managing warehouses very effectively and it is a lesson every conventional warehouse owner must learn.

For any supply chain to work properly it becomes inevitable that the warehouses are in good shape and the goods stored there are safe and secured.

Here’s a list of Smart Warehouse features that if implanted properly will exponentially increase the efficiency of the supply chain.

• Automatic Gate management:

A contactless Gate management system can track not only the vehicles passing to and for but also the visitors and employees through mobility apps. Applications can also be developed that can provide one-stop access and billing requests, electricity and water consumption, among many other features.

• Introduction of Robotics and Virtual AI Tours:

The introduction of Robotics and automation could prove to be next-generation work for industrial and logistics across India. This will help companies who want to start operations in India to make their business decisions significantly faster and thereby go to market faster.

Automation will help clients reduce their operating costs and optimise their inventory and workforce, thereby gaining a competitive advantage in their industry.

A virtual tour gives a 360-degree view of the park and will provide a real-time experience of the warehouses. In this current situation, this Virtual tour may prove to be beneficial for the safety of the working staff and other visitors.

• Keeping pandemic guidelines in mind:

The new Warehouse system should provide ready infrastructure to achieve the required operational facilities. From implementing contactless visitor management systems to security cabins equipped with temperature guns for daily screening, and features that ensure elevator buttons are pushed without contact and foot-operated hand-wash set-up. 

It must be assured that both the employees and visitors are safe along with the goods stored there.

To include these smart and futuristic features in the warehouse, an overall warehouse management system must also be formulated.

Given that, we bring to you three exceptional warehousing technologies that are constructively shaping the warehousing sector of India and are sure to beget even more fruitful results shortly. 

• Warehouse Management System:

A consolidated software that smartly manages every critical process of a warehouse cover to cover, a WMS provides the members of the supply chain with a detailed working view besides prominent real-time data.

 A much-needed contrivance, it perfectly enhances the autonomous processes, delivering advantages like real-time access that improves discernibility, precise demand projecting, competent labour division, simplified internal processes, inventory and pick exactitude, and great supplier and customer associations among many others.

• Inventory Control System:

From automatically tracking huge shipments to ensuring stringent quality control, an autonomous Inventory Control System is a must-have for the rapidly growing warehousing sector.

 A lot of warehouses still rely on pen and paper to figure out their inventory logging. Not only are these manual processes highly susceptible to errors but also cumbersome. Inventory Control Systems, on the other hand, include software and hardware that automatically manage the process of tracking inventory.

 Based on the advanced wireless barcode technology, these systems function in real time and facilitate tracking of orders and shipments in a warehouse. It also enables systematized order processing and provides the most accurate reports that can be conveniently retrieved anywhere, anytime.

• IoT Implementation:

The Internet of Things (IoT) is taking the world by storm and rightfully so. To meet the growing requisites, the Indian warehousing sector is gradually shifting to IoT. 

Levelling up inventory management in a warehouse, IoT not only implements drones to foster productivity by reducing risks but also leverages automated guided vehicles that do not require any human interference.

 Moreover, with advanced blockchain technology facilitated by IoT, inventory managers can have the required discernibility and make the most pre-emptive decisions as well as predict demand-based data logs.

Other benefits of IoT-facilitated technologies include accurate measurement of conditions like temperature and moisture (using sensors), enhanced protection and reduction in the events of theft and forgery synchronisation of data for easy accessibility, improved labour planning and many more.

The past decade has witnessed logistics and supply chain management assume the role of a profit driver instead of an ‘overhead cost’. Therefore, many businesses such as e-commerce and manufacturing etc. have started outsourcing a major portion of their operations to warehousing companies. 

This has further increased the demand for a more systematic approach expedited by smart technologies. Cloud-based management services besides mechanised equipment assisted by IoT can no longer be considered discretionary. 

With growing demand, supply chain management transparency has become indispensable and can be achieved by employing automated systems that are flexible and contribute tremendously to the dynamic supply chain, without losing on the client-focused, service approach.

With enhanced exposure in the global market, large-scale domestic and international investments and advanced technological innovation, the future of warehousing and the supply chain are all set to witness the best in emerging technologies.

All this can be done if only the willingness and technology are established and maintained. 

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