Tag: Export import training

Import Export Business Ideas are always fruitful if they are implemented well. With great ideas comes great responsibilities. So welcome to this detailed Blog of 30 Small Business Export Ideas For a year which is filled with tons of twists in the export import world, 2021. Import Export Business in India has been a strong pillar of Economic stability during this pandemic. When many big and small businesses couldn’t survive to see the daylights, Export Import Trade survived and thrived!  

 “No Matter What People Tell You, Words And Ideas Can Change The World.” 

– Robin Williams1) Car Parts Exports: First thing first, exporting cars parts & tools to other countries is a worthy thing.   2)  Activated Carbon from Coconut Shell Export: India is one of the largest coconut producing countries. Grab the opportunity of exporting activated carbon.   3) Aluminium Export: Basically aluminium Export is something that works both in import & export though the documentation stuff consumes quite more time for the first time exporters Still Aluminium Exports are good products for Export.    4) Vehicle Export: India is one of the largest Two-wheelers Internationally. So among live import export business ideas, vehicle exports stand out to be one of the best export ideas.    5) Diamonds Exports: India is known for Exporting Finished Diamonds.    6) Rice Exports: In 2020, India’s growth in exporting non-basmati rice has significantly increased. So count this product as well in import export business ideas.   7) Coffee Exports: India exports 70% coffee and the remaining 30% gets consumed domestically. So, export coffee after having the last sip of it.  8) Pulses & Cereals exports: India is not one of the most but the largest cereal exporters of cereals products.   9) Copper Exports: Though India imports double the exports still this is not a bad idea for exporting.   10) Fabric & Cotton Yarn Export: Countries like Japan, China, the USA, Italy, Taiwan, Bangladesh etc are major importing countries for yarns. So this is a great export import idea, grab it up.  11) Woolen Yarn & Fabric Exports: India is rocking in the exporting woollen Yarn & Fabric exports with sound global production. So put this one as well in the bag of export import business ideas   12) Tobacco Exports: India Exports tobacco to around 100 countries. Sounds wide, isn’t it?    13) Textile Exports: Though China is the largest textile exporter globally still India is popular too in textile exports.    14) Tea Exports: First coffee & now Tea, this is India, India has a significant share in the International Tea Market. So, keep this up in your export import business ideas.    15) Edible Vegetable Export:  India exports tons of Edible Vegetable oils every year.    16) Essential Oil Export: In the long run, essential oil export can be considered in the bucket of your export import ideas.   17) Fertilizer Export: Urea is one of the main fertilizer that India Exports.   18) Export of Flowers: India majorly exports roses, tuberoses, gladioli, anthurium, carnations & marigolds. So rose up your export business with flowers.   19) Guar Exports: About 90% of processed guar is exported to other countries. So in terms of Growth, this is one of the best export import ideas.   

20) Jewellery Exports: The Scope in jewellery exports is also good & you can go start doing it with the help of GJEPC.   21) Leather Item Export:  Here too, China is the largest exporter but still in terms of leather items Export, India still has a wide scope.   22) Meat & Processed Meat Export: India Exports around 13,43,000+ tons of meat, most of them are of buffalo.    23) Exports of Milk & Milk Products export: India, the largest milk Producing Country. UAE, Singapore & Nepal are one of the major importing countries of Milk from India.   24) Waxes & Mineral Fuels Exports: Waxes & Mineral Fuels are the trending & boosting in Export Import World. Keep this up in your bag of export import business ideas.   25) Rubber Exports: See, Rubber Board is the authority to issue RCMC. Especially natural rubbers can be considered in your wallet of export import business ideas.   26) Oil Seeds Exports: Indian Oilseeds and Produce Export Promotion Council (IOPEPC) promotes Oil Seeds Exports. Also, there are various sources that help in boosting Oil Seeds exports.    27) Organic Food Exports: The Demand for organic food products is high as it does not include any chemicals. Things are natural here. So stop thinking more & go with Organic food exports.    28) Petroleum Product Exports: India mainly exports fuel oil, diesel, petrol, lubricants & naphtha to other countries. So those who are much interested in this field can surely go with exporting it.    29) Plastic Export:  The Plastics Export Promotion Council (PLEXCONCIL) are the pillars for plastic export.   30) Your own Export Product:

Your Own Export Product means a product that has not been launched in the market till now. Your original product will just grab the attention of the market because of your ideas. 

