The Key Benefits of Import Export Data for Global Trade

Importing or exporting products into the international market is not an easy endeavor. Especially new entrepreneurs who want to explore business in global trade. They do require a lot of information about the taste, trend, demand, and culture of the desired country. 

There is a smart way to access this information, 'Import Export Data' developed by the different sales channels. 

You can search for many service providers who deliver trade reports. 

Indeed, importing brings excitement to the local economy and makes it possible to develop new products locally. On the other hand, exporting goods enhances the local economy and helps domestic businesses raise sales and revenue. 

Both imports and exports bring job opportunities to the local economy. 

Now, you can understand how Import-export plays a vital role in the development of the nation. Developing countries totally depend on international exports to stay afloat.

Read More- Major Ports in India for import-export goods

It is worth mentioning that, India exports almost 7500 products and services to about 190 countries as well as imports approximately 6000 commodities from 140 countries. 

What are the customs export-import data?

The customs data will give you a clear understanding of the product list that is exported or imported like Mineral fuels, Gems, precious metals, Electrical machinery, equipment, computers, mobile accessories, etc. 

The databases contain shipping details of imported-exported goods or commodities like product description, HS code ( tariff code used in custom clearance), brand, category, importer-exporter name, net weight, costs, quantity, etc.  

It will help you to perform better, continue to grow your business, and increase the profits earned. 

There are numerous reasons for using Import Export Data to enter the global market.

Also Read- What is the Importance of HS codes in the Global Market?

Choose The Right Products

This is a very difficult and crucial question when you start exporting. The global trade reports will provide information on which products are in high demand as well as you can compare the prices in different countries.

Find The Overseas Buyers

Really, finding new and genuine buyers in the international market is the biggest challenge. Once you have manufactured the products and it is ready for shipping, your main concern would be to find genuine buyers for your products and how to approach them.

The business data report helps you to Identify a reliable buyer's demand that will enhance your business profits.

Understand the Client's Needs

Without knowing the buyer's needs, you should not push your services. You will run the risk of accepting a client and realizing that their needs don’t actually align with your services, causing you both to lose valuable time and money. 

Customs reports are a better option for research, expertise, and planning that help to identify the customer's actual needs.

Best Quality Products

Sometimes it is quite challenging to procure goods that are not available in your region. In this case, it would be better to find a better source where you can get a high-quality product, even if that means importing out of the country.

Each country has particular strengths when it comes to exports. When possible, it’s the best way to get the product from the highest quality source. 

Increase Your Business Sales

Utilizing Import Export Data, you will be able to know who your best customers are, what they buy, and when they buy it. This will help to make strategies for boosting profitability, selling more to existing profitable customers, and finding similar customers to sell to. 

The trade database will give you in-depth information about the desired country and it brings valuable insight into your export drive.

Reducing Costs

As an importer, you will always want to reduce your margin cost. Sometimes imported raw materials from the international market are much cheaper than those procured from the local market.

Increase Your Product Quantity

Once you have developed trust and rapport with an international buyer, you can increase your order quantity. Bulk ordering reduces costs associated with repeated transactions including payment, shipping, and customs charges. 

You can also offer advance payment or other favorable terms to make the deal equally beneficial for the buyer. It may increase your likelihood of securing a better deal.

Expansion of Your Business

Once you have established a business in the domestic market, you should indulge in the international market. An especially SMEs should extend their business in the global trade market collaboration. 

It brings new trade ideas that will give the option to trade multiple products. There is less investment required in exporting goods compare to other modes of international trade.

Option to Choose The Desired Country

The database will provide you information about the products that are in sustainable demand in each country. Select a product that is universal and which increases your market profits. 

You should ensure the quality of the products because a customer assumption is critical in exports.

Streamline Your Business Processes

Customs trade data help to focus on the areas of your business that you want to improve or compare to others. You can improve through research techniques, such as informal conversations with customers, employees, or suppliers, focus groups, marketing research, quantitative research, surveys, and questionnaires.

Reduce Risk and Fraud

Reducing risk in every business is the biggest challenge. Going alone in global markets might be risky. The importer-exporter database provides partnerships and joint ventures that help you increase security in establishing successfully in a new or expanded market. 

