Benefits of exporting items from India
India is famous for its culture and traditions. This includes the culture of trade as well. Yes, trading has been a part of India since ancient times. And it is a huge business today too. It is not easy to export internationally. As it involves more than one country, the laws require many licences and permissions to trade. An IEC or Import Export code is needed for any company/ firm to carry out international trade, be it import or export.
India is the leading exporter of diamonds, jewellery, and refined petroleum. In the case of diamonds, India was the only source until 1896. Thus, it has been the most important country for a long time. Jewellery is another vital export coming from India. It is exported to many countries like the USA, UK, France, Australia, etc. These countries have a very high demand for jewellery, making them essential importers of India. All the three items mentioned above are costly in themselves. As India exports them in large quantities, these exports drastically support India’s economy.
Food items like fruits, cereals, spices etc., that are exported from India are of comparatively low cost individually. Still, they are shipped in large quantities as their demand is high in the international market. Fruits like Apples, Bananas Mangoes, and Pomegranates are considered the most excellent quality in India, making their demand even higher. These are perishable items and thus should be shipped and delivered as soon as possible. India is the largest exporter of spices too. Special services are offered for this purpose. As this is a food-related trade, quality checks like FSSAI (Food Safety and Standard Authority of India) are integral to the business process. This is the same case with cereals, juices, fruit pulps, spices etc. India is famous for its high-quality products, especially food and precious stones.
India is famous for its high-quality products, especially food and precious stones. The top countries to import items from India include the United States (17.9% of the global total), China (6.9%), United Arab Emirates (6.5%), Hong Kong (3.5%), Singapore (3%), Bangladesh (2.9%), United Kingdom (2.8%), Germany (also 2.8%), Netherlands (2.3%), Malaysia (2.2%), Saudi Arabia (also 2.2%) and Nepal (2.1%) in 2020. These international exports contribute largely towards the growth of GDP and thus the economy of India. It is very beneficial to small and big companies to extend their local business to the international market.
Also read: Understanding The Export culture of India.