Conclusion: The export-import business ideas naturally help the country’s economy as well. Above export, ideas are strongly impactful and written after detailed research from various export import sources respectively. Not only Export but Imports are also helpful for a Nation. Some of the high demand import products in India have proved to be trendsetters! Although import reduces the economy of the importing country, it is equally needed! Join Our Hands For Ultimate Advance & Practical Export Import Guidance. Digital Exim, the land of total Practical Guidance Directly by Experts. So Why Think More about giving a kick start to your Dreams of becoming an International Businessman. Call on 9898724798 to explore now!

India’s import-export industry is expanding quickly; despite the epidemic, it has advanced. Due to the numerous procedures they must go through, business owners or anyone else entering the import-export industry may feel overwhelmed. Therefore, several academies in India are providing import-export practical training courses to help students become more aware of the industry. Some of you might have a conceptual thought in mind for your import-export company but lack the necessary practical experience to put it into practice. You could be perplexed as to which of the many pieces of information supplied in offline mode is intended to be more accurate based on the data related to the import-export company. Let’s find out in this blog about the aspects of the best Import Export Course in Ahmedabad –  

Practical

Many online courses on export-import may have theoretical content, conceptual syllabuses, and themes like import-export legal documentation, export marketing, import marketing, logistics, and economics with more information. These ideas are sound, but you also need to comprehend their logic, which can only be developed by practical application. Assignments and hands-on lessons in the export-import practical training course will teach students what concrete steps need to be taken.  

Cover prominent topics

An import-export business certificate programme would be helpful if you are new to the industry and are keen to learn more about it, but you must be certain of the subjects covered in it. This can include but is not limited to –

• The fundamentals of legal documentation
• What goods are available for export and import from your nation?
• What nations you must conduct your import-export business with? 
• Which products are in great demand and profitable for the company? 
• What are the tax rates for various products in other countries?
• Which product has the potential to be more profitable?
• Local and international trade regulations
• Ways to interact with suppliers and buyers

Available online

The import-export online courses must also be taught with examples from the real world, but sharing other people’s real-world experiences can further make an effect. These professional entrepreneurs seminars do not necessarily have regular sessions but rather happen twice a week with any export import online training programme. You can learn a lot as a student by absorbing the business knowledge of entrepreneurs with expertise in the import-export industry. You will gain an understanding of various viewpoints, working methods, and insights into the import-export industry thanks to the shared experience.

Concluding

Information abounds in Import Export Business. Online and offline methods are both helpful, but studying and comprehending the business with real-world applications benefits you. There are numerous import-export business certificate programmes on the market, but to choose the finest one, look for the programme that offers more real-world application

India has been engrossed in Export Import Trade since ancient times. Establishing an export-import trade requires knowledge in many aspects and one of the most important aspects of exporting trade is, getting the export goods or raw materials at the lowest price possible and making maximum returns out of it. Today there are many Export Import Consultancies in India that provide guidance to aspiring exporters and lead them on the way to success. In this blog, we are going to discuss some of the best ways to look for a local supplier and finalize the same. To select and later finalize a local supplier you first need to make sure of a few things:

1 Local Exhibition and Trade Fair-

To find local and genuine suppliers an exporter must visit local exhibitions and trade fairs. Here you can get numbers of suppliers of different products and you get many options to go with one.

2 Visit to Direct Factory-

When you have selected the product and now for finalizing the supplier visit the factory of the supplier. You will get a clear idea of how big the godown/factory is and the quantity of goods they produce. Does it has a systemic work culture or not?

3 Visit to Direct Market-

It is one of the best ways to find suppliers by visiting to direct market. Like if you want to export clothes visit to cloth market, or whatever you want to export visit a market specifically dedicated to that product. There you will get big suppliers and manufacturers. There you will also get a variety of products and different ideas.

