What are Import Export Strategies Importers and Exporters of India?by Amit Singh Import Globals
Import and export firms of India work on certain cutting-edge strategies for success in their Import Export business. Exporters focus on marketing their products to other countries instead of their own while the importers focus on purchasing the products from other countries instead of India.
As per the India Import Data Indian merchandise imports in the year 2020 were USD 41.99 billion as compared to USD 41.15 billion. This showed an increment of 2.05%. India is a net importer with a trade deficit of USD 14.75 billion as compared to trade deficit of USD 15.30 billion in 2020, registering a decline by 3.57%. India’s importing partners are China, United States, United Arab Emirates and Saudi Arabia. The top imports of the country are mineral fuels, electrical equipment, pearls, machinery, nuclear reactors and boilers.
Similarly as per the India Export Data the exports averaged 6.45 USD billion reaching all time high of 37.81%. The top export commodities are engineering goods, petroleum products, gems and jewellery, electronic goods. Exporting partners are United Arab Emirates, China, Singapore, and Saudi Arabia.
Here are the strategies followed by importers and exporters of India:
1. Pricing Strategies: Pricing strategies refers to changes in the prices of products that exporters and importers consider when selling and buying products in the international trade. Pricing strategies are useful for export advertising if you do not have many competitors in the target country. Types of pricing strategies include promotions, discounts, membership special pricing and bundle pricing.
2. Online Marketing: Online marketing is just as crucial today for export business as it is for domestic business. People all across the globe resort to digital marketing to rope in the target audience attention. It includes online adverts, websites and email marketing. Facebook and Google ads are some of the most common online marketing strategies and people in most countries have access to them. Online marketing is one of the best strategies for importers and exporters all across the globe to rope in their target audience.
3. Culture-Specific Marketing Plans: Research is important in both import and export business. It is advisable to research in detail about the offshore market before venturing in the import export business.
4. Effective Action Plan: A calculated and aggressive marketing strategy is important to import and export marketing. It is important for international business to define where it stands relative to potential markets and to clearly lay out its objective for them. A strategic action plan focuses marketing targets by collecting and analyzing important information accounting for restrictions and laying out the steps for an action approach.
Importers and exporters have their strategies to explore the international market. With appropriate action plan and analysis of the market both can work to enhance their business.
Created on Feb 7th 2022 07:22. Viewed 189 times.
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