INTRODUCTION

Trade has been around for ages. A significant aspect of the human experience has been the import and export of products. A nation produces exports to sell on international marketplaces. On the other hand, imports are any goods that are carried into one nation from another. In a more modern setting, we can now buy practically anything from anywhere in the world.

FLOW CHART-IMPORT EXPORT-TLS

TOP IDEAS OF IMPORT-EXPORT BUSINESS

  • Clothing 
  • Leather products
  • Spices
  • Handicrafts
  • Heavy machinery 
  • Coal 
  • Footwear
  • Custom broker
  • Custom warehousing
  • Chemicals
  • Raw ingredients
  • Textiles
  • Pharmaceuticals
  • Jewellery
  • Petroleum products
  • Cosmetics

HOW TO START AN IMPORT EXPORT BUSINESS

  • Establishing an organisation
  •  Opening a bank account
  • Obtaining permanent account number(PAN)
  • Obtaining importer-exporter code(IEC)
  •  Registration cum membership certificate(RCMC)
  •  Selection of a product
  • Selection of a market
  • Finding buyer
  •  Pricing/costing
  • Negotiation with buyer
  • Covering risk through Export Credit Guarantee Corporation Ltd.(ECGC)
IMPORT- EXPORT BUSINESS-TLS

WHAT DOCUMENTS DO I NEED TO IMPORT-EXPORT BUSINESS

Import Documents:

  • Bill of Lading
  • Packing list
  • Commercial invoice
  • Certificate of inspection
  • Certification of origi
  • Bills of exchange
  • Airway Bill
  • Letter of credit
  • Customs bond
  • Import licence

Export Documents:

  • Pro forma invoice

  • Export packing list

  • Air waybill
  • Bill of lading
  • Certification of origin
  • Certification of conformity
  • Export licence
  • Shipping instruction
  • Insurance Declaration
  • Shipping order
  • Mate’s receipt

TYPES OF IMPORT AND EXPORT BUSINESS

EXPORT TRADING COMPANY

Export-oriented businesses receive support from export trading corporations (ETCs).

Export trade associations also handle the legal ramifications of exporting a variety of goods.

Additionally, export trading companies find local companies that can export goods to foreign buyers in need of those goods

EXPORT MANAGEMENT COMPANY

A privately held company that serves as an export department for several non-competing suppliers and manufacturers is known as an export management business.

In addition, the EMC may designate sales agents in importing countries, promote its clients’ goods and services, plan shipping, provide warranties and post-purchase assistance, and offer import credit.

Additionally, EMC offers services to export-oriented businesses. They handle all aspects of the export business’s operations, including locating buyers and suppliers, organizing logistics, and more.

IMPORT/EXPORT AGENT

In the import-export industry, brokers and agents help importers and exporters prepare the necessary documentation for imports and exports. Additionally, clients may gain from their help in connecting with foreign companies.

An agent provides fewer services and does not assume ownership of the goods, in contrast to a distributor. The agent’s primary goals are to receive orders and get paid for his services.

PROCEDURES OF IMPORT EXPORT BUSINESS

IMPORT PROCEDURES

  • SETTING MARKET OBJECTIVE
  • SOURCING PRODUCT
  • TRADE REGULATIONS
  •  MAKING CONTACTS
  •  SETTLING QUOTATION AND TERMS
  •  FINANCING THE PURCHASE
  •  SALES CONTRACT
  •  PREPARING PAYMENT AND INSURANCE
  •  ACQUIRING GOODS
  •  CUSTOMS CLEARANCE

EXPORT PROCEDURES

  •  MARKET RESEARCH AND SETTING OBJECTIVES OF DISTRIBUTION
  •  TRADE REGULATION
  •  MAKING CONTACT 
  • QUOTATION AND TERMS
  • SALES CONTRACTS
  •  CONTRACT EXECUTION
  •  CUSTOM CLEARANCE
  • GETTING PAID
PROCEDURES OF IE BUSINESS

WHAT IS AN IMPORT-EXPORT LICENCE

In this age of intense competition, everyone wants to take their business outside of their native market. These days, doing business globally is easier because of technological advancements like the internet. However, before taking your business global, you have to follow a lot of guidelines and get all the required permits and registrations. Authorization for the import or export of an Import Export Code (IEC) is one of these prerequisites if you’re considering importing into or exporting from India. It is often referred to as the Importer-Exporter Code.

CONCLUSION

In summary, the import-export industry is essential to the global economy because it makes cross-border trade in commodities and services possible. Countries may acquire a wide range of products, promote economic progress, and create job opportunities through this dynamic trade activity. But managing the intricacies of global trade necessitates paying close attention to laws, consumer patterns, and logistical issues. Effective supply chain management, smart alliances, and thorough market research are frequently essential to success in this sector. 



FAQ'S

  • Petroleum products
  • Jewellery 
  • Automobile
  • Machinery
  • Bio-chemicals
  • Pharmaceuticals 
  • Cereals
  • Iron and steel
  • Textile
  • Electronics
  1. Analyze The Market’s Viability
  2. Get a Business Pan Card
  3. Register Your Business
  4. Get a Business Bank Account
  5. Obtain an Import-Export Code (IEC)
  6. Select the Product You Want to Export
  7. Identify Buyers For Your Products
  8. Establish Your Financial Projections

Unless specifically exempted, a person/entity cannot export or import without obtaining an IEC. IEC is not required for the export of services unless the service provider is benefiting from the Foreign Trade Policy.
Obtaining an Import Export Code (IEC) is a prerequisite for anyone wishing to begin an import/export firm in the nation.