4  Personal Visits to Suppliers-

Most importantly visit the supplier personally. Visit him in a coffee shop, or restaurant but the best place to meet him will be this factory. Build trust with the supplier then only he/she will support you.

5 Contact Friends or Relatives-

It is a must-do part in finding a supplier. Contact your friends and relatives and build a strong connection. They can help you with supplier finding. Maybe they know someone who supplies the product or their friends know any supplier. You have to make a strong network. You will also get new products and ideas from them.

 6 Association Directory-

There are different associations for different products like the jewellery association it gives a directory that has a list of genuine members. If you want agriculture business, the agriculture association has a list of suppliers and members. Likewise, each product has its association.

7 Find from Google-

It is one of the simplest ways of finding a buyer. You just have to google it get the list of suppliers call each one of them and have a clear conversation with them.  

Let’s now discuss how you can select a local supplier and what must be the criteria-

• Value for money:

If you are a start-up, a key consideration in choosing a supplier may be affordability. However, cheap suppliers don’t always represent the best value for money. If you want reliability and quality from your suppliers, you’ll have to decide how much you’re willing to pay for your supplies. It is important to strike a balance between cost, reliability, quality, and service. 

• Maximum Delivery Capacity:

One of the most important factors here will be if the local supplier is physically capable of meeting your delivery requirements. You don’t want to select a supplier that could have difficulty meeting the required volume due to capacity constraints or conflicts with the scheduling of other jobs. A simple ratio of current output to capacity can provide a valuable indication of this ability. Another way to analyze the supplier’s capability is to check that the supplier can properly schedule orders and keep track of current production operations to meet their customer’s commitments. Be able to benchmark all these criteria through the customer references the supplier provides.

• Speed of Delivery and Understanding:

Being able to place frequent, small orders lets you avoid tying up too much working capital in stock. Flexible suppliers help you respond quickly to changing customer demands and sudden emergencies. If you want to cut down the time it takes you to serve your customers, suppliers that offer you a quick delivery service will rate higher than those that compete on other factors – for example, on price alone. Understanding between your supplier and you play an important role in a successful trade. A rare delay or a rare late payment is something both parties must understand and accept.

• Service and Communication:

Try to run a background check on the supplier’s history. This can help you decide if the services provided by the supplier is what he claims to be or just a facade! Try to evaluate the supplier on his ability to manage his most difficult clients. Communication is important in ensuring a good working relationship with your supplier. From the initial briefing, through continual feedback and routine meetings, your supplier should communicate openly and regularly. You need your suppliers to deliver on time or to be honest and give you plenty of warning if they can’t.

• Financial Analysis:

The financial stability of the supplier is also an important aspect because it directly affects your decision of whether to choose the supplier or not. Recently, financial performance analysis has become increasingly important among most CEOs and CFOs. Financial analysis helps to assess overall supply base risk factors and is often required in order to meet audit compliance requirements. Financial ratios help select and qualify suppliers on the basis of their financial strength, leverage and competitive advantage. To properly evaluate individual financial ratios, it is crucial that they are viewed with respect to the historical performance of the supplier or the ratios of similar firms in the industry. It’s also a good idea to periodically view financial trends. These criteria help you make a proper decision. You can follow all these criteria or choose a best-suited combination on these criteria, whatever works best for you or can go for export and import training for better understanding. Give us a visit to know about the export import Industry.     

You might think it’s easy to figure out the right price to sell your export product at, right? However, setting your export pricing could be one of the most challenging – and crucial – decisions you take when you begin your export business. Get yourself connected with import export course online and understand how you can fix the price of your product.   When you are selling something in your own country, setting a price isn’t as difficult, but selling in another country requires a lot more thought and consideration.  You also need to set a price that helps you stand out from your competitors. Market prices do not necessarily reflect the true value of your product.   There are multiple factors to consider when determining final prices for a product, including manufacturing cost, compliance, packaging, the cost of competitors, importing countries’ tariffs, and supply chain and logistics. As you will bear all these costs until they are passed on to the buyer, you will have to add these up.  In the case of a more competitive price, handling repeat orders can be a major issue if you’re new and not prepared. On the other hand, you can leverage the situation by offering a range of products.   

