Is Export Business Profitable In India – Without a doubt, starting an import or export business increases your global reach and profits. In this blog, learn more about the top import and export business ideas, the products, and the steps involved.
As the world becomes more interconnected by the day, opportunities for exporters and a greater variety in terms of selection for customers and importers are increasing. We are no longer in an age where you are restricted to buying products within your region. Today, a customer shopping in Chicago, USA can place an order for a Made in India home furnishing product through e-commerce platforms.
Is Export Business Profitable In India
Therefore, starting an import export business certainly increases your reach and profits. However, it is important to analyze the market conditions, compliance, logistics and choose the right product to export from India. It is important to know what type of product should be exported, how much investment is required, along with other elements such as labor, procedures, permits, alliances, etc.
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With the increasing exports, there has been a significant improvement in the ease of doing export business in India, including paperless transactions and online documents. Apart from regular export products, Indian exporters are also selling more and more textiles, spices, Ayurveda and herbal beauty etc.
With an eCommerce export program like Amazon Global ing, access to setting up an online store, listing, and products for millions of customers has become easy and simple, providing more opportunities for global expansion.
Depending on your area of interest, available resources, and target market, you can select an export business idea. Here are some of the top import export business ideas in India:
India is one of the leading exporters of textiles and garments across the globe. Did you know that in July 2021, India’s exports of textiles made from cotton yarn, cloth and handloom products increased by 50.86%?
Import Export Business Ideas To Start In India
? India is known for its aesthetic prints, high-quality textiles, and a variety of products: formal, casual, athletic, ethnic, etc. Some of the major importing countries for Indian textiles are the European Union, the UK, the US, Japan, Canada, the United Arab Emirates and Singapore. The Government of India has also launched various Export Promotion Councils and schemes like WWEPC, AEPC and TEXPROCIL to support textile exporters.
? Just like clothing, even footwear has several segments such as formal wear, casual wear, sports wear, etc. The established value chain in the country can help you obtain products at competitive prices and place them in international markets without investing a considerable sum in manufacturing and establishing a business.
. The country produces about 75 of the 109 varieties listed by the International Organization for Standardization (ISO). From exporting turmeric to exporting cumin and cardamom, Indian traders are increasingly trading spices in international markets like the US, Canada, Australia, and the Middle East. You need to analyze the demand for various spices in popular markets and find a product that fits the market that works for your business. Post that, you can set up a spice export business in India.
. Various Geographical Indications (GI Labels) are given to Indian teas like Darjeeling tea, Kangra tea, Assam tea etc. India contributes about 10% of world tea exports and varieties such as Assam, Darjeeling and Nilgiri are considered among the best in the world. the world6. Many new companies, brands and ers from around the world have identified the popularity and demand and have been running a successful tea export business. Closer to home, Bala Sarda founded Vahdam Teas with the same passion for serving Indian chai to customers around the world. “By infusing innovative technology and removing unnecessary intermediaries from our sourcing process, we want to revolutionize the way the world drinks tea,” says the founder of the New Delhi-based brand.
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Gems and jewelry are strong contributors to India’s total exports. Contributing 12% to India’s exports, the gems and jewelry sector offers attractive growth opportunities for Indian exporters.
. India is known for its artistic creativity in jewelry designs and cuts all over the world. Due to its rich heritage and culture, the country boasts a diverse range of jewelry types that are popular in international markets such as kundan, copper, silver, gold, and ivory, among others. Did you know that India ranks first in cut and polished diamond and silver jewelry exports worldwide8? India exports gems and jewelry to popular markets like the US, United Arab Emirates, Belgium, Hong Kong, and Singapore, among others. You can select a segment based on available resources and set up a gem and jewelry export business in India.
Since leather is one of the fastest growing export industries in India, thousands of ers from the country are exporting leather products all over the world. From Tamil Nadu and Telangana to West Bengal and Jammu and Kashmir, leather products are manufactured and exported in large quantities from all over the country.
Identifying the growing leather exports, Hussain Gurana from Rajasthan started ‘A Jaald Store’, a leather export business from India and made his dreams come true. With elegant and compact leather products including handbags, suitcases, wallets and journals, this Indian brand is one of the champions of self-reliance and strong entrepreneurship. “The growth of A Jaald Store has been phenomenal and we continue to evolve as a leather brand. We are excited to explore several new markets in many more countries with Amazon Global ing in the future,” shares Hussain.
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India has established its presence as one of the world’s leading sporting goods exporters. Products like exercise equipment, inflatable balls, equipment for sports like boxing, cricket, and tennis are some of the major categories. Toys such as board games, educational toys or stuffed animals are some of the most demanded products in international markets. Did you know that India contributes INR 5,000-6,000 crores in global toy exports?
The handmade and artisan products from India are a favorite among customers all over the world. A variety of handicrafts such as carpentry, metalwork, ceramics, glassware, and textiles are exported from India. With a strong footing in markets like the US, UK, Canada, France, Italy, Germany and the United Arab Emirates, Indian exporters can make the most of this demand and establish their export business in home décor.
Starting an export business in India is quite simple. You can follow the steps below to start an export business in India: Step 1: Register your business
As an e-commerce export program, Amazon Globaling enables Indian ers and MSMEs to bring their products from India to international markets in more than 200 countries and territories in an easy and seamless manner. Without having to set up a physical store or warehouse abroad, Amazon’s simple registration process and hassle-free fulfillment support help you reach global customers. This is the export procedure for ing through electronic commerce:
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First, you need to register your export business with Amazon Global ing. It does not have to be an existing Amazon India er. Registration can be done online at er Central in 15 minutes. You will need the following documents to register:
Once you have successfully registered globally with Amazon, you can list your products. Remember to follow the tips on how to list your products and include attractive images and descriptions that are clear to international customers. You can also seek help from external service providers.
Once a customer places an order, you can choose to do the delivery yourself or you can opt for Fulfillment by Amazon (FBA). Under FBA, Amazon handles shipping, delivery, returns, and customer concerns. Once a customer purchases your product, Amazon credits their bank account in the currency of their choice.
Yes, it is profitable to start an export business in India. You can choose an import/export business idea and establish your brand in international markets with Amazon Global ing.
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You can start your own export business in a few easy steps. Register your business, get PAN, IEC, open a current bank account and set up your product manufacturing or sourcing mechanism. Post this, you can register with Amazon Global ing and export your products internationally without a huge investment.
Various products like textiles, tea, coffee, spices, jewelry, toys, leather, Ayurveda and beauty are in demand for exports from India.
To start an export business in India, IEC, AD code, Importer of Record (IoR) and GST are required. Along with these, the document requirements may also depend on the category of the product, the country of destination, and the mode of international shipping.
The major products that contribute to India’s exports include engineering products, gems and jewelry, footwear, garments, spices, and other raw materials.
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