Proper knowledge and guidance that avoid major commercial risks.

Set a Business Goal

The customs database helps you set a goal, provides a better way to evaluate business practices and creates strategies to reduce business barriers in the import and export market. The trade data can help you minimize risk and maximize profit.

Conclusion

The Import Export Data will help you understand commodity demand and supply, the percentage of growth, and market share, and find new suppliers for your products across the globe. It is one of the simplest paths comprising the global export market. 

It does not require a huge investment in terms of time and money. It is less risky when compared with other ways of entering the international market.

That's all! I hope the blog has helped you.

Major Ports In India For Import Export Goods

A customs port is a place within the harbor for loading/unloading cargo or taking care of the ship’s requirements. All exports or imports are being executed using these ports. Various seaports around the world are required when you enter international markets.

Indian Ports Association

The Indian Ports Association (IPA) is a trade association that represents India's major ports. It was founded in 1966 and is based in New Delhi. The IPA is a self-governing organization of the Government of India's Ministry of Shipping. Its main goal is to promote the interests of the Indian port sector and to facilitate cooperation and coordination among ports. The IPA provides a forum for ports to share their experiences and best practices, as well as to engage with government and other stakeholders on topics of mutual interest. The IPA also works to develop the Indian port sector and offers its members training and capacity-building opportunities.

There are currently thirteen Major Ports in India, 12 ports that handle cargo and container traffic. These are operated by the government of India and, Ennore Port is one of the major ports of India located in Tamil Nadu state. There are also Kakinada Port, private Krishnapatnam Port, and Mundra Port.

I will list down some major Indian ports that will enhance your knowledge and experience entering the international market.

1. Mumbai Port

2. Kandla Port

3. Chennai Port

4. Jawaharlal Nehru Port

5. Kolkata Port

6. Paradip Port

7. Visakhapatnam Port

8. Cochin Port

9. Tuticorin Port

10. New Mangalore Port

11. Ennore Port

12. Mormugao Port

These seaports are vital to India's foreign trade and contribute significantly to the country's economy.

1. Kandla Port (INIXY6)

Kandla Port, also known as the Kandla Port Trust, is a major port in the Indian state of Gujarat. It is one of Western India's largest ports and a major centre for the import and export of goods such as petroleum, chemicals, textiles, and grain. Kandla Port's port code is INIXY6. It was one of the first ports to be built on India's western coast after independence, and it has since grown to become an important centre for trade and commerce in the region.

2. Nhava Sheva (INNSA)

Nhava Sheva Port, also known as Jawaharlal Nehru Port, is a major port in the Indian state of Maharashtra. It is India's largest container port and one of the busiest ports in South Asia, handling a sizable portion of the country's international trade. Nhava Sheva serves as a port of entry for goods such as electronics, machinery, and vehicles. INNSA is the port code for Nhava Sheva. The port has been modernized and expanded in order to increase capacity and efficiency and to meet the growing demands of international trade.

3. Mumbai Port (MbPT)

Mumbai Port, also known as the Mumbai Port Trust, is a major port in Mumbai, India. It is India's oldest port, dating back to the early 17th century, and has a long history of serving as an important trade and commerce centre in the region. Mumbai Port is now a major import and export hub for goods such as petroleum, chemicals, machinery, and textiles. The port has been modernised and expanded in order to increase capacity and efficiency and remain competitive in the rapidly growing Indian economy. MbPT is the abbreviation for Mumbai Port.

4. Visakhapatnam Port

Visakhapatnam Port, also known as Vizag Port, is a major port in the Indian state of Andhra Pradesh. It is one of India's largest ports, serving as a hub for the import and export of goods such as iron ore, coal, and fertilisers. The port has several natural advantages, such as deep-water berths and a sheltered bay, that make it well-suited for large vessels. In recent years, Visakhapatnam Port has undergone modernization and expansion with the goal of increasing its capacity and competitiveness as a trade and commerce centre.