Here are some of the Pricing Strategies that are followed:  

1 Market Driven Pricing-  

You utilize this strategy when you need to keep your product’s price flexible and responsive to such factors as demand, supply, inflation, etc. This is especially beneficial for commodities found in stable and established markets. Yet, one must be careful to not expose a product to too much market volatility as this can lead to price instability. 

2 Skimming Pricing-  

In skimming pricing, you raise your price to recover initial costs and make high profits, then decrease it to increase market share. Commodities in established markets benefit from this model, while customers in new markets might not be as eager to pay high prices at first. 

3 Penetration Pricing- 

This is a practice of charging a low price to gain a place in the market and eliminate competition. It is particularly effective for items of mass consumption that are commonly utilized. 

4 Marginal Cost Pricing- 

Exporters should use marginal cost pricing when they consider only direct and variable costs when establishing prices. It is possible to adopt marginal cost pricing if you are not planning to recover fixed costs from sales and shipments, but this will mean a longer breakeven and profit cycle.   

5 Competition Based Pricing- 

As a variant of market-based pricing, it is useful in markets with price leaders. Under this model, followers fix their prices to match the leaders. It is relatively straightforward, but you are threatened by sudden changes to the leader’s price. 

6 Pre- Emptive Pricing-  

Pricing pre-emptively may mean setting your price lower than the cost of the product, with the expectation that market dominance will result in profits over time. It is a high-risk strategy, but if correctly managed, it can lead to market dominance and virtual monopolies. 

Conclusion- 

To stand out, it is important to add something special to your product that is not available anywhere else. You need to study the market to understand the competition.  Import-export business training in Hindi will explain to you the pricing strategies in detail and Digital Exim can help you start or grow your business in just 60 days.   Join our free webinar to learn more about export.  https://chat.whatsapp.com/Bqz4SWH55nSGtKj3GnJAC8 Do give us a visit 

As the name suggests, export financing involves providing funding to exporters to enable them to participate in the global marketplace. It is a cash flow solution that helps exporters meet their production and other global transactional needs, including working capital. Connect with import export training in Ahmedabad for better understanding.   In addition to benefiting the customer, export finance is also beneficial to the country itself, as it generates important foreign exchange earnings for it.  Export financing reduces the risk that the importers will default on their payments to exporters, as well as minimize the gap between manufacturers and overseas suppliers.  A wide range of sources of export finance may be available to exporters to facilitate their capital needs. It is up to you to choose the source of credit that will meet your needs while also fitting into your firm’s long-term financing strategy.  Here in this import export blog, we have discussed different types of export finances.  

Types of Export Finance: 

1 Pre- Shipment Finance-  

This type of export finance is provided to exporters for the purchase of raw materials and transformation into finished goods. In other words, it is provided to exporters when they need funds before shipments of products and goods are received.     

export finance from his bank against the export order received from the importer. Once the exporter receives funds from the overseas buyer, the packing credit is adjusted accordingly. 

2 Post Shipment Finance- 

An exporter receives export finance when his products are shipped, and an invoice is raised by the importer for payment, but this process may take a minimum of three to six months, and the exporter will have to secure working capital to fulfil orders during this period.   Export bills are presented by exporters to their banks for this purpose after they export goods. Banks can purchase or collect the bills or even discount the bills. 

3 Finance Against Collection of Bills- 

Exporters who are shipping goods to other countries may apply to the bank for a loan against those bills sent for collection. The bank will usually offer to finance the export bills, which in turn will be repaid by guaranteeing companies in case the exporter defaults.    

4 Discounting Letter of Credit- 

As LCs have security from the issuing bank regarding making payments, exporters can also apply for the loan against them. 

