Take an Advantage of Indian Custom Data to Expand Your Global Trade

Synopsis on India’s International Trade:

Even though India is said to be a developing nation, it is one of the foremost economies when it comes to international trade and business. India has been welcoming international trade with liberation policies of 1991 and it has been conducting trade with foreign countries through its well supplied and abundant sea routes. Moreover, the country also has a wide gamut of services and goods which are in great demand in global markets. India’s international trade has developed significantly with the enhancements in transportation facilities and thereby contributing a lot to the economy than earlier days. In India, international shipping is overseen by custom department that charges duties on products are imported and exported from the country with the intension of sale.

Information Included in Indian Custom Data:

Indian custom data provides extensive information about the goods exported and imported to and from the country. This data is available in excel sheets in hard copies or online databases that provide information such as name of the product imported into the country, name of the exporter, HS code, port of destination, port of origin, quantity of the products, etc. In India, there are 12 major ports along with 185 minor and transitional ports which are located across sea routes. As a trader, you can get custom data for every good which is exported or imported from foreign countries from these ports.

Importing and Exporting Products of Indian Trade:

In India, foreign trade transactions are usually regulated and controlled by Director General of foreign trade. If you want to export or import goods from the country you need to get approval from the Director General. The prominence of India, being one of the most important import and export trade destinations adds credit to its Director General of Foreign trade. India’s foreign trade consists of pharmaceuticals products, garments, transport equipments, textiles and machinery. India is also one of the major importers of plastics, electronic gadgets and crude oil. On the other hand, India is well known for its exporting products such as knowledge services and software solutions that support the country’s economy to a considerable account.

Indian custom data is piled up in such a way that local traders can have a vast idea about the products which are imported and exported from the nation. With a steady decrease in the imports made by the country recently because of recession in the global economy, there is a serious impact in the payment balance of the country. Hence India is largely concentrating on imports from different countries all over the world. Indian custom data can be obtained from custom officials or from firms which supply this data. Of course, it takes a lot of time to get Indian custom data from authorizes that from obtaining it from export firms.