5. Mormugao Port (MPT)

Mormugao Port, also known as the Mormugao Port Trust, is a major port in the Indian state of Goa. It is a major port on India's west coast and serves as a hub for the import and export of goods such as iron ore, petroleum, and fertilisers. The port has several natural advantages, such as deep water berths and a sheltered bay, that make it well-suited for large vessels. Mormugao Port has been modernised and expanded to increase capacity and efficiency, as well as to meet the growing demands of international trade. Mormugao Port's abbreviated name is MPT.

6. Chennai Port

Chennai Port, also known as the Chennai Port Trust, is a major port in Chennai, Tamil Nadu, India. It is one of India's largest ports, serving as a hub for the import and export of goods such as automobiles, machinery, and petroleum products. The port has several natural advantages, such as deep-water berths and a sheltered bay, that make it well-suited for large vessels. In recent years, Chennai Port has undergone modernization and expansion with the goal of increasing its capacity and competitiveness as a trade and commerce center.

7. Cochin Port (CPT) or Kochi Port

Cochin Port, also known as Kochi Port or Cochin Port Trust, is a major port in the Indian state of Kerala. It is one of India's largest ports, serving as a hub for the import and export of goods such as petroleum, chemicals, and spices. The port has several natural advantages, such as deep-water berths and a sheltered bay, that make it well-suited for large vessels. Cochin Port has been modernising and expanding in recent years, with the goal of increasing its capacity and competitiveness as a trade and commerce centre. CPT is the abbreviation for Cochin Port.

8. Port Blair Port

Port Blair Port is a seaport near the city of Port Blair in the district of Andaman and Nicobar in India. It is also one of the major ports and is operated by Port Blair Port Trust. It is a major center for the import and export of goods to and from the islands, serving as a gateway for the region's trade and commerce. The port handles a variety of goods, including petroleum products, food grains, and construction materials. Port Blair Port is well-equipped with modern facilities and infrastructure, and has been undergoing expansion and modernization to meet the growing demands of international trade. Despite its remote location, the port plays an important role in the economic development of the Andaman and Nicobar Islands and the surrounding region.

9. Tuticorin Port

Tuticorin Port has grown to become India's fourth-largest container handling terminal. It covers an area of 960 acres. Coal, cement, fertilizers, raw fertilizer materials, rock phosphate, petroleum products, petroleum coke, edible oils, general cargo, building materials, liquid cargoes, sugar, granite, limonite ore, and other commodities are major imports and exports from this port. On the port, there are 13 berths available. Tuticorin Port, also known as Thoothukudi Port, is a major port in the city of Thoothukudi, Tamil Nadu, India. It is one of India's 12 major ports, handling a significant portion of the country's cargo traffic. Containers, liquid and dry bulk cargo, and general cargo are all handled at the port. It also serves as a shipping hub in the Gulf of Mannar.

10. Ennore Port

Kamarajar Port Limited, formerly Ennore Port, is India's 12th major port, located about 18 kilometres north of Chennai Port. There are currently 101 employees. Thermal coal, automobiles, project cargo, LPG, POL, chemicals, other liquids, and rock mineral products are the most commonly traded commodities. It is India's first corporatized major port, operating as a public limited company. The port handles a wide variety of cargo, such as coal, crude oil, and containers. It has modern infrastructure and facilities to meet the region's growing demand for port services, and it is capable of handling large vessels.

11. New Mangalore Port

New Mangalore Port, also known as New Mangaluru Port, is a major port in Mangalore, Karnataka, on India's west coast. It is one of India's 12 major ports and handles a significant portion of the country's cargo traffic, particularly iron ore and coffee exports. Containers, liquid and dry bulk cargo, and general cargo are all handled at the port. It has modern infrastructure and plans to expand in the future to meet the region's growing demand for port services.

12. Paradip Port

Paradip Port is a major port in the Indian state of Odisha, on India's east coast in the Bay of Bengal. It is one of India's 12 major ports and one of the busiest, handling a diverse range of cargo such as iron ore, coal, and petroleum products. The port has facilities for handling containers, liquid and dry bulk cargo, and general cargo, as well as modern infrastructure, including deep-draft berths for large vessels. The Port of Paradip contributes significantly to the region's and the country's industrial and economic development.

So, guys, these are the major ports in India. Have I missed mentioning some other ports? please write them down in the comment.

I hope, this blog is helpful to you. We look forward to your feedback and suggestions and share this post on social media sites like Facebook and Twitter.

