India might not be the richest or developed nation within the world. India has been conducting business with foreign territories since time out of mind through its abundant and well-supplied sea-routes. The country features a wide selection of import export statistics that have enormous demand in international markets.
With the advancements in logistics and transportation facilities, India’s foreign trade has picked up significantly contributing tons more to the economy than the previous days. International shipping in India is overseen by the customs department which levies duties on products that enter and leave the country for the aim of sale.
Free access to global import export data
Highly efficient global import export data facilities provide accessible services to people. Online filing necessary export declarations are supplied alongside a facility for checking its status. Updated directories of the import custom data are available to assist the users in urging all the relevant information.
You will need import export statistics of your country to ascertain which markets are presently buying products almost like yours. This will give a thought which markets are viable for you to focus on. Apart from checking the statistics from your own country, it would help if you also verified export statistics from several other states that manufacture and export similar products. After analyzing this information, choose a few markets for further assessment. This point you’ll need more thorough information on these markets.
Doing marketing research
Market research is imperative to spot the export potential of a product during a targeted country. There are two ways you’ll research your targeted market. You can identify the target market by conducting International marketing research activity which will offer you detailed knowledge of opportunities in the International market. It can confirm that a chance actually exists during a particular market and may assist you to know the market’s characteristics.
By getting first-hand information from the targeted market
This can be done by hiring a search company from the targeted market, participating in trade shows, contacting prospective customers, visiting the market personally, etc. Although, this method features a great advantage since you’ll get exact global import export data tailored to your needs. However, this might be very expensive and time consuming for many of the first time exporters.
Getting information from the import-export statistics and other sources
Thanks to the web, you’ll get most of the needed information from various online sources. This includes import export statistics, country profile, demography, and other market-related data, a list of prospective customers, etc. International trade business, the same as all other business requires months, sometimes even several years, to bring anticipated profit. Aggressive use of the web will help you achieve your goal with lesser investment and faster results.
The world has witnessed a series of events. On the one hand, some events promised more developments and expansion not only within the international trade but also in specific countries. On the opposite side, some occurrences may negatively impact or alter certain aspects of world trade, including the economy of the country specifically involved.