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Starting Export Introduction.




Introduction


How to Start Export is a fair question that every first time exporter wants to ask. Export in itself is a very wide concept and lot of preparations is required by an exporter before starting an export business.

A key success factor in starting any export company is clear understanding and detail knowledge of products to be exported. In order to be a successful in exporting one must fully research its foreign market rather than try to tackle every market at once. The exporter should approach a market on a priority basis. Overseas design and product must be studies properly and considered carefully. Because there are specific laws dealing with International trade and foreign business, it is imperative that you familiarize yourself with state, federal, and international laws before starting your export business.

Price is also an important factor. So, before starting an export business an exporter must considered the price offered to the buyers. As the selling price depends on sourcing price, try to avoid unnecessary middlemen who only add cost but no value. It helps a lot on cutting the transaction cost and improving the quality of the final products.

However, before we go deep into "How to export ?” let us discuss what an export is and how the Government of Indian has defined it.

In very simple terms, export may be defined as the selling of goods to a foreign country. However, As per Section 2 (e) of the India Foreign Trade Act (1992), the term export may be defined as 'an act of taking out of India any goods by land, sea or air and with proper transaction of money”.

Exporting a product is a profitable method that helps to expand the business and reduces the dependence in the local market. It also provides new ideas, management practices, marketing techniques, and ways of competing, which is not possible in the domestic market. Even as an owner of a domestic market, an individual businessman should think about exporting. Research shows that, on average, exporting companies are more profitable than their non-exporting counterparts.


Why Need to Export


There are many good reasons for exporting:

The first and the primary reason for export is to earn foreign exchange. The foreign exchange not only brings profit for the exporter but also improves the economic condition of the country.

Secondly, companies that export their goods are believed to be more reliable than their counterpart domestic companies assuming that exporting company has survive the test in meeting international standards.

Thirdly, free exchange of ideas and cultural knowledge opens up immense business and trade opportunities for a company.

Fourthly, as one starts visiting customers to sell one’s goods, he has an opportunity to start exploring for newer customers, state-of-the-art machines and vendors in foreign lands.

Fifthly, by exporting goods, an exporter also becomes safe from offset lack of demand for seasonal products.

Lastly, international trade keeps an exporter more competitive and less vulnerable to the market as the exporter may have a business boom in one sector while simultaneously witnessing a bust in a different sector.

No doubt that in the age of globalization and liberalizations, Export has became of the most lucrative business in India. Government of India is also supporting exporters through various incentives and schemes to promote Indian export for meeting the much needed requirements for importing modern technology and adopting new technology from MNCs through Joint ventures and collaboration.

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What is New?

Date: 25-02-2020
Notification No. 48/2015-2020
Amendment in Export Policy of Personal Protection Equipments/Masks

Date: 21-02-2020
Notification No. 1/2020- Union territory Tax (Rate)
Seeks to amend notification No. 1/2017- Union Territory Tax (Rate) dated 28.06.2017 so as to notify rate of GST on supply of lottery.

Date: 21-02-2020
Notification No. 1/2020-Integrated Tax (Rate)
Seeks to amend notification No. 1/2017- Integrated Tax (Rate) dated 28.06.2017 so as to notify rate of GST on supply of lottery.

Date: 21-02-2020
Notification No. 1/2020-Central Tax (Rate)
Seeks to amend notification No. 1/2017- Central Tax (Rate) dated 28.06.2017 so as to notify rate of GST on supply of lottery.

Date: 21-02-2020
Trade Notice No. 51/2019-20-DGFT
One-time relaxation for submission of hard copy of applications for claiming assistance under TMA for Specified Agriculture Products Scheme

Date: 20-02-2020
A.P. (DIR Series) Circular No.21
Exim Bank's Government of India supported Line of Credit of USD 11.13 million to the Government of the Republic of Suriname

Date: 20-02-2020
Notification No.15/2020 - Customs (N.T.)
Exchange Rates Notification No.15/2020-Custom(NT) dated 20.02.2020

Date: 19-02-2020
Public Notice No. 64/2015-2020
Amendment of Para 2.54 (d)(v)iv in Handbook of Procedures, 2015-2020.

Date: 18-02-2020
Public Notice No. 63/2015-20-DGFT
Proforma of Undertaking in the form of Legal Agreement for grant of permission for export/re-export of items under SCOMET Control List for repair/replacement and display/exhibition/tender purposes

Date: 14-02-2020
PUBLIC NOTICE No. 62/2015-2020
Amendments to remove the pre-export conditions for the items mentioned against SIONs E-121, E-122, E-123, E-124, E-127 and E-128.



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