FAQs: Major Ports In India

Q: Which ship is manufactured in India?

Ans: The INS Vikrant was built with cutting-edge automation features and is the largest ship ever built in India's maritime history.

Q: How big is India's shipping industry?

Ans: In terms of value, maritime transport handles roughly 70% of India's trade. As of 2021, India controls more than 30% of the global ship-breaking market and is home to the world's largest ship-breaking facility.

Q: How many seaports does India have?

Ans: India has 13 major seaports and more than 180 minor seaports.

Q: Which is India's oldest port?

Ans: Kolkata Port is India's oldest port. It is India's only riverine port.

Related Post:

• 20 Most Successful Small Business Ideas That You Can Start With Low Investment
• The Importance of The Harmonized System Code In Export-Import Market
• The Key Benefits of Import Export Data for Global Trade

20 Most Successful Small Business Ideas That You Can Start With Low Investment

Are you thinking to start a new business of yours? If yes, then you should start it with effective ideas. 

Once you decide which business you want to do, then a business plan must be also done properly for it. 

A well-documented successful small business idea helps to properly evaluate the company you are about to start. It also helps you to boost your business.

Our successful small business ideas are helpful for both borrowers and investors so that they can know the complete plan of business before investing. 

If your business is self-financed, it would be better for the company owner to make reasonable financial estimates and emerge with relevant business strategies.

The marketing plan is an integral part of every business as it is included in the marketing strategies to be adopted for the promotion of services and products. 

The business plan or strategy also includes goals that have to be achieved by its performance. It also gives indications of the capital required to run an organization.

Here are some of the Most Successful Small Business Ideas that you can start with a small investment:

1. Personalized and Customized Gift Store

Today the demand for personalized and customized gifts is increasing. So you can think about trading it. 

It is a very profitable business. According to research, customers spend a lot of money on personalized and customized gifts. 

Most men and women are willing to personalize the gifts they’re giving. Almost anything can be customized - photo frames, keychains, clothing, lunch boxes, backpacks, sports bags, water bottles, teddy bears, and much more. 

You can change your product range depending on what is currently running.

So, as you can see, there is a lot of potential in the personalized gifts market!

2. Interior Designers

An interior designer is a person who has the ability to design a functional and beautiful space. 

The demand for interior designers is increasing day by day, so if you have creativity and skills, an interior designer can be a good option. 

3. Small Grocery Store

It is also a good idea to start a business a grocery store at a low level. 

Starting up a small grocery store is a profitable business idea as the population and the demand is increasing, so a grocery store can be a good business option.

4. Tuition Class

Education is very important today for everyone, so businesses related to education can never be shut down. You can also start your business with a tuition class.  

Plenty of stress is put on children to pass their examinations. This has led to an increase in demand for tutors who can stimulate the minds of gifted students and help students with their studies outside the classroom. 

Setting up a home tutoring business is an excellent idea to earn money while helping students achieve their dreams.

5. Xerox and Book Binding

There is a lack of Xerox and bookbinding facilities around many colleges and schools. In such a situation, if you will Xerox and bookbinding around these places then it can prove very beneficial for you.

6. Insurance Consultant

The insurance consultant provides guidance and advice for investment in various insurance policies. 

If you begin an insurance consultancy or take an insurance agency, then it will also prove to be a good option for business.

7. Mobile Food Shop

The food truck business or a catering van has been gaining popularity among entrepreneurs and consumers alike. 

Keeping today's busy generation in mind, it would be a good suggestion if you start a mobile food shop business as well. 

8. Game Parlours

Today's generation is very interested in playing games, so you can make a game parlor your business as well. 

The gaming industry is massive, and you can earn a lot of money. You do not require technical knowledge but you need to be smart to make sure you can keep the cost down to get the maximum profit. 

9. Book Store

Book shops can be found all across the country, from the smallest towns to the largest cities. Though e-books, audiobooks, and digital magazines have come into use, many people still enjoy doing it the old-fashioned way. 

They are buying and reading traditional, printed books. You can start your work by opening a book shop, its business is always running.

10. Become A Freelancer

If you are good at programming, content writing, website development, etc then there are many multiple-choice websites from where you can get freelance work, and you can earn well from it.

