Export Import Business is not new to mankind, it is indeed an ancient one. Countries all around the world have been in this Export Import Trade to gain an economic edge over others.
Even in historic times, with the volume of Indian trade and the range of commodities entering into the trading list, India was better compared to contemporary countries. Indian ports were busy and the Indian economy was richer in old times compared to the present times.
Before 1813, Indian export import included manufactured goods, articles of metal, and luxury products. This pattern of trade was replaced by the import of manufactured goods and the export of agricultural raw materials and food grains.
The trade statistics of the early years of the British East India Company are not available. However, some institutional changes did take place during this time period.
English, Dutch, French and Portuguese traders, and merchants majorly conducted trade in India. But the revolution in 1757 strengthened British supremacy and as a result of it, they monopolized trade in India.
During the outbreak of World War 1, the emergence of multilateral trade was observed. India’s foreign trade saw an economic rollercoaster during this time period.
After India won its independence, India’s trade fluctuated but because of supportive Indian trade policies, Indian exports grew.
The Government of India for the first time introduced the Indian Exim Policy on April I, 1992. In order to bring stability and continuity, the Export Import Policy was made for the duration of 5 years.
The need for Export Import Industry is high and due to widespread and acceptance of E-commerce, Export Import has become of more value.
To become an Exporter or an Importer, it is important to have technical knowledge instead of just having academic knowledge.
Mentioned below are some top skills one might require to become a successful Export Import Businessman.
- Finance and Budget Management
Financial stability is a must for any businessman and this holds true even for an Export Import Businessman.
Indian Budge is formed in such a way that it especially allows Indian Exporters and Importers to set goals and priorities for that financial year.
Finance management skill is valuable for export import traders working with small businesses since such organizations operate with a small budget. Hence, huge fluctuations from the plan of action more often than not prove to be harmful.
- Technological Support
The use of basic technology has become second nature to mankind unless a caveman finds his way in the 21st Century.
Some of the most important things technology has helped small businesses with are leveraging capital efficiently, improve customer service skills, cost-cutting by automation, online documentations, and global outreach.
Technology helped small and big businesses to reach out to the world and showcase their products.
- Understanding of International trade
Different countries are governed by different rules. Trade Compliance is the process of understanding the import export laws and regulations of a country and trade agreements it has signed.
These are the people who need to ensure that the employees are well aware of the country’s updated import export laws and regulations. The risk involved in the failure to understand these formalities may result in penalties, hold-ups, or soaring of relations with the customer country.
- Networking Skills
One of the key responsibilities of an export-import manager is communication with customers, freight forwarders, transport service providers, etc. Such relations must be maintained and nurtured.
An easy way to connect with customers is through Social Media. Most of these platforms allow easy access to create profiles and pages that can be used to interact with customers.
Nurturing these relations is advantageous. Firstly, it builds loyalty in customers, and secondly, service providers and government officials may be responsive in times of trouble.
- Analytical Skills
Data analysis helps small and medium businessmen to attract more customers. The business generates data and analysis of this data can give businesses a clear insight into customers’ behaviors and demands.
Exporters could gather this information and improve their services and gain higher levels of customer satisfaction.
- Accountability and adaptability
Taking responsibility or ownership for work, adaptability is defined as a person’s ability and willingness of a person to accept new ways of thinking and behavioral patterns.
Such a skill can prove to be very useful in the export import business as a person with well-adjusting nature is more accepted among customers than the one with a rigid or conservative attitude.
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