5 Government Subsidies and Allowance- 

Subsidies provided by the government help exporters sell goods at a lower price to importers.   Example- An exporter is awarded cash compensatory support by the government when their expenditures increase due to factors beyond their control, such as an increase in labour costs or transportation costs. 

Conclusion-  

Don’t take out more credit than you can afford to repay because defaults can negatively impact your credit for future loans. Be aware of the foreign exchange rate and terms and don’t take out more credit than you can afford to repay.  If you are also interested in export import business than join our import export management course.   Interested people can also join our live webinar. Click the link below to attend webinar.   https://chat.whatsapp.com/Bqz4SWH55nSGtKj3GnJAC8Do give us a visit to start your international business!

Transportation of goods from the point of origin to the place of consumption to meet customer requirements is referred to as logistics. There are several areas of specialization within logistics, and one of them is shipping. Additionally, logistics includes warehousing, packaging, and material handling. Online import export course will help you understand the terms and how to find the right one for you.   To minimize costs and improve operations for businesses, logistics involves both the integration of these smaller areas and their management.  Logistics involves transporting the right product to the right customer, at the right time and place, in the right quantity, in the right condition, and at the right cost. 

Types of Logistics 

1 Inbound Logistics- 

This refers to the inner logistics errands and exercises that have to be completed by organizations to continue operating. As the name implies, inbound logistics describes the strategic tasks of organizations that operate in the Upstream sector.   

2 Outbound Logistics- 

The outbound logistics service constitutes the errands and activities involved with transporting the item to the final recipient. A player that works moderately downstream usually faces such strategic obligations, and they are the last party to arrive in the supply chain. 

3 Reverse Logistics-  

Receiving goods that have been returned by a customer. The reverse logistics process involves activities that take place after a product has been sold to recover its value and end its lifecycle. In most cases, it involves returning the item to the manufacturer or merchant or sending it on for overhauling, repair, or reusing. 

4 Third Party Logistics- 

The logistics function includes all parts of the supply chain that are concerned with planning, managing, and controlling the flow of merchandise and services to meet customer needs.  Using third-party logistics implies outsourcing logistics services to a third-party company. For entrepreneurs, third-party logistics can be a mistake.    

5 Fourth Party Logistics- 

Fourth-party logistics providers are third-party logistics providers who provide organizations with supply chain solutions by handling resources, innovation, technology, infrastructure, and even managing external third-party logistics providers. 

6 Distribution Logistics-  

Distributive logistics refers to the organization of errands, control, and safety procedures relating to the flow of information and goods between manufacturing companies and their customers. Market and production are connected through distribution logistics (also called transportation logistics or sales logistics).  

Conclusion-  

Logistics is broadly alluded to as the most common way of moving things or products like foods, materials, heavy equipment, etc to the ideal destination. Logistics plays a major role in any international business. When you export any product overseas, it is very important to have the right logistic partner as many times the products get damaged during transit.   To learn more about logistics and their importance join our export-import consultancy services and start your exports in just 60 days.   You can also attend our live webinar and get expert guidance on why you should start an import export business of your own. Click the link listed below to join our webinar.  https://chat.whatsapp.com/Bqz4SWH55nSGtKj3GnJAC8 Do visit our website for more information.  

Packaging credit is nothing but a pre-shipment loan given to exporters at a low interest rate in order to boost exports. It is one of the most commonly used trade finance tools by international exporters. Import-export training classes will help you better understanding international business and its different terms.    Obtaining packing credit is a government policy to encourage exporters to earn foreign currency, which strengthens the financial status of a country. It is given by authorized banks by the Reserve Bank of India.  Packaging credit is pre-shipment financing offered by banks for acquiring raw materials and arranging goods ready for shipment. Banks provide packing credits along with raw materials or finished goods in some cases.  It is a separate form of credit given to exporters unrelated to any other loan granted by the bank.  When the overseas buyer sends the shipment amount, the packing credit amount will be adjusted by the bank to close the loan for the export order.  Exporters have to approach their bank with their export order to obtain packing credit. Bank officials visit the exporter’s factory and assess the value of the goods with the export order.  What are your thoughts about this article about packing credit to exporters? This information is a part of our export-import online classes.    