11. Yoga Center

In today's run race and stressful life, many people like to go to yoga, so a Yoga center can also be a good option for business. It has low investment.

12. Catering Service

As there is always a need for catering service at weddings and parties, if you can provide good food and catering service then this option will also be better for you.

13. Real Estate Consultant

Real estate work is always going, so you can open a consultancy which is also a successful small business idea to advise about real estate and buying and selling, rent, etc.

14. Computer Training

If you have good knowledge of computers then computer training can be a great option, you should not wait to establish your business, it can become an answer tool for business. 

There are a lot of options available for starting a computer training business. You can train others from beginners to intermediate levels. You can give training about specific applications like MS-word, MS-excel, etc. 

You can also teach typing.

15. Baby Suiting Services

This option may be better who want to start their work from home. Many parents require this service.

16. Gym Or Fitness Center

In today's world, everyone is aware of their fitness, so if you open your own small gym or fitness center then it can be a good option for business.

17. Mobile Shop

Mobile is one of the main requirements today, its demand is the highest, whether it is a city or a village. 

Everyone uses a smartphone, even small kids are more obsessed with it. Now mobile has become an entertainment medium more than its basic need which is to connect with others. 

Investing in a mobile shop can also be a successful small business idea.

18. Jewelry maker

As the price of gold increases, the demand for making jewelry also rises, so you can start trading as a jewelry maker.

19. Event Organizer

You can start a company that organizes events, this can prove to be a good way of business. But here you have to put in the extra effort.

20. Ice Cream Parlor

Ice cream is one of the most popular desserts in the world and probably the most visited shop by kids and adults alike. 

An ice cream parlor business can be a good idea to start, you can also think about this option.

I hope you have enjoyed this article. This is my personal view If you have another successful small business idea so you can share it with us.

The Importance of The Harmonized System Code In Export-Import Market

Is your domestic business ready to expand to the international market? Considering exporting or importing goods on the global marketplace? Maybe using drop-shipping facilities to supply your international customers?

These are all quick and smart ways to grow your business and reach a larger market.

Why it is so important for new entrepreneurs?

It is more important to understand the Harmonized System Code when entering the international market.

Unlike domestic transportation of goods, which is often effortless, your international consignment has to jump over some government obstacle, international shipping includes getting your consignment cleared by the customs department at the border.

To ensure goods reach international customers quickly and effectively, you have to deal with customs clearance for your shipments.

That’s what the tariff codes or HS Codes are all about.

An Overview: Harmonized System Code

HS code is used to recognize the exact type of products that have been shipped so that the import duty rate can be determined in the country of import. 

This code is mandatory for all imported or exported goods. Its main objective is to classify and categorize goods in a worldwide system used for customs clearance purposes. 

Also Read About: Major Ports In India For Import Export Goods

What is the Harmonized Commodity Code?

The Harmonized Commodity Code or HS Code is a tariff nomenclature developed and maintained by the World Customs Organization in 1988. 

All products and services can be classified in the HS by using the General Rules for the Interpretation of the Harmonized System. The process of assigning HS codes is known as HS Classification.

Structure of The HS Codes

Each Harmonized System Code has a minimum of 6-digits and can be up to 10-digits long, usually written in the format ‘XXXX.XX'.

The process of getting the right HS Code for your product begins with the Section numbers. Sections are subdivided into 99 chapters. Further, 99 Harmonized system chapters are divided into 1,244 headings and 5224 subheadings.

The code is generally mentioned on customs forms and invoices.

Section Numbers

There are 21 sections in the Harmonized System that defines the product's category. The section helps to get the right code to identify your products. Like, 

Section I ('Live Animals; Animals Products'), Section II ('Vegetable Products'), Section V ('Mineral Products').

Chapters

The first two digits define the chapters within the Section.  There are 99 chapters to identify the products.

Let’s take an example that will clarify easily.

HS Code 1006.30

1. 10: indicates the Harmonized System Chapter.
2. 06: determine the specific HS heading.
3. 30: the last two digits determine the HS subheading.

The example indicates Chapter 10 (Cereals),  Heading 06 (Rice), and Subheading 30 (Semi-milled or wholly milled rice, whether or not polished or glazed).