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The words vessel arrival and vessel berthing are used a lot in export-import business. Learn export import online and start your business with us.   An exporter sends a ship to the port of destination, but even after customs clearance the ship is not berthed. This is called ‘the vessel not berthed’.  The term berth can be used to refer to a specific location in a port where vessels may be moored for the purpose of loading and unloading. Berths are assigned by the port authority or harbourmaster.  Having a vessel arrive at port does not mean that the vessel is berthing at port to unload its cargo. There are many docks for the vessel to berth on, but if none are available, the vessel waits outside the docks.   Once a vessel has arrived at a dock to unload cargo, we can call it vessel berthed.  So, in simplest words reaching to port is vessel arriving and the process of reaching dock and unloading is vessel berthing.  Arriving vessels may have to wait long periods to get berthed in a port if there is more congestion. Once the vessel is berthed, the cargo will be unloaded on the docks.  Have you figured out what is vessel arrival and vessel berthing? Join our online import export course and know more. Comment below your thoughts on this article.   

For More Knowledge Read Our Article On-

How Does Packing Credit Work In The Export Business? Different Export Finance That Helps In Business GrowthWhat is Drop Shipping And Why Is It Important? An explanation of the House Bill of Lading A Quick Guide to Different Payment Methods in International BusinessA comparison of BAF and CAF Do Airway Bills Serve As Documents Of Title?Difference Between High Sea Sale and ImportsWhat does a Line Number in IGM mean?   What is IHC- Inland Haulage Charges? FIRC In Export And Import Business Documentation of High Sea Sales What is Triangular Shipment ?What Is E-Commerce Under GST?  What Is Port Of Discharge And Place Of DeliveryDifferent Types of Export Containers What is FCL in Export Import? Steps to Become Successful in Trade for Start-ups What is Mother Vessel and Feeder Vessel  What is co-loading? What is ICD? 

What is SWOT Analysis and Why it is Important for Business?

Role of Indian Embassy in Export ImportWhat is Registration Cum Membership Certificate? What is DGFT and Its Role? What is Bill of Exchange? What is a Letter of Credit? 

What is Bill of Lading? 

What is High Sea Sales?  What Does DGFT Grant to Indian Importers & Exporters?

Watch Our YouTube Videos On- https://www.youtube.com/watch?v=d1BnIZqbTowhttps://www.youtube.com/watch?v=ZdkoaoYszxIhttps://www.youtube.com/watch?v=47K1YcfBmFMhttps://www.youtube.com/watch?v=iZEYAkiUZwkhttps://www.youtube.com/watch?v=x013EKVaxlw

Outbound logistics refers to the processes of collecting, storing, and distributing goods to customers. A customer sales order begins the outbound logistics process, followed by warehouse packing to finish with product delivery. Export-import course online will help you to understand logistics and its process.   The process of moving and storing products after they have left the production line, for the final customer.  Planning and implementing the transport of goods from a manufacturing facility to a business buyer or consumer is outbound logistics.  A business should choose the right distribution channels, maintain a logical inventory stocking system, and optimize delivery options for outbound logistics to run smoothly.  In the case of outbound shipping, Focal Distribution helps select a carrier and arrange for pick-up of materials that are being delivered off-campus by a basic transporter.  In addition, outbound logistics systems help to redirect potential errors and provide the option to navigate back so that errors may be fixed. 

How does it work:  

During the outbound logistics process, a company goes through multiple stages. Initially, the sales department receives a purchase order from a customer and checks inventory availability to make sure they can fulfill that order.  Next, the sales department sends the customer’s order to the warehouse, where it will be picked and packed. The order will be shipped and the warehouse clerk will update the inventory levels. The business will bill the customer and eventually retrieve cash payment.  Efficient outbound logistics management reduces delivery expenses and increases the productivity of an organization’s customer relationship management process.  Did you enjoy our article about Outbound Logistics? The information provided above is part of our Online Export Import Training course.   