In some countries, the HS code or product code might be 8-digits or 13-digits long. 

Like, China uses 13-digits HS code while in the US it is 8-digits code.

For example, shipping in the US, you can check the correct product code on the official US Harmonized Tariff Schedule website.

While shipping to European countries, you will add two additional digits to the standard HS code. You can check the right product code on the official Combined Nomenclature website.

The extra digits that are used by the customs authority identify some additional descriptions of the products.

You can check the national customs authorities' website to see what product code is in the place.

Beat Common Challenges While Using The Tariff Codes

If you mention the wrong tariff code, your customer could get stuck with additional taxes and import duties that they won't be able to pay. That will impact a negative impression on your business relationship. To avoid this issue, do proper research and use the correct product codes.

Sometimes the custom authority performs an audit, and if they find a mismatch in the product codes or documentation, they may charge fines to your customer, which might damage your potential relations. Using the right product code avoids the additional burden.

Choosing the correct tariff code out of 1,244 headings and 5224 subheadings is a big challenge. Pay attention to choosing the correct subheading that will define the accurate description of your products. 

Harmonized System Codes list is updated every 5 years, so make sure that you have updated the product code for shipping.

Here are some points that are necessary to understand and make proper use of them.

1. HS code classification depends on a variety of factors, including product composition, form, and function. 
2. It is used by customs authorities across the world to recognize goods when assessing duties, and taxes, and for gathering statistics. 
3. It is commonly used throughout the export process for products.
4. The customs agent will use the HS Code to confirm the rate of import duty or tariff that is payable when importing into the country. They classify and categorize products around the world used for customs clearance purposes.
5. The importer or exporter can use this code to conduct market research and obtain trade statistics.
6. It is more important to identify a specific product number in the country. The first 6-digit numbers are supposed to be the same around the world. 
7. Each country can modify by adding two digits or four digits as per their requirements without changing the first six digits.
8. Although there is a local database in each country published by the customs authorities where you can identify the product code. But, such databases are not valid globally. 
9. Many customs authorities allow traders to apply for an advanced HS classification ruling that protects the traders from future customs challenges concerning the incorrect classification of their import-export goods.
10. Moreover, it is widely used to calculate the total landed cost of imported products and parts and to identify selling and sourcing opportunities abroad as well as determine the product's value, quantities, weights, countries traded with, and many other details.
11. It also keeps a record of international trade statistics that are used in nearly 200 countries.

Summary

Before you search for the HS code for your products, it is important to understand what a Harmonized System Code actually is. 

Once you have got the Harmonized Commodity code, you can view what the import duty will be, as this will be shown in the overview for your particular code.

FAQs: Harmonized System Code

Q. What is India's HS code?

Ans. The international part of the HS code is 090111, and "12" is added in India. This 8-digit code is referred to as the ITC (HS) code/Indian Trade Classification/Indian Tariff Code. The Directorate General of Foreign Trade in India develops and maintains these ITC (HS) codes.

Q. Is an HS code assigned to all products?

Ans. HS codes are accepted in 98% of global trade. An HS code consists of six digits. You use an HS code because it is a tool for universal classification. Many governments add digits to the HS number to further differentiate products into specific categories.

Q. Why are HS codes used?

Ans. The Harmonised System, or HS, nomenclature allows you to precisely identify your product and determine which tariff lines and rules apply. It is a logical structure for classifying goods that are used consistently by customs authorities all over the world.

Q. What is another way to say HS code?

Ans. Commodity Description and Coding System Harmonized - the Harmonized Commodity Description and Coding System, also known as the Harmonized System (HS) of tariff nomenclature, is a globally standardized system of names and numbers used to classify traded products.

Q. What is the format of the HS code?

Ans. A six-digit code that classifies each imported item. The first two digits represent the chapter, the middle two digits are the heading within the heading, and the last two digits are the sub-heading within the heading.

That's all guys! I hope, you have liked the article. 
Do you have any questions or suggestions you can write in the comment box?

Explore More:

• 20 Most Successful Small Business Ideas That You Can Start With Low Investment
• The Key Benefits of Import Export Data for Global Trade