For More Knowledge Read Our Article On-

How Does Packing Credit Work In The Export Business? Different Export Finance That Helps In Business GrowthWhat is Drop Shipping And Why Is It Important? An explanation of the House Bill of Lading A Quick Guide to Different Payment Methods in International BusinessA comparison of BAF and CAF Do Airway Bills Serve As Documents Of Title? Difference Between High Sea Sale and ImportsWhat does a Line Number in IGM mean?   What is IHC- Inland Haulage Charges? FIRC In Export And Import Business Documentation of High Sea Sales What is Triangular Shipment? What Is E-Commerce Under GST?  What Is the Port Of Discharge And Place Of DeliveryDifferent Types of Export Containers What is FCL in Export Import? Steps to Become Successful in Trade for Start-ups What is a Mother Vessel and Feeder Vessel  What is co-loading? What is ICD? 

What is SWOT Analysis and Why it is Important for Business?

Role of Indian Embassy in Export ImportWhat is Registration Cum Membership Certificate? What is DGFT and Its Role? What is a Bill of Exchange? What is a Letter of Credit? 

What is a Bill of Lading? 

What is High Sea Sales?  What Does DGFT Grant to Indian Importers & Exporters?

Watch Our YouTube Videos On-

https://www.youtube.com/watch?v=d1BnIZqbTowhttps://www.youtube.com/watch?v=ZdkoaoYszxIhttps://www.youtube.com/watch?v=47K1YcfBmFMhttps://www.youtube.com/watch?v=iZEYAkiUZwk

During transportation from the port of dispatch to the point of destination, goods may get damaged, causing the exporter financial loss. To protect himself, the exporter may purchase an insurance policy to cover physical damage to the goods.  It is important to know that the term Marine Insurance is used for goods shipped by sea. Cargo Insurance is used when goods are shipped by air. However, both terms are interchangeable, as both define the same thing. To know more about it join our import export training course.  Two main reasons for insurance are legal and commercial. The legal liability of the intermediaries is limited. Clearing and forwarding agents, carriers, port authorities and customs authorities are examples of intermediaries who handle goods at various stages.  Damages caused by circumstances beyond their control or losses caused despite as a result of reasonable care taken by them are not covered by their liability policy.  A sea shipment is subject to a limit of 100 pounds per package at present and a shipment by air is subject to a limit of $16 per kilogram at present, which is modified from time to time. An amount of compensation of this kind does not cover the total loss sustained by the exporter.  The banks also insist on coverage of insurance when they make post-shipment financing.   Insurance is required even for commercial reasons. When goods are damaged, importers may refuse to accept the bill of exchange, in case of D/A bills. When loss occurs, it may not only affect the shipment of goods, but also profit.  Did you enjoy our article? Do share your experience in the comment section. The information provided above is part of our Online Export Import Training course.    

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What Do You Mean By Outbound Logistic 

Vessel Arrival vs. Vessel Berthing In Export-Import Trade 

How Does Packing Credit Work In The Export Business? Different Export Finance That Helps In Business GrowthWhat is Drop Shipping And Why Is It Important? An explanation of the House Bill of Lading A Quick Guide to Different Payment Methods in International BusinessA comparison of BAF and CAF Do Airway Bills Serve As Documents Of Title?Difference Between High Sea Sale and ImportsWhat does a Line Number in IGM mean?   What is IHC- Inland Haulage Charges? FIRC In Export And Import Business Documentation of High Sea Sales What is Triangular Shipment ?What Is E-Commerce Under GST?  What Is Port Of Discharge And Place Of DeliveryDifferent Types of Export Containers What is FCL in Export Import? Steps to Become Successful in Trade for Start-ups What is Mother Vessel and Feeder Vessel  What is co-loading? What is ICD? 

What is SWOT Analysis and Why it is Important for Business?

Role of Indian Embassy in Export ImportWhat is Registration Cum Membership Certificate? What is DGFT and Its Role? What is Bill of Exchange? What is a Letter of Credit? 

What is Bill of Lading? 

What is High Sea Sales?  What Does DGFT Grant to Indian Importers & Exporters?

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